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The Official Blog

of SX Bet

Stop Depositing on Sports Books: How Tech is Making The Sports Betting Industry Safer

  • Writer: SX Team
    SX Team
  • Jun 24
  • 4 min read

Updated: Jun 25

Your funds. Your odds. Your profits.


You place a bet. You win. Go to withdraw…and then you wait.


You’ve already beaten the odds. But now you face a different opponent: the platform itself.

With traditional sportsbooks, you deposit your money into their system — and then bet against them. They hold your funds. They set the odds —and they decide how quickly (or if) you’re allowed to withdraw your winnings or limit you.


Most of the time, they make it easy to deposit. But getting your money back?

That’s where the friction starts.


Some platforms delay withdrawals for days. Others ask for additional documentation — a selfie with your ID, a bank statement, or worse — after you’ve already won. If you're profitable, your account might be flagged, limited, or even closed.


Sound familiar?


This is the reality of custodial sports betting — where the house holds your money, makes the rules, and decides when you’re allowed to play.


Enter: Non-Custodial Betting

What if you could bet directly from your own wallet, without handing over control to a centralized platform?


That’s the power of non-custodial sports betting — and it’s exactly how SX Bet works.

Instead of depositing your funds into an account controlled by a sportsbook, you keep control at all times. Your funds stay in your wallet. When you place a bet, the funds are held in a smart contract — and only released automatically when the event is resolved.


No middlemen. No waiting days for withdrawals. No games.

  • You retain custody of your crypto.

  • Every bet is secured by smart contracts.

  • Every resolution is recorded and settled on-chain.


The Risks of Custodial Sportsbooks

In a custodial sportsbook, you're not just placing bets — you're giving a private company full control over your money. That means they decide when you can withdraw, how much you can bet, and what verification hoops you need to jump through.


Here’s how that risk plays out in the real world: Withdrawal Delays Deposits are instant — but withdrawals can take days or more.



Manual Verification TrapsWin too often, and suddenly they need a bank statement, utility bill, or selfie to “verify” you — even if you complete the required KYC verification when you signed up.



Account Freezing & LimitsSharp bettors often get capped or banned entirely, with no recourse or transparency.



Platform VulnerabilityEven legitimate platforms are targets for hacks, shutdowns, and bankruptcy, leaving bettors locked out of their own funds.


Security Issues Aren’t Theoretical — It Happens Regularly

These aren’t edge cases or isolated incidents. Even major, regulated platforms have locked users out of their funds, either through platform failure, compliance overreach, or outright security breaches.


Whether it’s a sportsbook going under, a sudden license suspension, or a hack targeting centralized infrastructure, the result is the same: bettors lose control — and sometimes, their money.


Here are just a few real-world examples from the last few years:


  • DraftKings (2022) – 68,000 accounts compromised in a credential-stuffing attack, ~$300K stolen 👉 Read More (ESPN)

  • BetMGM (2022) – Users reported unauthorized ACH withdrawals from their bank accounts 👉 Read More (DWW)

  • MoPlay (2020) – UK sportsbook collapsed and stopped withdrawals entirely 👉 Read More (Casino.org)

  • PlayUp (2023) – Colorado sportsbook shut down after license revoked; users faced withdrawal issues 👉 Read More (Gambling911)

  • Jazz Sports (2025) – Abrupt shutdown led to mass fund confiscations without warning 👉Read More (Gambling911)


These cases highlight why custodial betting is built on risk — and why non-custodial platforms like SX Bet offer a fundamentally safer alternative.


The Future Is Non-Custodial

The old model is broken. It was built to favour the house, delay payouts and punish winners, all while carrying the inherent risk of centralized systems. 


A non-custodial wallet is a crypto wallet that you control entirely — meaning you hold the private keys, and no company or platform can access or freeze your funds. When you use SX Bet, your bets are placed directly from your wallet.


The new model favours you.

  • You hold your funds.

  • You decide when and how to bet.

  • You can verify every outcome yourself on-chain — no excuses, no waiting to withdraw.


Bettors can sign up for SX Bet by directly connecting their MetaMask or via email, which creates a non custodial wallet. Wallets can be imported into other crypto wallets.

Wallets created with email can also be imported into MetaMask or any compatible crypto wallet — giving you complete freedom over your keys, your funds, and your edge.



My Funds Are Stuck on a Sportsbook — What Can I Do?

This happens so often that professional bettors are now familiar with the formal dispute process in their province or territory. If you’re trying to withdraw and your sportsbook is stalling, freezing, or asking for excessive verification, you may need to file a complaint or dispute the platform's handling of your funds.


Below is a comprehensive list of provincial authorities and contact portals across Canada. These are the organizations bettors turn to when custodial platforms delay or deny access to their own money:


Canada’s Gambling Regulators & Complaint Portals



Pro Tip: Even with these channels, bettors often report delays, unanswered complaints, or unresolved cases. It’s yet another reason why betting with custodial platforms is inherently risky — your money is at their mercy.


With SX Bet, you skip all of this. You keep custody. You never ask permission to access your own funds.

 
 
 

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