Wager506 Sportsbook Closed
As of December, 2016 the Wager506 Sportsbook and betting website has closed. They were not a very popular, nor well-liked sportsbook, so they will not be missed. We do recommend you take a look at our best online sportsbooks as high quality alternatives. The information below if for historical purposes.
June 2018 Safest Betting Sites
Wager506 Sportsbook Summary
Wager506 is a new offshore sportsbook that began operating in December 2015. We were originally alerted to the sportsbook’s presence by Sportsbook Review. They are based out of Costa Rica and use DGS software. In addition to the sportsbook, they also have an online casino.
There isn’t much information on Wager506 online. Much of that is because of how new they are to online betting markets. However, their staff has over ten years of experience in pay-per-head transactions. They finally decided to make the leap to post-up shop.
Wager506 accepts players from all over the world, including the United States. They have no notable jurisdictions where they don’t accept players.
A Personal Opinion on Wager506
What We Like About Wager506
A new entry into the offshore industry that shows some promise is always great to see and in our opinion Wager506 may fall into that category. We have spoken with management, and they seem to be saying the right things. However, there are connections in their past that we will touch in the next section that have us concerned.
They certainly a small shop, with lower betting limits and deposit limits than most other sportsbooks, but that makes sense and is the safe way to go about things as a new sportsbook. They have a plethora of bonus offers and other perks, and an extensive list of cashier methods and free weekly payouts.
What We Don’t Like About Wager506
Well, any sportsbook that has been open for a short period of time is going to be riskier than established operators. Wager506 is exceptionally young and is less than a year old. If you’re not interested in trying out new sites that have a bit more risk, we encourage you to deposit with a more established online bookmaker.
After their initial report, SBR came back with further information on Wager506, including allegations of their ties to Bet Mayor and Wager Win. Both of these sites are now offline but did so without paying players. They owe former players at least $100,000 in funds.
Wager506 did tell SBR that they bought out Wager Win. Beyond that, they have been relatively quiet. This type of connection doesn’t help to cast them in a positive light or endear bettors to trust them.
We’re unsure of how many customers they have, but so far it looks like there haven’t been many complaints with their service. As of right now, they don’t appear to be a scam sportsbook (they’re paying their players), but we recommend exercising caution.
We have not been impressed with their odds at first glance. They do seem to have a lot of bet types and markets, but their software isn’t the best and could use an upgrade to a new platform.
Wager506 Bonuses and Promotions
Wager506 offers new players a 150% free play bonus for new players on their first deposit. The sire appears not to have a maximum bonus amount. After speaking with staff, this does not seem to be the case.
The rollover rates at the issue. A 150% bonus is excellent, but when attached to a 15x rollover rate, it loses a lot of its luster. Players can also opt for a 100% deposit bonus with a 10x rollover. If you’re interested in large bonuses, this deal may work for you, but with such a high rollover rate, there isn’t much value.
There are plenty of other promotions, however. All players will receive a risk-free bet on their first wager at Wager506. They also have a 200% bonus in the casino, a 25% referral bonus and 10% gambler’s insurance every six months.
Management was clear that new signups are not required to choose a bonus when they deposit. They may deposit and play without a bonus. This is a vital point, because, under their terms and conditions, it states that all rollovers must be completed before a payout may be requested.
The bonus must be requested at the time of the deposit. Otherwise, players will not be eligible for a first deposit bonus after their first deposit is completed.
Wager506 Sportsbook Highlights
Interface and Betting Markets
Wager506’s interface isn’t anything special. It’s outdated in today’s market of the top of the line betting software. Loading times aren’t great compared to other sportsbooks, and customers will have through multiple reloads to place a wager.
With that said, as far as function goes, it performs well and seems to have no noticeable errors or bugs. There are a few neat customizations as well, such as the ability to change the background. Viewing scores, looking at your pending wagers, daily figure, and graded wagers can all be done in one click.
We were impressed by their number of betting options. They have all the regular wager types, like parlays and teasers, but they also have open-teasers, reverses, if-bets, moneylines, props, futures, round robins and the ability to buy points. Live betting is also available.
Their markets are firmly geared towards North American sports. That’s where you find the most betting options, but they do have a lot to offer elsewhere. You’re going to find odds on Swedish and Norwegian soccer right next to baseball and football markets.
For the most part, their odds seem to be in the middle of their road. Most bet types are around the market standard for payouts. They are firmly in the recreational betting category which means you’re likely going to get underdogs at a better price than more professional level books.
Wagering limits are low at Wager506. As far as recreational sportsbooks go, they are in the middle of the road when it comes to limits on the main markets. Sides and totals are around $2,000 for football, basketball, baseball, and hockey. Smaller markets will have substantially lower limits. Most propositions and futures have a maximum bet of $500.
Wager506 is one of the few sites servicing US players that doesn’t charge any fees on withdrawals. They provide players will one payout per week (minimum and maximum allowed), and all processing fees are covered.
Deposits are available through MoneyGram, Visa, MasterCard, bank wire and Bitcoin. MoneyGram has a small maximum of $500 per transaction. Credit and debit cards have slightly more at $1,500. For those who want to deposit large amounts, we recommend bank wire or Bitcoin. Both methods have a $10,000 max.
Payouts are available in MoneyGram, check or money order, bank wire or Bitcoin. MoneyGram has a max of $450 per transaction and is processed within 24 hours. Money orders can be requested up to $2,000 and take between 3-10 business days to reach players. Bank wires are processed in the same timeframe but have a max payout of $4,999.
Their processing speeds look great on paper. They may be processing at this rate, but we are unsure due to the current low volume of customers they currently service. So far, there have been no complaints about payout speeds publicly.
Wager506 doesn’t offer 24/7 support, but they are available at most hours. In most cases, their live chat operator responds almost immediately. They also provide phone and email support. All our interactions with their staff have been positive so far.
Wager506 is undoubtedly riskier bet than more established sportsbooks. Their relationship with defunct operators also isn’t ideal. Nevertheless, they are doing things right, so far. Their welcome bonus is quite significant, and their odds may be slightly above average. We can’t throw our support behind them entirely, but we wouldn’t fault bettors for giving them a shot.