Your first steps

So you think you want to try out spread betting, what do you have to do? The whole process from Application to 1st bet can take some time, up to 3 weeks on occasions, but don't worry, we are here to help you.

Here is a step-by-step guide to openeing an account and placing your 1st bet. - Example Sporting Index

1) Apply online . Simply go to Sporting Index website here, and click on the "Join Now" tab. This is a fairly simple application form to fill out. You will need to make some decisions at this point, and these include
a) Regular or Select Account - It is our advice to go for a select account, unless your typical fixed odds bet is £1,000 or more. A select account works exactly the same as a normal account, except for the fact that bet maximums are lower but stop-losses are in place to limit the damage
b) Credit or Deposit - If you have a good credit rating, then go for a credit account. However, if you are nervous about credit, or want to bet to a budget, then a deposit account is fine.

2) Once you have filled out the form, Sporitng Index will then perform some basic checks on you. If you have applied for a deposit account, then they will simply check your address, however if you've applied for a credit account, then the check will be similar to that when applying for a credit card. At this point Sporting Index may well come back to you for further information.

3) If accepted, then you will then receive an account number and password. You are ready to play!

4) Placing your 1st bet - We strongly recommend you use the phone for your 1st few trades. That way you can chat with a knowledgable trader who can walk you through your bet. Before calling, be prepared with your account number, the market you want to bet on, what you expect the price to be (e.g. what is quoted on the Internet, or text or the newspapers) and whether you want to Buy(go high) or Sell (go low). Below is a example phone call:

Trader "Good Afternoon, Sporting Index"
Punter "Hello, my account number is A174 and my name is Mr White" - You will always have to give your account number before any price is quoted
Trader "Thank you Mr White, how can I help you"
Punter "Do you have the latest price for West Indies total Runs" - Don't be frightened to mention that this is your 1st call.
Trader "Certainly, West Indies total runs are 250 to 270" - There may be a delay if the market is traded in running. Spread Betting firms don't always quote, especially if there has been a wicket, or a goal or injury etc.
Punter "Can I buy West Indies total runs at 270 for £1 per run please " - Make sure that you make it obvious what you want to do, if you are not happy with the terms"BUY" or "SELL", you can always say "Go Above" or "Higher" or "up bet"- the trader will understand you or correct you if necessary. If the spread quoted is different from what you thought, don't feel you still have to have a bet. Prices often fluctuate rapidly, and you have to be quick on your toes.
Trader "OK sir, you have bought £1 of West Indies total runs at 270, good luck" - Make sure this is correct, this is what the trader has entered into the computer. All calls are taped so any queries can be resolved fairly.

Its as easy as that! You have placed your 1st spread bet!