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From the betting sites point of view they often do not care what reasons you are using a VPN for, if they catch you betting using one they will likely terminate or at least limit your account. Most of the gambling companies you sign up with will have terms stating you cannot use a VPN to conceal your identity and many now employ software to try to spot those using VPN's.
It's not just masking the country you are in that concerns online bookmakers and casinos, they also know that VPN's can be used to conceal I.P. addresses helping users to sign up under several aliases. This trick is often to claim multiple welcome bonuses and falls under the category of 'bonus abuse'.
In basic terms while you may get away with using a VPN on occasion it is not allowed with the vast majority of betting sites. If you are using a VPN because you are abroad and you don't want to miss a bet or an offer then you will possibly get away with this on occasion, anyone betting on a regular basis using a VPN, especially from a restricted territory will likely be banned if caught.