I verbally accepted an offer about a year and a half ago, informed my company that I was leaving bc I found a local gig and my company offered more cash and a more local gig (2 hour drive vs 5 hour flight) so I called the company I accepted with and informed them I wouldnt be taking the job.

They were disappointed (so I could tell) but it didnt hurt the relationship (My brother was a Director there at the time).

I think its ok as long as you havent signed an agreement, otherwise its like backing out of a deal.