Offshore Sports Betting Hits All-Time High
Despite some concerns over the security of transactions and the United States government moving to outlaw the practice, offshore sports betting remains a viable and growing industry. A few years ago, several studies were done that concluded that offshore sports betting industry was taking in more than $100 billion per year, and Americans made up the majority of the customer base. This number dwindled a little when the government passed a bill essentially declaring it illegal to gamble online. This affected sports betting sites and online poker outlets as well, as they, too had surged in popularity as the game caught in worldwide.
Is sports betting legal?
Fearing prosecution from the U.S. government, many sites stopped taking bets from American customers and, as a result, some had to shut down because of the decreased business. Some gamblers were wary of breaking the law as well, and they stopped placing online wagers at the previously feverish pace. Much of the uncertainty regarding the industry has since subsided. There is an ongoing effort to have this legislation reversed, and sports betting sites and gamblers alike are breathing a sigh of relief at the realization that the U.S. government is not aggressively pursuing the prosecution of online gamblers and online sportsbooks. The reason being, the feds have better things to do. Although a few high-profile online bookies have been prosecuted, in most cases they were wanted for other crimes and the online gambling charges were the easiest to prove.
This is akin to charging an elusive drug dealer with tax evasion; when the government can’t gather enough hard evidence of the more serious crimes, this is what they fall back on to put the criminal behind bars. Thus, gamblers began to realize that unless they were being investigated for something else, it was highly unlikely that they would be prosecuted for betting online. In the rare case that they are, it is a misdemeanor that requires first-time offenders to simply pay a small fine.
So, to some degree, it’s back to business as usual for online sports books. Those who gamble regularly online laud the convenience of being able to log on anytime, day or night, and place a wager with the click of a computer mouse. Nevada remains the only state in which sports betting is legal, and while many professional gamblers have moved to the state to practice their trade, others find it far easier to stay in their hometowns and get their action online.
Although there have been many reports of sites that shut down and took their clients money with them, these instances are becoming less and less frequent. As most professionals in the gambling business are aware, giving customers a fair bet and a fair game will result in plenty of profit without the need to scam anyone.
There is still speculation that online books are wary of “smart” money, that is, large wagers from professional gamblers who look to lay down the maximum allowed at each sports book in order to maximize their profits.
But this factor will not affect 99 percent of online gamblers, who do not have the type of capital nor the track record to scare off these businesses from accepting their bets. If you are a professional and this is a concern, you’re better off either moving to Nevada or making sure you know people in the business who can recommend an offshore sportsbook that will take large wagers and pay them out without problems. Online sportsbooks have other conveniences such as the popular proposition bets on events such as the Oscars or political races, wagers that Nevada books are prohibited from offering. They also offer an array of halftime and in-game wagers that provide alls orts of options for the serious and recreational gamblers alike.
Read more Preferred Sportsbooks Articles
