Relevance of Offshore Sportsbooks
A sportsbook is a company or individual that accepts bets from individual sports bettors. Sportsbooks generally accept bets on either side of a sporting event. Offshore sportsbooks let you wager on all the biggest games across dozens of sports leagues from anywhere in the US. Whether you’re interested in betting on the US National Basketball Association (NBA), National Football League (NFL), fighting, soccer, golf, or another sport, you’ll find odds ready to take at offshore betting sites.
How big the offshore sports betting market is quite unknown as one industry consultant told the Legal Sports Report that Sportsbook companies and individuals do not usually talk to reporters as they are terrified that if they get any media coverage, it will prompt a crackdown albeit estimates from the American Gaming Association, Eilers & Krejcik, and H2 Gambling Capital peg it between $50 billion and $200 billion in annual wagers.
Offshore Sportsbooks are dominating the betting world for the simple reason that if someone wants to bet from a country where it’s illegal for betting providers, they can make use of offshore sportsbooks since they aren’t breaking any laws by using foreign services which are regulated in another country. This has led to a massive influx of offshore sportsbooks available in the US. The wide variety leads to players having to conduct a little research to find a reliable source of information regarding the differences between popular offshore sportsbooks. There are many sites today offering guides and lists of US friendly offshore betting sites that have been reviewed by professionals, including indications of the different odds and bonuses, as well as the quality of their services.
Are Sportsbooks Legal in theUS?
Many states have only recently made sportsbooks legal. Some states still require gamblers to place bets in person, but in others, you can now access sportsbooks online.
This was not always the case. In the U.S, the Professional and Amateur Sports Protection Act of 1992 prohibited all forms of sports betting except in the state that allowed only Nevada, Oregon, Montana, and Delaware to legally wager on sports other than horse racing, greyhound racing, and jai alai. As a result, an illegal market developed for the rest of the country whereby illegal operations of bookies provided opportunities for betting. Some bookies were involved in organized crime, while others operated independently, simply taking bets for a few friends, family members, or colleagues.
However, the law was ruled unconstitutional on May 14, 2018, freeing states to legalize sports betting at their discretion. The ruling opened the door for sports betting throughout the country if states decide in favor of it. Since that ruling, many states have moved to legalize sports betting.
With the repeal of the Professional and Amateur Sports Protection Act of 1992 in May 2018, the options of Sports betting across the US have bloomed which have raised concerns for offshore sportsbooks but these concerns have been proven not to be valid. Benjie Cherniak, investor and former MD of Don Best, said his impression is that business was booming. “When PASPA was repealed, there was concern about how long they had, but business has never been better,” Cherniak said.
As sports betting has become less and less taboo, offshore sportsbooks have seen their player bases steadily grow over the last decade. The repeal of PASPA will drive more curiosity towards sports wagering, and even if new players start out betting sports at the local horse track, we expect to eventually find them betting online and offshore.”
Also according to Scott Cooley, a spokesperson for the offshore sportsbook BetDSI as he echoed that prediction with similar sentiments, said “We expect [an] influx of new customers based on an eagerness to begin betting right away,” he said. “The government has basically said it is legal to gamble on sports now, and if your state isn’t equipped to take wagers yet, a respected and long-tenured sportsbook such as ours will [be] available anywhere you are. In the next year, we project to gain 15 to 20 percent of our current clientele base.”
To conclude, the offshore industry appears stronger than ever and it might not be going away anytime soon, even as regulation spreads across the US. “Looking five to 10 years out, I don’t envisage offshore disappearing,” Cherniak said. “They are benefiting indirectly from the regulated advertising spend and the cultural shift in attitudes towards sports betting.”