Since the Professional and Amateur Sports Protection Act (PASPA) touched down in 2018, all US states have been granted the opportunity to draft their betting laws. In line with that, over 30 US states have legalized online sports betting within their jurisdiction, while many others have also enacted laws catering to other gambling forms.
Yet, studies have shown that offshore sportsbooks handle nearly 50% of wagering. Considering the numerous local betting platform options for players, you would expect the percentage to be lesser.
So, why is offshore betting thriving in 2023?
After the PASPA ban was raised, states were allowed to determine their gambling regulations, and they have done that effectively by imposing strong regulations and requirements for both operators and players. Some of these include low betting limits and routine checks on players to ascertain the source of their funds and ensure they’re not laundering illegal funds through gambling activities.
The new laws have reduced gambling to strictly recreational activities.
However, offshore gambling sites are not hindered by these regulations. They only have to comply with the regulations of their physical location, which are often more relaxed than in the US. Based on existing legal statutes, offshore sports betting legalitiesare what you would call “flexible” and, as such, perfectly okay to use in most parts of the country.
Furthermore, international betting laws tend to focus on the operators and less on the players. As a matter of fact, no player has been prosecuted for gambling on an offshore betting site. This lack of legal obligations for players is the primary reason why some players prefer to bet offshore.
Following the fact that most onshore betting platforms have just commenced operations recently, they tend to have fewer gaming options in terms of supported sports, odds, betting options, etc. Another reason that might be responsible for this is the stringent regulations. As earlier mentioned, most US states are easing into the online betting industry, testing the waters by legalizing only a few forms of betting, such as sports betting, while ignoring other aspects like casino gaming.
The American Gambling Associationconfirms that more than 30 states and the District of Columbia have legalized sports betting. On the other hand, online casino gaming is legal in only about six US states.
Many bettors don’t want this. Most want access to a vast range of betting options, be it sports betting or online casino gaming. Most offshore betting platforms offer these options, thus attracting the US audience - fueling offshore betting!
Although more states are cozying up to the idea of legalizing both online and offline gambling by the day, the whole country is not quite there yet. There are still more than 10 states with no legal gambling options, or are restricted to the National Lottery, Daily Fantasy Sports (DFS), and/or horse racing.
Gamblers in states where online gambling is still illegal have no other option than depending on the offshore betting market for their excitement. And they also don’t have to do too much to access them. Most offshore betting platforms have a robust infrastructure, which makes their sites available and compatible with many devices ranging from mobile to desktop.
If onshore betting is going to compete with offshore betting, then the platforms are going to have to do so much. Offshore betting is thriving in 2023 because it has enough measures to make betting effortless for the average bettor.
Bonuses and promotions are one of such measures.
Most platforms always have ongoing promotions from which new and existing players benefit hugely, like deposit bonuses, free spins, cashback, and many more. Bettors have the luxury of shopping around for favorable bonuses and the best odds on their favorite sports. The right odds and enticing promotions serve up the perfect deal for even non-gamblers. Currently, onshore betting might not stand a chance.
Only a few local betting platforms give players multiple payment and withdrawal options. Of course, most offer standard payment options like card payments, online transfers, and E-wallets. However, offshore betting platforms go further to allow players to make payments and withdrawals with their favorite crypto coins.
Adding cryptocurrency to the mix takes the game to a new level as offshore betting platforms can tap into a new market of online gamers focused on playing to earn. The fluctuations in cryptocurrency prices give players a huge earning potential. Offshore betting platforms are exploiting this cryptocurrency benefitto attract clients worldwide.
Back at home, the legal ambiguities surrounding cryptocurrency’s status make it a tad difficult for domestic betting platforms to offer the crypto payment option. That’s a chunk of the betting market sailing offshore!
Onshore betting is currently playing catch up, with offshore betting giving it a run for its money. The fact that most states have little or no regulations deciding its legal status puts it ahead of the curve.
When you couple this head start with the lack of legal obligations for players, wider betting and payment options, availability, and mouth-watering bonuses, understanding why offshore betting is thriving in 2023 suddenly stops being rocket science.