In most of the Western countries, betting on sports is considered to be a legal activity and is regulated accordingly. The legality of Offshore betting sites varies upon the jurisdiction. In many countries, they are regulated fully, while in some, they are considered illegal. The sportsbooks located offshore and operating under the Curacao eGaming Licence, Malta License or Kahnawake are accessible by the UK punters who wish to escape the policies laid down by the United Kingdom Gambling Commission for the UK based online betting sites.
The Gambling Act of 2005 in the UK focuses on the prevention of crimes, obsessive gambling tendencies, and minors accessing these sites. These should be followed by all online betting sites irrespective of them being offshore or not. Gamstop is a self-exclusion scheme that is compulsory for most of the UK based sites in order to protect people from problem gambling. However, the rules laid down might not be desirable by a punter which makes him free to gamble on offshore sportsbooks holding a license.
However, it’s really important to check that the offshore gambling site is licensed. It shouldn’t be a hard task to find a list of reliable offshore online bookmakers and the one that suits you more. Safety and policies around responsible gambling are some of the factors that should be driving your choice since most of the offshore sites usually offer a range of game types from top-tier providers such as Microgaming, Playtech, Azumi, Play n’ Go, etc.
Why Do Some Betting Sites Prefer Offshore Licenses?
The main reasons for entrepreneurs choosing offshore licenses for their gambling platforms are given below :
- To maintain legality along with easy and simple rules, offshore licenses are preferred.
- Low rates of taxes prevail for such licenses which is not the case for other licenses.
- Cost-effective due to the low annual fee over profits.
- No VAT or taxes on bets
- Certain offshore licenses like Curacao are easy to obtain with a low processing time and are cheap as well.
- Strict Anti Money Laundering Policy imposed to avoid fraudulence in any form.
- Offshore licenses do not have to follow rules like Gamstop, which prevails in the UK. They are independent operating sites that have sports betting available along with a wide range of games to entertain the punters.
- E- sports and fantasy sports are a part of offshore casinos too which is lucrative depending on the prize mechanics.NFL offshore betting is the most popular.
Is It Safe To Use Offshore Betting Sites?
The term offshore does not imply an online casino being less legitimate or safe than a locally-based online casino. It simply means that the offshore casino is based in another country and is holding their license. Casinos holding offshore licenses must follow gambling laws and are regulated properly in order to avoid discrepancies. One must choose a casino after going through reviews and verifying its authenticity via the “ Seal of Approval” that is available at the end of the site page. This is done so that punters can safely enjoy games such as blackjack, roulette, online poker, etc. Offshore sites also have a variety of sports betting to offer ranging from soccer, badminton, horse racing and so on. Gambling sites that are based in countries with advanced jurisdictions are flexible in nature.
One important factor of offshore online casinos that is often neglected is that they can offer regulated, tested casino games to countries that lack Internet Legislation for Gambling or local gaming commissions looking after their interests. Nowadays, there is even talk that offshore gambling companies should have more control.
Important factors to consider while choosing an Offshore betting site :
- Verifying the license and checking the licensing documentation it holds is important to avoid getting scammed by any sportsbook.
- Checking whether an offshore site is secured by the 128-bit Secure Socket Layer Digital Encryption Technology is very important as it is the standard security system preferred by banks and other sites.
- Focus on in-depth reviews before finalizing upon a casino.
Concluding Thoughts
Legal sports gambling is very famous in the entire world. It also brings in tax revenues which is beneficial for the Government. If a person has no problem gambling tendencies, offshore betting platforms work like a charm to them due to their minimal rules and regulations. However, for problem gamblers, it might be harmful as these sportsbooks do not operate under policies like Gamstop in the UK.
It is always best to place sports bets and wagers on offshore sites after thoroughly verifying their authenticity. Markets, odds, banking options, promotions, and deposit bonuses are at par with the regulated operators. Offshore sports betting is in no way illegal if verified first.
