Why Offshore Sportsbooks Will Always Have Action
With the repeal of the PAPSA, the Professional and Amateur Sports Protection Act, there was a thought that legalized sports betting in the U.S. would suffer. Sports bettors would be disincentivized from going to offshore sportsbooks. No matter what happens, offshore sportsbooks will always have action.
The reality is that offshore sportsbooks have not suffered and never will. They will always have action and there are plenty of reasons why.
Not All 50 States
Just because PAPSA was repealed does not mean all 50 states have legalized sports betting. Each individual state makes its own laws in regards to gambling. There are currently 18 states where some form of sports betting is legal. Another four states have passed legislation to legalize sports gambling.
You can bet legally in Pennsylvania, but if you drive across the border to Ohio you cannot. Bettors in states like Ohio will continue using offshore sportsbooks.
Gambling winnings in the U.S. are taxable. If you win over a certain amount at a legal sportsbook in the U.S., you will receive a tax form and you must claim the winnings as income.
When you use an offshore sportsbook, you will not receive a tax form. Offshore bookies will not report anything to the IRS. The question for bettors then is do you want to pay 25 percent of your winnings to the government or would you rather keep it all?
There is a level of anonymity associated with gambling offshore. Someone may know you when you visit your local brick-and-mortar sportsbook. More importantly, offshore sportsbooks do not ask for a lot of information. Some land-based books ask for too much personal and financial information.
Players get another layer of anonymity when they fund their accounts and withdraw using virtual currency. When players withdraw funds from an offshore betting account and do so using Bitcoin for example, there is no trace left as to where the funds went. Large regulated sportsbooks in the U.S. will likely never accept any cryptocurrency for this reason.
This is a huge reason why offshore sportsbooks will always have action.
Line Shopping at Offshore Sportsbooks
A lot of times, your success as a bettor depends upon finding the best line, and usually your average Vegas bookie won’t be the one offering them. There are enough offshore sportsbooks that take on U.S. players that allow bettors to shop for the best available line for a certain event or contest. Offshore bookies also offer a number of sporting events and bet types that local sportsbooks do not.
One of the big trends now is in-play or live betting. Betting on games as they are being played is the fastest growing wager option at offshore sportsbooks. Local sportsbooks, like those in Las Vegas, have had trouble keeping odds updated making live betting virtually impossible.
This is not an issue for offshore sportsbooks that have the technology to continually update odds. Most Vegas sportsbooks are not equipped to handle in-games well enough to turn a profit.
Because of the ability to line shop and partake in live betting as well as the level of anonymity and not having to pay taxes, U.S. sports bettors will always look for offshore sportsbooks for action. As long as there are no laws making betting offshore illegal, you can bet U.S. sports bettors will continue going offshore.
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