Offshore Internet Gambling
Offshore Internet Gambling Undergoing Changes
With the rising popularity of the Internet, online gambling is on the rise. Offshore gambling is now a billion-dollar industry with thousands of online casinos. Many countries do not permit offshore gambling. To circumvent this rule Internet gambling companies locate themselves outside the country’s borders and place their servers in countries where offshore gambling is permissible.
America does not legalize offshore gambling under an archaic Wire Act of 1961, although more then 60% of online gamblers are Americans. This works against the interest of the players, many of whom fall prey to fraudulent Internet casinos, but get no redress since the casinos operate outside the jurisdiction of US laws. Offshore Internet gambling includes online casinos as well as online Sportsbook betting. There are several sports books like Can bet, Bodog and Legendz that let you place bets through the Internet or the telephone.
Offshore gambling has several advantages. It is very convenient as you can place bets from the convenience of your home. You can wager at any time of the day or night as per your leisure. You can place multiple bets at different online sports books without running around, just from your computer. The payoffs are good and you have a good chance of winning at online casinos. Nevertheless, before you register at an online casino check its registration and license details. Ensure that the Internet casino has good customer service and a secure financial transaction system. Keep away from Internet casinos that offer freebies for nothing.
Join an online casino after a proper survey and preferably on recommendation of your friends. Three organizations regulate offshore gambling. The OSGA has free membership and works to protect players’ interests. The IGC frames rules governing offshore gambling and the Internet casinos have to pay some nominal membership fees. Another regulatory body is the Fidelity Trust Gaming Association.
The US has a ban on Internet gambling, though it permits sports betting. Moreover the laws are old and do not cover gambling through the Internet and satellite. The idea behind the ban on offshore Internet gambling is to prevent the addictive power of Internet gambling among underage youth. Internet gambling is also a covert way for money laundering by unscrupulous elements. Most winners do not declare their winnings to avoid paying tax on them. However many US states have land-based casinos and earn handsome revenues from them. In fact, countries like Antigua and the Cayman Islands have made a complaint to the WTO citing this ban as a discriminatory practice that badly affects their economy.
Presently many players use their credit cards or financial systems like Pay pal for online gambling. Providing financial transaction systems, other software for online casinos makes the Internet service provider, the online casino, and the financial institution guilty of violating the Wire Act. Several people have gone to jail for this and PayPal has paid a penalty for participating in online gambling. To rectify these problems there is a need to review laws governing offshore Internet gambling. Keeping this in mind credit cards now have a code that does not accept payments from online gambling sites.
Australia too bans offshore gambling on the ground that it is morally corrupting. However, online gambling continues unabated despite a law prohibiting it. The UK has a better approach and plans to legalize online gambling to protect its citizens against fraud. Offshore Internet gambling casinos from the Isle of Man therefore do not accept bets from American citizens. Read our article on 'what is offshore internet gambling' for more information. However, since offshore Internet gambling is such a big revenue earner and provides entertainment to thousands of people, it is in the best interests of the industry and the players to legalize it.
