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Bitcoin Means Smooth Sailing For Offshore Sports Betting Sites

Published

5 years ago

November 4, 2019

Local sports betting venues and kiosks are commonplace in much of the world, with several international regions also coming onboard in embracing the pastime.

That said, no sports wagering market is growing more quickly than that in the US, as nearly 20 states have legalized the activity since the Supreme Court overturn of the Professional and Amateur Sports Protection Act (PASPA, 1992) in mid-2018.

In fact, according to CNBC, more than half of Americans live in states that will offer regulated sports betting within the next year or two.

However, even as locally regulated betting shops and domestically operated Internet sportsbooks come online, the options provided for by offshore betting sites remain superior for most bettors in most areas.

The reason for this is simple: Bitcoin support.

No domestic sportsbook in the US or any other country currently accepts Bitcoin (BTC) as a banking option, meaning that you cannot deposit or withdraw with the popular cryptocurrency at these venues.

For many bettors and punters, that’s a deal breaker, as Bitcoin is fast becoming a major industry unto itself, threatening to eclipse many online payment platforms the world over.

To be certain, Bitcoin and other cryptocurrency (aka altcoin) support is not the only reason to use offshore betting sites instead of local domestic options. However, it’s arguably the most compelling reason, and it remains so for both the US and international markets.

Benefits of Bitcoin

There are several overarching reasons to use Bitcoin when patronizing an offshore sports betting service, which is why so many people are turning to the revolutionary non-fiat currency alternative.

While some of BTC’s selling points may not appeal to or seem mission critical for all users, the aggregate of features on offer demonstrate how Bitcoin remains in a class of its own re electronic financial transactions.

No transaction fees – When you use BTC to deposit or withdraw at offshore betting sites, there are no added transaction fees. The only transfer surcharges you will ever pay with Bitcoin are those natively assigned by the cryptocurrency itself, and these usually amount to pennies at most.
Next-level security – Bitcoin offers the best data security measures of any financial product – or any electronic product – in the world. Bitcoin is said to be quantum hacking resistant, and the open ledger blockchain technology originated by BTC is the gold standard in encryption and fraud prevention.
Greater anonymity – Bitcoin is not fully anonymous, but it offers greater anonymity than any banking product on the market. Bitcoin uses numerical wallet addresses – not identities – to send and receive money, and online gamblers value their privacy to a high degree. The old saying is “The Internet is forever.” With BTC, privacy is paramount.
Accepted worldwide – Bitcoin is accepted worldwide, and it can be sent person-to-person, person-to-business, business-to-person, or business-to-business quickly and easily. There are no banks to hold up your transfers and make you wait days when you want to bet on tonight’s game or match, and there are no watchdogs sniffing around to delay or intercept your private BTC transfers.
Larger deposit bonuses (US, CAN only) – For US and Canadian sports bettors, Bitcoin deposits come with the online betting industry’s biggest promotions. While those in other countries cannot take advantage of these at this time, they’re still a huge bonus (literally!) for eligible bettors.
Same-day withdrawals – Bitcoin is the only way to receive same-day withdrawals from major online betting sites. Other payouts, regardless of the type (bank wire, money order, courier check, etc.) will all take at least 3-5 days, but Bitcoin withdrawals will typically show up in your wallet within an hour or two.

Despite its efficacy for online gambling and sports betting, Bitcoin isn’t going to be right for everyone, and many bettors who are used to dealing with fiat money or traditional credit/debit banking are trepidatious to get into a new form of technical currency.

That said, the main issue holding bettors back from embracing BTC is the initial buy-in process. In most markets, including the US, new Bitcoin users have to go through a lengthy acquisition process that can take up to 10 days.

Fortunately, there is a workaround for this.

In the US, new users can get Bitcoin in just a few minutes by using the Zelle-to-Bitcoin process. Zelle is a product of the US banking industry, and most bank account holders already have access to Zelle. Via this instant transfer system, would-be crypto bettors can use Zelle to purchase BTC at a private exchange called LocalBitcoins.com.

This reduces the initial buy-in from days to minutes, and LocalBitcoins does business in more than 200 countries around the world. This gives international punters the same fast way to get their hands on BTC and transfer it to their betting sites of choice.

How To Buy Bitcoin At LocalBitcoins

The steps to purchase BTC quickly and easily at LocalBitcoins follow, showing the process for American bettors. However, regardless of the country you’re in, the main procedure will be largely the same. (Some US-centric books will walk their customers through the Zelle-to-BTC process from their cashier/deposit pages.)

Create a free account at a reputable offshore sportsbook.
Create a free account at LocalBitcoins.com.
Use Zelle (US bettors) or another instant transfer product (International bettors) to purchase BTC from a private seller on LocalBitcoins.
Use the Bitcoin to deposit into your sports betting account.
Place your bets!

Note: LocalBitcoins, though powered by private buyers and sellers, is very safe to use. The site uses an escrow system to hold any BTC after a sale is agreed to, giving the seller zero opportunity to abscond with your funds.

When regulated, US-based sports betting first became a wide-scale reality in 2018, there was much talk of offshore sportsbooks eventually being hampered by the legislation and the move toward domestic bookmakers.

But this hasn’t been the case, and membership is up across the board at offshore books in the roughly 18 months since PASPA was eliminated. Even in countries that have had domestic books in operation for years, offshore sites thrive.

And Bitcoin remains the biggest reason why.

Related Topics:Bitcoin offshore gambling Zelle

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Cedar Rapids Casino Proposal Seeking Approval In Iowa

Published

2 weeks ago

July 15, 2024

Offshorebettingsites.net

Investors in Cedar Rapids, Iowa, are hoping to get approval for a new $250 million casino proposal.

After unsuccessful attempts to secure a new casino license in 2014 and 2017, Peninsula Pacific Entertainment is optimistic about the potential of their new market studies. These studies are expected to demonstrate that a new casino would not only boost profits for nearby casinos but also significantly contribute to the state’s economy.

While market studies in the late 2010s suggested that an additional casino could negatively impact the revenue of existing casinos, a more recent 2021 analysis paints a more optimistic picture. This analysis indicates that a new casino could potentially increase the state’s overall profits by $51 million, offering hope for a brighter future.

Under current state gambling laws, 3% of all gaming profits are allocated to local non-profit organizations. However, Peninsula Pacific Entertainment has pledged to increase this percentage to 8% if they are granted the licensing, potentially providing a significant boost to these organizations.

The Iowa Racing and Gaming Commission will vote on Feb. 6th, 2025, to determine the fate of a new casino in Cedar Rapids.

How Many Casinos Are In Iowa?

There are currently 23 casinos in the state of Iowa, offering a wide range of gaming experiences. These include riverboat, land-based, and racino locations. Nineteen of the state’s casinos are commercially owned, while four are tribal casinos. The state allows all forms of adult gaming, including a variety of slots, live-dealer table games, specialty games, poker, and sports betting.

Iowa recently changed its minimum casino gambling age to 21 after allowing 18-and-up players to gamble for many years. This change was made to align with the age restrictions in neighboring states and to ensure responsible gambling practices. With most casinos located near the state line, Iowa casinos are aimed at attracting out-of-state players and providing multiple options for residents.

Can Iowa Players Gamble Online?

Offshore betting sites have serviced Iowa since the early 2000s and offer online casino games, sports betting, and poker gambling. Since there are no federal or state gambling laws preventing access to online gambling sites, players over the age of 18 can access online casinos and wager with real money.

Online players will find numerous banking options designed to make deposits and withdrawals fast and reliable. There are also multiple bonus options for new and returning players and rewards programs for members. With online slots, the libraries are massive, and free play options allow players to become familiar with the game before wagering.

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New Study Indicates Michigan Has Largest Online Gambling Market

Published

4 weeks ago

July 1, 2024

Offshorebettingsites.net

The American Gaming Association (AGA) recently released a report discussing the online gambling market in the United States. The study indicated that Michigan residents gamble the most but often wager online instead of at the local casinos.

According to the report, Michigan wagered $1.92 billion on poker, blackjack, and other online casino games. For the third year in a row, the commercial gaming industry has set a revenue record for the state. In 2023, the total revenue for domestic casinos, sportsbooks, and other iGaming platforms was $66.52 billion.

The iGaming industry, with its impressive 22.9% growth from 2022, has emerged as the most popular choice among online bettors. In 2023, the iGaming sector of the online gambling market soared to $6.17 billion in revenue, a testament to its potential and appeal.

Other online gambling states on the market list include New Jersey #2, Pennsylvania #3, Connecticut #4, and West Virginia #5. Only seven states authorize local casinos to operate online from within their borders: New Jersey, Delaware, West Virginia, Pennsylvania, Michigan, Connecticut, and Rhode Island.

Since 2021, when Michigan launched its state-regulated online casinos, local casinos have seen a decline. This decline is due to the shift in gambling habits, with more players choosing to wager online. While it was anticipated, the state now had the fourth-largest decline in traditional casino gross gaming revenue for 2023, at 2.7%. This trend is likely to continue as online gambling becomes more popular.

Online Casino Gambling Options

In the United States, residents have many online gambling options due to the lack of federal gambling laws. Since only several states offer casino gambling, many players venture online and wager with offshore casino sites.

Online casinos offer the same style of games you will find in domestic casinos, including slots gambling, blackjack, poker, and specialty games like bingo and keno.

In addition to casinos, US players can access online sports betting sites and virtual poker rooms. Options include betting with Bitcoin and the convenience of playing online from anywhere at any time.

Is Online Betting Legal In The United States?

Yes, US players have access to online casinos, sportsbooks, and poker sites since there are no federal or, in many cases, state and local ordinances. It is important to check local laws before wagering real money online to ensure you are not in violation, but for the most part, Americans can wager legally with offshore or state-based online gambling sites.

Today, most states have embraced online sports betting sites but need to offer their own state-licensed online casino sites faster. While several states have drafted legislation, the process could have been faster.

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New Jersey Gambling Revenue Exceeds $500 Million For May

Published

1 month ago

June 18, 2024

Offshorebettingsites.net

The state of New Jersey just raked in over $500 million in revenue for May, up 8.3% from the previous year.

State gambling regulators released reports last week that detailed the revenue earned. While most of the revenue was earned from in-person gambling, only three of the nine casinos won more from players than the previous month. Internet gambling also had a great month, as its revenue fell just shy of its all-time record set back in March 2024.

New Jersey Casino Control Commission chairman James Plousis told the Associated Press, “May provided a promising start for the summer season, and positive momentum has been building,” Plousis also stated that “Consumer interest has been strong, driven by must-see unique investments recently made in the casino hotels.”

Official reports indicate that revenue has surpassed pre-pandemic levels, and the state is optimistic as the summer season has begun. Domestic casinos, horse tracks with sportsbooks, and online sportsbook apps contribute to the $500 in revenue.

Are Offshore Casinos Legal In New Jersey?

The state of New Jersey has requested that offshore casino sites stop accepting players from the state or face legal action. The most trusted offshore betting sites, including casinos, sportsbooks, racebooks, and poker sites, have opted out of servicing the state.

While no official law has been passed forbidding these sites, licensed sites are not willing to risk it in most cases. However, players can access offshore betting sites with a virtual private network (VPN). It is important to note that an address is required before payouts can be mailed.

What Is The Gambling Age Requirement In New Jersey?

The state’s minimum gambling age is 21. Patrons under the required age can enter the casino but cannot remain on the casino floor. Minors are not allowed to gamble or consume alcohol at any of the Atlantic City casinos. However, residents over 18 can legally play the state lottery.

The New Jersey Casino Control Act allows local casinos to offer their games online. Poker sites and sportsbooks can also operate online under the act. Numerous online gambling platforms in New Jersey are regulated by a two-tier system comprising the New Jersey Casino Control Commission and the Division of Gaming Enforcement.