Offshore wagering has a certain connotation to it that doesn’t exactly paint it in the best light possible. Whenever people hear the word ‘offshore’ they generally think of something unsavory and that extends to the realm of online wagering companies as well. The first thing that pops into people’s heads when they hear ‘Offshore’ is generally oil drilling or illicit bank accounts in Switzerland or the Cayman Islands. And neither of those things inspires a lot of good thoughts.
But unlike deep water oil drilling and untraceable bank accounts there is nothing dirty about the offshore wagering industry and, in fact, it’s about time that the offshore wagering industry came back onshore. Due to some antiquated and irrelevant rules on the US books online wagering companies are prohibited from setting up shop on US soil.
As such these companies that provide online betting odds for all types of sporting events are forced to open shop on friendlier foreign soil. The majority of these operations are headquartered in the Caribbean, Central America and various British commonwealths. That means that these foreign locales reap all the benefits of the jobs that are created in the local communities by online betting operations as well as all the tax revenues and the overall positive economic impact on the community.
These many benefits created by online sports betting could very easily be going to the US but Congress, for whatever reason refuses to allow these online wagering companies from opening up for business on US soil. These restrictions, at one point and time, may have had a purpose, such as limiting gambling addictions and stopping organized crime, but in the 21st century these motives are not only outdated but impractical and inflict self-damage to the economy.
When people can now find Native American Casinos within 15 minutes of every mid-major metropolitan area in the country it seems a bit silly to pretend that gambling doesn’t exist in this country. Online gambling is simply an easier more efficient form of this and would not add to any larger social problem. But more directly, the Internet is beyond US jurisdiction and by preventing online wagering companies from setting up shop on US soil hardly prevents people from accessing their services. All it does is limit tax revenue and deny jobs to Americans.