Risk of playing at an online sports book
The US legal environment in the wake of the UIGEA made it pretty much illegal for online sportsbooks to operate in the US, most likely to protect the interests of sports books in Vegas and other parimutuel facilities. In order to stop US money from heading offshore - where many of the online sports betting and exchange companies had been based even prior to the UIGEA - banking institutions were forbidden to process transfers from potential US customers to offshore-based online gambling facilities.
Now as the saying goes, where there's a will, there's a way, and when it comes to depositing money to offshore sportsbooks, US customers are infinitely patient as well as creative. The law forbidding them from wagering at such sports betting facilities is much harder to enforce than originally thought, as new ways of sending money to these operations keep popping up all the time.The bottom line is, despite the ban, US players keep depositing and wagering at various offshore sportsbooks and they keep cashing out their winnings too. The system works and apparently there's nothing that various law enforcement agencies can do about it.
Playing at an offshore sportsbook is not without its risks though. Although the majority of these operations are legit and honest ones which pay out as they should, there have always been rogue elements which aim to swindle players out of their bankrolls. The main problem is that because they operate outside of US law, offshore sportsbooks are nearly impossible to hold accountable for their actions. The laws and regulations governing online gambling in the territories where they're based are usually extremely lax and going after them legally would present hurdles difficult to overcome by any means.
This is why it is extremely important that players who decide to wager at such offshore sportsbooks run a thorough research on them prior to making their first deposit. The necessity of keeping players informed about the pitfalls of offshore sports gambling has given birth to online watchdog entities such as sportsbooks.net, to sites which monitor player feedback on various online sports books and offer players warnings on those which fall short in any way.
It is not a seldom occurrence for an online sports book to go offline, out of business and to take players' deposits with it. These watchdog sites feature lists of such sportsbooks, including those that are about to go out of business and those that have payout, support or any other types of problems.
Offshore sportsbooks deemed safe are categorized as well and detailed reviews are offered which consider the various promotions, bonuses and other such perks offered by each of the sites.
Worry not: there are plenty of offshore sportsbooks out there, so there's absolutely not a single reason why you should ever settle for a sub-par offer.
Please check our list of recommended books before playing at a sports betting site. Such watchdog sites usually offer a clear outline of the factors they consider when reviewing the various sportsbooks so you'll know exactly why one is considered better than the other.
In conclusion: while playing at an offshore sportsbook is possible, it is something you should research carefully. If you do proceed though, you need to be aware that you're doing it at your own responsibility and risk, and if you're swindled, you won't be able to turn to an authority.
Your best defense against fraud is to consult a watchdog site like this before committing any kind of resources towards this
