Recently, a digital betting revolution has occurred in the US, as today, wagering on sporting events is legal in more than a dozen US states. Though, not all of them allow bets to get placed over the internet. Still, even before the US Supreme Court repealed PASPA allowing each of its fifty territories to pass sports betting laws, Americans had the choice to use overseas Sportsbooks in 2022.
In 2021, US residents bet a record $57 billion on sports, a 165% increase from the 2020 number. Increasing interest in this activity is a factor in the sector’s revenue boost, but this growth mainly has to do with seven more states legalizing this pastime. Hence, it seems like it is only a matter of time before every US territory allows its citizens to wager on sporting contests. That looming reality is raising questions regarding the viability of offshore Sportsbooks in 2022.
Nevertheless, offshore Sportsbooks in 2022 betting platforms likely have nothing to worry about, as they have aces up their sleeve that makes them super competitive with US-based operators. Thus, below we analyze and explain the following:
- What are the offshore advantages?
- Are offshore betting sites safe?
- Is offshore gambling legal in the USA?
- Do you have to pay taxes on offshore sports betting?
- What are the best offshore sports betting sites?
Table of Contents
All You Need To Know About Overseas Betting Sites or Sportsbooks in 2022
Overseas betting sites are gambling platforms based in a foreign country. Usually, these are smaller/younger ones that have legalized this hobby and look to rake in the tax revenues it can provide. Such spots include Panama, Costa Rica, and Curacao.
It is vital to understand that these sites get licensed and monitored by the gambling regulators in the countries from where they run their operations. US authorities virtually never seek to prosecute individuals who use these sites.
However, if gamblers profit from their sporting knowledge/instincts, once their winnings land in their bank accounts, those sums will get taxed as any other income.
#1 Few Restricted Territories
Since overseas sportsbooks have a gambling license from an international regulator such as eGaming Curacao or Panama’s Gaming Control Board, they are free to accept bettors from all corners of the globe if they choose to do so.
#2 Low KYC
Know Your Client procedures are anti-money-laundering measures that also hope to stop the financing of terrorist activities. They do this by mandating that all gamblers reveal their identity before making a withdrawal. Most offshore sportsbooks have lower KYC requirements than US-based ones, which must follow stringent regulations. That is why many call them sites for online betting without SSN.
#3 More Betting Diversity
Again, due to them not needing to adhere to strict licensing criteria, offshore gambling operators offer casino game lobbies that boast a terrific variety of gaming products, plus dedicated poker sections.
#4 Better Bonuses
As a rule of thumb, the promotions offered by foreign gambling websites almost always supersede the value of those supplied by platforms run from a US state that allows online sports betting.
#5 Superior Odds
Given that the best overseas betting sites compete in a global market, they have to do everything to fight to keep their user pool steady and hopefully grow it. They do this by offering early and highly-competitive odds.
#6 Ability to Use Digital Currencies
Bitcoin and cryptocurrencies, in general, are still a controversial subject in many regions, and few countries have attempted to regulate digital forms of money. Right now, no US-based sportsbook accepts crypto bets, but offshore ones do.
#7 Tax-Free Gambling
If a sports gambler chooses to wager using cryptos and decides to keep his winnings in his digital currency, he can avoid paying taxes on the fruits of his good fortune. US states can tax gambling income at a rate of up to 30%.
#8 Responsible Gambling Measures
While offshore sportsbooks cannot offer universal self-exclusion bans, they provide site-specific ones. Moreover, they also let their users set deposit and loss limits, so they do not spend more than what they can afford to lose.
#9 Innovative Tech
The majority of the top overseas gambling sites have been active in this industry for years, some decades even, and they are quick to adopt the latest technology to stay ahead of the curve. That is a mentality that has allowed them to thrive.
Most Trusted Offshore Betting Sites
According to most veteran sports gamblers, the best overseas betting sites are:
- BetUS – Founded in 1994, after a several-year absence, BetUS began accepting new accounts in mid-2020, greeting new users with a welcome bonus of 125% up to $3,125.
- Bovada – Bovada is the US/Canada arm of the trailblazing internet sportsbook Bodog. It is an excellent option for US bettors boasting a 50% up to $250 sign-up deal with a low rollover stipulation.
- MyBookie – MyBookie is a site that has multiple UFC fighters champion and one that has terrific live betting functions. Its registration deal is a deposit match of 100% up to $1,000.
To Wrap Up
Despite more and more US states allowing gambling companies to shop within their borders and offer sports betting services to their residents, offshore operators are still viable picks for all US citizens, regardless of their location. In many ways, these sites offer a superior service due to not getting tied down by strict laws and measures imposed by US state regulators.