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Online Offshore Sportsbooks: The Good and The Bad

March 27, 2020 197 0
Online Offshore Sportsbooks: The Good and The Bad

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Offshore sportsbooks are online sportsbooks that operate abroad. Without any internet, gamblers can only turn to a local bookie. However, these were typically run by the mafia, making cashing in on winnings riskier than usual.

Moreover, instead of just logging in to check the lines, bettors cannot monitor the odds except for visiting the bookmaker. It is far from online offshore sportsbooks that allow you to conveniently check on the lines. And, considering how demanding daily life is, not everyone can use a bookmaker sportsbook.

Since checking the odds and lines is difficult, bettors usually miss out on the most profitable betting opportunity. When it comes to betting, timing is crucial. You have to place the right wager at the right time to maximize your winnings.

So, besides the difficulty of finding a bookie nearby, keeping up to date with the line-changes was virtually impossible. That favors the oddsmakers, who can shift the lines anytime to meet their needs. And in case you did find a local bookmaker with favorable odds, cashing out could be more demanding than wagering. No one wants to deal with less than reputable bookies, especially considering how the service was on the way out.

What Are the Advantages of Using Online Offshore Sportsbooks?

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Availability

The sign-up process for online offshore sportsbooks is relatively easy and simple. You can get straight into the action in just a matter of minutes. Even better, online offshore sportsbooks are available 24/7. Meaning, you can wager anytime you want.

Number and Offers

Since you have a ton of online offshore sportsbooks to choose from, you can surely find one that caters to your needs. Some of these sites feature more games from your favorite sports, while others let you wager on sports that are not usually available on other sportsbooks.

Bonuses

Another perk of using online offshore sportsbooks is the extremely generous bonuses they offer. Many sites offer to match your initial deposit up to 100%. Some even grant you a bonus even without making any deposit.

Crypto Revolution 

Payment processors used to be a significant issue for online offshore sportsbooks. However, that is no longer the case in recent years, thanks to cryptocurrencies like Bitcoin and Litecoin. Several online offshore sportsbooks support other cryptocurrencies and are adding more frequently. That stabilizes the offshore business, enabling players and sportsbooks to take advantage.

What Are the Issues With Online Offshore Sportsbooks?

The security of your funds is perhaps the biggest single issue when it comes to online offshore sportsbooks. However, you may also encounter several smaller problems. These include potential issues with software platforms, payment processing, and the type of wagers you can make.

Unregulated

While online offshore sportsbooks come with a lot of positives, the lack of regulation is a problem with being paid. In some countries, bookies wagers are sure to be paid or their gaming license would be revoked, hence banning them from operating.

The upside to lack of regulation is more deals and heftier bonuses. However, you will not get the same level of security as legal climates.

Types of Bet

Offshore books do not offer live betting. Also known as in-play betting, the system updates the odds in real-time, allowing you to wager while a tournament is ongoing. Regulated sportsbooks depend on global services like Kambi to offer these live odds. Unfortunately, online offshore sportsbooks do not have such access.

Payment Processing

Banks and financial networks cannot deliberately transact with online offshore sportsbooks. Such transactions may lead to a cat-and-mouse game, with those books eagerly trying to get credit card payments to process. More often than not, payments will succeed, but it comes at a cost to the sportsbooks.

The downside is that you cannot check if your credit card payment went through. Imagine missing out on a favorable bet due to a payment issue.

Software Platforms 

Both regulated and offshore sportsbooks employ a three-column layout. You will find a list of sports on the left, matches and lines in the middle, and the bet slip at the right. The significant difference with online offshore sportsbooks is the absence of additional functionality. These books are usually a decade behind the curve compared to the likes of 888 and Bet365.

There are hardly any dedicated apps offshore. You may find navigating through the interface a rather frustrating experience. Even the best online offshore sportsbooks do not compare to the bare-minimum legal books.

What Are the Red Flags to Watch out for in Online Offshore Sportsbooks?

Below are some of the warning signs you should watch out for when betting at online offshore sportsbooks.

Too-Good-To-Be-True Promotions and Bonuses

Sports betting is competitive, and bonuses are an excellent marketing tool. But if you find bonuses that look so big as to be unprofitable, they likely are. Such books might not be entirely scams. However, they will probably regain that money by offering bad lines or charging processing fees.

Voiding Bonuses

Some online offshore sportsbooks void bonuses for unclear, petty reasons. Sure, they have a right to safeguard themselves from bonus abuse. However, voiding offers, such as welcome bonuses and promotions that were taken honestly, indicates management issues.

Payment Delays 

In case of late payments, or if you learn that other clients are experiencing them, then it is time to withdraw your entire bankroll immediately. It is not advisable to deposit at a book with a history of payment delays.

Lack of Deposit Options

Online offshore sportsbooks have issues with deposits. In one way or another, they will charge customers for these. If they are offering only one or two non-mainstream options, for instance just a little-known voucher system or cryptocurrency, then be cautious.

Lack of Operating License

Licenses from offshore jurisdictions do not give much in the way of protection when things go wrong. However, the absence of one is a significant red flag.

High Minimum Withdrawals or Pay to Withdraw

For small stakes bettors, having a $200 minimum withdrawal might trap their bankroll on a site. Although the majority of books will allow you to withdraw once a month at no cost, some will not. Be wary of those sneaky $50 withdrawal fees, which can immediately drain your profits.

Online Offshore Sportsbooks Betting in Vietnam

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While the Vietnamese culture embraces gambling, the government does not. Local gambling legislations restrict Vietnamese citizens from visiting physical casinos and engaging in real money games at home. However, decrees issued in 2017 and 2018 relaxes some aspects of the Vietnamese gambling legislation. That may result in the legalization of sports betting soon.

Operating a betting website is illegal in Vietnam. You will not find any local online bookies that are legal to use. The country has strict penalties for placing illegal wagers. Those caught doing so may face fines and/or prison time.

Several brick-and-mortar casinos operate in Vietnam. A couple of establishments obtained a license to offer games. A 2017 decree permits locals to visit casinos so long as they can prove monthly income above a specific level and settle hefty fees to get in the front door.

The Vietnamese government is trying to prohibit access to online offshore sportsbooks. Despite its efforts, however, a lot of locals visit foreign sites every day to place wagers. You can find websites based out of other Asian nations that cater to the Vietnamese market. They offer Vietnamese-language websites as well as deposit methods that support the Vietnamese dong (VND).

Sports betting is a relatively sensitive topic in Vietnam. It is both legal and illegal. There are no legal local sports betting shops, but you can access foreign sites since they are not restricted in the nation. Still, you must ensure that you are playing at a legal and licensed betting site. The Vietnamese government also occasionally block access to offshore sites.

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