When you come across some newer online casinos that are creating waves on the market, they are often referred to as offshore gambling sites. While the term is now quite common, it’s definition remains a mystery to a lot of bettors. Put simply, an offshore online casino is one that offers gambling products in regions that it’s neither located nor licensed in.
Granted, these casinos may elicit suspicious first impressions, especially considering that they don’t typically operate under local laws. However, offshore online casinos are outshining local alternatives, both in the UK and other jurisdictions. They also tend to be some of the safest gambling destinations for most players. Here are some of the most common reasons why more players choose to register and play at offshore online casinos today.
A lot of countries either outlawed online gambling or have strict controls for local operators. These tough laws, however, do not typically apply to online casinos that are headquartered in other jurisdictions. Because of such legislation, offshore online casinos can provide a wider range of products and offers without following all the laws in a country. That’s not to say that these gaming sites are renegades that can do as they please. All reputable online casinos have to follow the laws of the region in which they are registered.
The recent ban on credit card gambling by the UK Gambling Commission is an excellent example of tough laws. A small proportion of players couldn’t control their gambling budgets and ended up borrowing to fund their bets. The UKGC also made it mandatory for all UK betting sites to register with the GamStop self-exclusion service.
Although such laws are meant to protect vulnerable players, they end up affecting the gaming quality of responsible players. Although these systems aren’t completely watertight, players may still prefer to use sites like ukcasino.xyz to find gambling sites not on Gamstop to enjoy their favourite games using their preferred banking options. Closely linked to Gamstop self-exclusion is the Gamban app. Some offshore betting sites still allow punters access to bets and avoid awful experiences on their PCs and mobile devices.
Offshore online betting sites also have fewer regulations concerning the magnitude of bonuses and promotions that they can offer. As such, players stand to get the best offers. If you’re trying to work out the finer details of intricate roulette or blackjack strategies, prematurely hitting the table limits can be a killjoy. The great news is that most offshore casinos also don’t impose stringent table limits. These sites are, therefore, also a high-roller’s paradise. But it gets better—UKGC online gambling sites are also required to adhere to strict KYC procedures. While it’s for a good cause, again, these regulations can be tedious. A lot of offshore gaming websites allow punters to bet with no ID required. You can visit the site, make anonymous deposits using Trustly or Bitcoin, play, and cash out without entering any personal details.
Online gambling winnings weren’t always tax-free for bettors. When high street bookmakers were legalised in 1961, they were charged a 6.75% tax, which, of course, they passed on to punters. Later on, the figure spiked a bit to 9%, and bettors could choose to have the tax deducted on their stakes or their winnings. In 2001, the UK government reformed the tax and introduced a 15% Point of Supply tax on all gambling site profits.
While this was meant to remove taxes for gamblers, operators simply incorporated the tax into their prices. The government’s idea was to reduce the appeal of offshore betting sites and keep money in the UK. However, operators ended up with the shorter end of the stick and a larger tax burden—so they moved offshore. As such, some of the biggest names in UK online gambling are local companies that are headquartered outside the country.
Lower Barriers of Entry
Any company that wishes to legally operate an online casino must obtain a license from a regulator within its locality. But on top of being able to operate legally within that jurisdiction, the online casino can operate internationally. It can open corporate settlement accounts, obtain games from software providers, open payment portals, and start gaining trust from customers. Getting a license is a smart and right thing to do, but it usually comes with a hefty price.
New and innovative operators, therefore, tend to seek licenses from flexible regulators.
Multiple such regulatory agencies can be found across the globe, but the most popular include the Kahnawake Gaming Commission, Curacao eGaming, and the Isle of Man. As it provides the most cost-effective one-size-fits-all license, players will more often play at online casinos that are registered with Curacao eGaming.
For a complete online casino package, new operators only have to part with just under £30, 000. The renewal fees are also quite low, and there are no taxes. This option is, therefore, excellent for innovative start-ups who want to provide massive promotions while keeping their costs low.
The Flip Side of the Coin
It’s not all silver lining and no cloud at offshore betting sites. If you’re going to register, then you’ll need to know where to expect to hit a few bumps in the road. Knowing these bumps will ensure that you always travel over the smoothest areas and enjoy the best possible betting experience. UK punters prefer to make their gambling transactions using convenient banking options like PayPal and Boku. Unfortunately, these payment options aren’t available at offshore betting sites.
Also, most renowned software providers only work with UKGC registered betting sites. As such, some of the most popular slots such as Starburst, Gonzo’s Quest, and Rainbow Riches won’t be available at offshore websites. Such issues also even extend towards general interest and player reviews. It’s considered good form to read several reviews before settling for a betting site.
Through this, you can assess the merits of the offers, along with getting an accurate picture of player experiences. In the token of sharing information, you too could leave reviews for future players. Aim for honest and impartial, not only on any unwelcome experiences you may have had.