Offshore Risks

August 2, 2012

Lately we have reported on quite a few happenings, which lead us to believe that Western governments are beginning to take a much more understanding view of the online gambling industry. Major nations such as the USA, UK, Italy and Ireland have all made changes to gambling legislation to make online gambling a more legitimate business within their borders. So we take a look at the risks involved in continuing to use offshore operated online casino sites when online gambling is actually legal in your own country.

Higher costs - This is actually one of the major issues for players who use offshore gambling sites frequently. Transaction charges for both deposits and withdrawals are likely to be quite a bit higher than using an online casino in their own country.

Tax issues - Gambling tax can be complicated, depending upon the country you reside. As a rule of thumb, no matter where the online casino you are playing is located, you will be liable for some gambling tax payments regardless, the amount and process involved in paying/collecting them will vary from country to country.

No protection - Gambling legislation is set up to protect the citizens of the country from unscrupulous online gambling operators. The attraction of offshore gambling companies is that they work under far less stringent gambling legislation. However, this means that the player is not protected to the same level as they would be if they were playing at an online casino in a country which had much more robust gambling legislation and laws.

No controls - When an online casino is operating within a country which has specific gambling legislation and gambling tax laws, then it is being controlled more sensibly. This means that there are procedures in place to ensure that the online casino operator is not misappropriating funds, and that the players money is protected at all times In an offshore environment, it is highly probable that no such tests and controls will be in place.

These are just a handful of reasons why offshore online gambling sites should only be considered by players who are in a country which currently restricts online casino operator from setting up within its borders. It is much more sensible to choose a local online casino site, which is regulated and controlled by the governing bodies of the country in which you currently reside.

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