Betting Statistics 2022: How Many People Bet Offshore?

What Is Offshore Betting?

Any betting that takes place on the internet — sportsbooks, casinos, or horse racing websites that are based outside of a country’s boundaries — is considered offshore gaming. These offshore sites are uncontrolled since they lack permission to operate with specific authorities. This implies that they could not be safe or have safeguards in place for players who are more vulnerable. Additionally, players are unable to determine who’s in charge of the funds they deposited into an account online.

Domain names can reveal whether a website is an offshore gaming site. For example, a gaming website lacks the authorization to operate in the United States market if its domain ends in .eu or. ag. An offshore website may have a license to operate in the nation where its headquarters are located, but that does not guarantee that it complies with the regulatory norms of your country.

Regulated Offshore Betting Sites

Regulated sites must adhere to state regulators’ criteria. As one of the harshest regulatory agencies in the world, the NJDGE has established a solid reputation.

All gambling establishments are mandated by the NJDGE to require their staff expose any form of dishonesty and any exploitation that might result in fraudulent conduct. Additionally, the Division requires all licensed operators to maintain two accounts, one of which must be used for operating money and the other to retain players’ money. This guarantees the safety and security of players’ money, which is crucial when sourcing the best offshore sportsbooks available.

The Use of Crypto for Offshore Betting

More consumers want to employ cryptocurrency gambling for their offshore internet gaming activities as it is being widely adopted. While some websites now allow withdrawals and deposits in a variety of cryptocurrencies, others already do so and will continue to do so.

There are a number of variables that are especially advantageous to the offshore online gambling sector that has led to a growth in its acceptance and appeal. Its ability to successfully penetrate iGaming is due in part to advantages including quick transactions, minimal fees and anonymity.

Within a short amount of time, mobile/digital wallets have established themselves as a staple of online transactions, including online shopping, offshore betting, trading and much more. By 2025, 53% of all e-commerce transaction volume will be handled by digital wallets, according to statistics.

Do People Bet Offshore?

The past few years have been very eventful and unpredictable due to world events, technological advances and gaming trends. Virtual currencies, VR technology, eSports, live casino games, the Internet of Things and a great number of other innovations have all got a spot in the sector in recent years. 

The importance of mobile devices in the gaming business has also just come to light, which is one of the many factors why sports betting is such an exciting activity.

The previous years saw a significant rise in the popularity of offshore online gaming.

The number of people who are starting to look at the benefits of playing their favourite games online is at an all-time high today. It’s practical, entertaining and simple to access, and there are many brand-new and interesting games to enjoy as well.

There are a lot of different reasons why people choose to gamble on offshore sites rather than domestic gambling sites, because the offshore option offers something that local gambling sites may not. Others may not have the option to play at an online casino due to the fact that it may be illegal in their country or state, therefore offshore betting sites are their only option.   

Statistics of Online Betting

According to the global gambling data, approximately 26% of the population participates. That equates to around 1.6 billion people participating in gambling activities around the world, with 4.2 billion doing so on a yearly basis. 

According to the findings of a study conducted in the U.K., 17% of the population participates in online gambling, which generates total revenue of £5.3-billion for the digital marketplace alone. This finding is based on demographic facts.

The percentages are very different in the United States. In 2016, only 3% of the 4.2 billion people who reported frequently participating in gambling reported playing online games. However, considering that the revenue for the U.S. industry for online gambling in 2018 came in at $306.5-billion, this figure must have increased over the course of the subsequent years.

So Which Nation Has the Highest Rate of Online Betting? 

Since the turn of the millennium, countries such as the United States, the entirety of the U.K., Macau, Canada and Australia have established themselves as leaders in the gambling industry.

Conclusion

The market for legalized online sports betting is beginning to open up gradually. Nevertheless, it will be a number of years before the breadth of alternatives offered by offshore betting sites catches up to the geographical variation that is accessible. But players aren’t required to wait for bookies in their area to get their act together before they start betting.

Offshore betting sites that are legal in other countries offer the most extensive selections of sports betting, gambling games and poker game options. The banking system, support for customers and mobile device compatibility are also near the top of the list.

Due to the decentralized structure, cryptocurrency offshore betting has drawn a growing number of people looking for more anonymity in their financial activities. If you can pay your internet service provider in crypto, why not use it to bet offshore, too?