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Is Offshore Betting Legal for Horse Racing? - SportsNewsIRELAND
20th November, 09:04Is Offshore Betting Legal for Horse Racing? This is the question we answer.
While many people do not consider sports betting to be a form of sports betting - at least not in the traditional sense - it is still arguably the oldest betting activity involving a sports phenomenon in the United States and even other parts of the world. In the US, horse race betting has been one of the most storied pastimes since the 19th century. Even today, the activity still attracts lots of bettors.
The country currently boasts of the 3 most popular horse racing events on the planet which is more proof of how deeply entrenched horse race betting is in the country's culture. The Kentucky Derby, Preakness Stakes, and Belmont Stakes, the three horse racing events, currently account for most bets placed in the United States. However, they are not alone. There are many other rather small domestic horse races such as the Breeder's Cup that attract a fair amount of publicity.
As it turns out, horse racing is actually legal in the United States. In fact, in some states, it is the only form of sports betting that is permitted. Laws pertaining to the activity are actually not the problem, or at least not the biggest ones for that matter - it is where to place the bets. As it stands, about 40 states have racebooks even though not all of them have horse racing tracks.
At the states where there are race tracks, betting facilities have been made available but there are also a number of off-track betting options available. States have been able to offer horse betting across state borders thanks to the federal Interstate Horseracing Act which is complemented by an active simulcast industry that allows players to place bets on all live horse races across the US.
Unlike other forms of gambling in the US, horse race betting enjoys a number of privileges. For instance, while banking and payment service providers usually decline to process payment to other online sportsbooks casinos or poker rooms, they allow bettors to deposit and withdraw funds from racebooks. So, how and why are racebooks treated differently?
Well, even though it is essentially a form of sports betting, horse race betting is the only one that is pool-based. This is one of the main reasons why the activity has managed to stand the test of time and escaped the jaws of restrictive federal gambling laws. As such, in most states, even the legal age for placing horse racing bets is 18 and not 21 like other forms of online gambling. This is perhaps because several states view it in the same manner as they do the lottery.
Another area where horse racing betting legally deviates from other forms of gambling especially sports betting is in how the payouts are structured. Owing to the fact that the game is pool based, payouts for winning bets are not fixed but dependent on all the other bets within the same pool. The horse race track is entitled to a given percentage of the rake. This is deducted from the pool and what remains is paid out to the winning bettors appropriately.
Online casinos and online sports betting are all the buzz right now. It is no surprise that horse race betting has taken the exact same route. Some states in the United States have legal access to a number of great racebooks. In these states, bettors can either opt to place bets at physical facilities, at the race tracks (if they are present) or through a digital betting platform. Online and mobile horse race betting services have grown in popularity over the past few years and this is proof that the activity is here to stay.
Now, while horse race betting is not an illegal activity in the United States, the states that are interested in offering it are required to opt-in. In case your state chooses not to do this, most, if not all, racebooks will not allow you to register. This is where licensed offshore horse race betting sites come in. For many residents of some of the affected states, these online offshore racebooks are the best option left and, as it turns out, they are totally legal.
These online betting sites are internationally-hosted sites that have been licensed and regulated by reputable third-party regulators or respected foreign governments. Since they operate outside of the jurisdiction of the United States, they are not affected by federal laws. If you are interested in trying them, a good place to start is at OffshoreSportsbooks.com who offer some of the best and most reputable offshore horse race betting sites across the web.
For racebooks, and perhaps a number of other forms of betting in the US, the legal issues mostly revolve around the hosting and offering of horse racing betting lines. While bettors are not faulted for participating in horse race betting, anyone who offers the service without the necessary licensing within any state will be doing so illegally. Federal laws mainly go after the hosts of the illegal horse race betting services and not the bettors themselves.
On the other hand, if you bet at an offshore racebook that has been licensed and regulated, you will not be on the wrong side of the law. Believe it or not, as long as you are placing bets with a reputable offshore horse race betting site, you will have nothing to worry about.
Offshore racebooks, especially the ones that have been recommended by the site mentioned above, are definitely great options if you are looking to get lots of value. To begin with, they offer betting lines on way more horse races and the types of lines that you are able to bet on are significantly higher than what you would find on domestic racebooks. Soon, racebooks may be just as popular as sportsbooks.
Furthermore, many of them have great features to woo new customers. These will include top-notch security features, outstanding graphics as well as very generous bonuses. Does it get any better than that?