Offshore and online gambling is a massive industry, worth around US$60 billion annually and growing approximately at 7% each year. The offshore and online gaming industry employed tens of thousands of people all over the globe, making it integral for employment in many of the locations where they operate from. Online gambling sites have revolutionized the gambling industry and offshore betting was a natural expansion. Before the internet, it could be quite difficult to place bets, especially in more rural areas. Often having to travel long distances to place bets and return if there was winning to collect.
Many of the old bookmakers were also involved or directly controlled by organized crime gangs such as the mafia, if you won big they may not be inclined to pay. This all changed with the arrival of the internet, Now you can happily place bets and play at casino online tables and slots from anywhere in the world. What started to develop in the United Kingdom towards the end of the 1980s, soon would become the mainstay for many gamblers. And with the explosion of internet gambling, many companies moved offshore. Small countries and territories were enticing businesses with tax breaks and the low cost of the property to rent for their operations. Here are some of the most trusted offshore locations for gamblers and businesses, in no specific order.
5 Reputable Offshore Locations to Open an Account
- The Isle of Man: Situated in the center of the Irish Sea between Scotland, Ireland, Wales, and England, and with a population of about 85,000 people it boasts a very healthy offshore gaming community. The Isle of Man is part of Great Britain but not the United Kingdom, enabling the Island to form its own laws regarding finance and other domestic matters.
Known for its highly skilled workforce, efficient tax system, and business-friendly atmosphere, many of the world’s most trusted offshore gambling businesses have chosen to base themselves in the Isle of Man. Also not affected by Brexit as the Island was never part of the European Union they were able to continue with business as usual.
- Malta: This small independent island nation has an excellent reputation amongst offshore gambling firms. Malta boasts great infrastructure and a Mediterranean climate, making it one of the favorite places for nonresidents to move to for work. Tax breaks are not only generous to offshore gambling companies but to employees also. The relatively low labor cost is also to be taken into consideration, this is offset by the relatively low cost of living. Also, a member of the European Union which entitles Malta to several benefits as a member state.
- Jersey: Similar to the Isle of Man that is not part of the United Kingdom but still part of Britain Jersey also has the self-right to make its own laws. Situated off the northern coast of France it is steeped in history and a fascinating place to live and work. This makes it easy for companies to attract employees, also daily flights to mainland Europe and the United Kingdom making Jersey an ideal to commute to and from. Tax incentives, competitive license costs, and a robust legal framework are all designed to woo companies moving to Jersey.
- Antiqua and Barbuda: Using Isle of Man developed technology and after passing the Free Trade and Processing Act, Antigua and Barbuda became the first in 1994 to allow offshore casinos to operate. East of Puerto Rico this two-island nation in the heart of the Caribbean is a tropical paradise with extensive experience in the offshore gambling world. Due to the location, many American companies have set up businesses there although it remains a multinational center for offshore casinos and sports betting. In recent years they have tightened regulations and are now Whitelisted, any site that has the licensing seal you are now able to click on and get a detailed description of the company’s license status.
- Ireland: In recent years Ireland has really embraced the gambling sector, both domestic and offshore attracting investment at a steady pace. Ireland has a long history associated with gambling, many of the race tracks in the United Kingdom were dominated by Irish trainers and jockeys and still are to this day. This gave them a good position within the gambling world. The government issues licenses for Irish and foreign companies so long as they meet stringent Irish and international regulations. Ireland also has very favorable corporate tax rates, especially if Irish citizens are employed within the business.
These are just some of the examples that set a high standard for offshore gaming companies.
Can Online Casinos Overtake Traditional Casinos?
Traditional casinos have been around for years, in some countries legal or tolerated casinos have operated for hundreds of years. Offering a variety of games including slots, card tables, and roulette amongst other games. But they have seen a decline in customers, now more so than ever, of course, this is due to the Covid-19 pandemic. This pandemic forced the closure of many brick and mortar casinos and unfortunately many may never opened their doors again.
But when one business suffers others will be there to fill the void and offshore online casinos such as Casino namizne igre have certainly stepped up. With a vast array of games to play and a nearly unlimited number of slots and tables to enjoy, which land-based casinos cannot offer due to physical space restrictions, online casinos are viewed by many as the way forward. Offering privacy and the option to gamble anywhere at any location, it’s hard to see many gamblers returning to traditional casinos.
Summary
Since its inception, offshore gambling sites have become more and more regulated, and in turn professional. There are still sites in various countries that should be avoided, the best way to avoid those is a bit of research before signing up. But the vast majority are legitimate and really the only question you should have is, which game am I going to win lots of money on today?
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