Offshore Casinos vs. Local Regulations: A Tug-of-War for Player Loyalty

Many casino gamers prefer offshore platforms over local options. This is due to their expansive game selection and minimal geographical restrictions. Other factors like the latest 5G technology and improved mobile connectivity make accessing offshore casinos even easier.  

And, with recent statistics from the iGaming Report 2023 by Trackier, we anticipate the popularity of offshore casinos to grow. As more countries legalize iGaming, they’ll create a favorable environment for offshore casinos. 

Let us explore four factors favoring offshore casinos over local ones. 

1. Innovative games with Global Access

Offshore casinos offer expansive gaming and betting choices. For example, top picked offshore casinos on GamblingSites.com offer international jackpot games and various niche slot titles. They collaborate with top software providers to provide more games than local casinos. Players can enjoy a more diverse and exciting gambling experience. The gaming options on offshore sites go beyond state or country boundaries. 

On the other hand, local casinos must adhere to strict regional regulations. This limits user access. For instance, Nevada-based casinos can only offer games licensed by the Nevada Gaming Control Board. 

2. Government Oversight and fewer restrictions

Local casinos are subject to government oversight bodies. These agencies ensure responsible gambling, financial transparency, and fair play. For example, in the US, gambling is controlled by the federal government. Each state oversees the casinos’ operations in their jurisdiction. The state gaming control board may also become a mediator in player disputes. 

These oversight roles do not apply to offshore casinos. These casinos obtain licenses from Malta, Curacao, or the Isle of Man. The licenses are recognized worldwide but not regulated by the player’s home country. Hence, many players prefer gambling on such platforms since there’s more freedom and flexible gaming activity. 

3. Taxation on Payouts

According to Investopedia, winnings at local casinos are subject to taxation, and players have individual tax liability. Yet, players can get tax-free payouts from offshore casinos. Depending on their country of residence and applicable local tax laws, the tax compliance burden falls on the player. For example, Bovada is a renowned offshore casino that does not withhold taxes from winnings. 

Instead, it leaves it to the player to report their winnings as per their home country’s tax laws. Therefore, US players with winnings on offshore platforms must report their gambling winnings to the IRS. 

4. Deposit and Withdrawal Options 

Finally, whereas local casinos have limited payment options, offshore casinos support several methods. Their payment options include bank transfers, credit cards, PayPal, and multiple cryptocurrencies. Cryptocurrency is used worldwide, whereas traditional methods can have geographical restrictions.

Additionally, with crypto, players pay lower transaction fees and experience faster transaction speeds. Players are also more likely to play where cryptocurrency payments are allowed because of their security and anonymity.

However, northfortynews.com says more local casinos in states like Colorado have started accepting digital currencies. Players can place wagers with various tokens. This is due to the many benefits cryptos offer.

Final Thoughts

In the future, local casinos should adapt to changing technology and business methods. This will help them become more flexible, accessible, and user-centric. Otherwise, player loyalty will shift entirely to offshore casinos. They provide convenience, diversity, and value for money. 

Courtesy to Kevin Roberts