People should realize and accept the fact that most, if not all, off-shore books do not have the funds available to pay off all customers at any given time. In fact, they get indignant when there is a "run" on their books and blame the customers for taking money out and causing the book to close. They behave as though we should be smart enough to KNOW that they don't really have our money anymore.
Well, we should know this fact and behave accordingly. Some countries have laws that require segregated customer funds and the accounts are audited. This doesn't mean that fraud is impossible, but at least the book operator may be risking jail time if the books can't be balanced. Think about whether that low vig and bonus is worth the fraud risk when depositing off-shore. Keep low balances and move money in as needed.
As far as introducing regulation off-shore now, if this were done, 75% of the books would disappear overnight with your account balance (I don't say money because account balance is more accurate). The other 25% might inject enough funds to meet the regs but would also introduce rollover requirements etc.
My point here is that you have a choice between regulated and unregulated books now. The fact that many choose to use the off-shore books indicates that they are okay with the risk they are taking.
Well, we should know this fact and behave accordingly. Some countries have laws that require segregated customer funds and the accounts are audited. This doesn't mean that fraud is impossible, but at least the book operator may be risking jail time if the books can't be balanced. Think about whether that low vig and bonus is worth the fraud risk when depositing off-shore. Keep low balances and move money in as needed.
As far as introducing regulation off-shore now, if this were done, 75% of the books would disappear overnight with your account balance (I don't say money because account balance is more accurate). The other 25% might inject enough funds to meet the regs but would also introduce rollover requirements etc.
My point here is that you have a choice between regulated and unregulated books now. The fact that many choose to use the off-shore books indicates that they are okay with the risk they are taking.
Uncle Sam should just go into the sportsbook business. www.USABETS.com
They can have the damn losses and pay of the deficit
They can have the damn losses and pay of the deficit
