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Know the Offshore Gambling Laws

Thursday, March 18, 2010

Offshore Gambling LawsOffshore gambling is a vast business at present. Huge amount of dollars are spent on poker, slots, blackjack, horse racing etc. But the authenticity of online gambling is perplexing to some people. Recent laws have tried to deliver a strong message to operators as well as to players.

Offshore gambling laws

Wager Wire Act: According to this law, it is completely unlawful to use any electronic wire method for betting. If it is proved that a person has won money from an offshore account by illegitimate means, his money will be seized.

Safe Port Act: The law has been launched in 2006. According to this law under the Unlawful Internet Gambling Enforcement Act, it is prohibited for the US people to use credit cards, electronic funds transfers or checks for online betting.

Healthy Bet Reform: US politicians are trying to make plans to solve the problems relating huge revenue loss to the offshore gambling sites. According to a report of PricewaterhouseCoopers it has been found that up to $62.7 billion could be gathered in taxes on regulated online betting in the next decade. Senator Ron Wyden (D-OR) has decided to use this fund in health care reform.

World Trade Organization: Antigua and Barbuda protected their interest to protest against the US with the WTO. They stated that the ban on online betting infringed their rights. WTO had the same opinion. To them, it was baffling that the US gives permission on betting for horses but not on other games.

You can go for online betting in places where it is legal on such events. If playing poker for cash is banned in your state, you are going to violate the law.


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