Pinnacle Offshore Gambling

Pinnacle bet is a Sports Betting offshore bookmaker (formerly known as Pinnacle Sports). They are famous for educating players with academic but practical betting analysis articles. I personally find them excellent because such education can convert your mindset namely from gambling to investment. Pinnacle Sports agents and owners arrested in the US. By David Malinsky 30 October 2012. A grand jury in the State of New York charged a total of 25 people with illegal gambling and money laundering. While the indictment attracted the interest of US media because the sportsbook director for Cantor Gaming in Nevada, Mike Colbert, was indicated as an agent for Pinnacle Sports in the United States and Vincent Basciano Jr, whose father is a mafia boss serving a life sentence, was also part of.

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Offshore Gambling from the U.S. Legal?

Short answer is No and the long answer likely arrives at No as well. The risk? It’s up for you to decide. Read on to get the full story. Offshore betting operators have long been in operation since the advent of the internet, going as far back as 25 years. These sites maintain a large share of the U.S. betting market, notwithstanding the gray legal area in which they operate. Nonetheless, a pressing legal issue that pervades wagering in this medium is the legality of online betting for US players. In other words, those that place wagers want to know if they can be sent to jail for doing so. The answer is most likely no, but the transfer of money from offshore sportsbooks to your bank account is illegal.

To answer the question in it’s simplest form, in the process of you depositing, betting, and withdrawing money from Bovada is breaking US law. The laws are also making it increasingly more difficult because operator liability is a more settled issue. We believe with the state by state legislation in the US, a large percentage of US sports bettors will bring their money back stateside. There isn’t the risk and players won’t be breaking the law. You can read all about the legality of online sports betting in the US.

What Are the Stateside Online Sportsbook Options?

If you’re in Nevada, New Jersey or Pennsylvania, you’re golden. New Jersey folks are able to bet on a litany of online sportsbooks such as FanDuel Sportsbook, DraftKings Sportsbook, PointsBet Sportsbook & Sugarhouse Sportsbook.

Black Friday and the Impact on Online Gambling

Black Friday forever changed offshore gambling in the United States. There are two distinct periods in pre-Black Friday offshore gaming history. The first was prior to the enactment of UIGEA. The second period was between UIGEA and Black Friday. In any event, these two events forever altered a vibrant, yet unpredictable market.

The early online sportsbooks were popular, yet not entirely reliable. Initially, players signed up for them and funded their accounts through money orders.

Eventually, payment processors got in on the action, and players, at some times, could use their credit card to fund their accounts. Much of the payment processing for online sportsbooks was done through specialized companies that existed to funnel monies to the online wagering outlets. Still, prior to 2006, it was very easy for bettors to fund their accounts without having to undertake extraordinary measures.

Bovada, which previously operated as Bodog, has consistently been one of the largest operators since the advent of online wagering. This sportsbook is a large name in the market and it had offered both sports wagering as well as poker. Its strong market position is in spite of some legal and ownership turmoil that it had experienced. Another strong name in the sportsbook market before UIGEA and Black Friday was Pinnacle Sports, which offered both sports wagering and poker. Top entrants into the online poker market included PokerStars, Full Tilt Poker, and PartyGaming. Online poker was so entrenched that in 2003, four players in the World Series of Poker finals won their entries through online poker rooms.

Even before the federal government began to crack down on online gambling, casinos at times experienced serious financial issues. Players requesting payouts often had to hold their breath when doing so because sometimes the payout did not come. The unregulated online market experienced a raft of business failures for various reasons, including the fact that operating expenses were paid with player funds. When casinos went under, customers did not get paid and lost their money.

Federal Laws to Limit Offshore Gambling

The WIRE Act applies only to sports betting and not to online poker or other gambling. This was clarified by the Department of Justice in a 2011 opinion. This viewpoint was also taken by the Fifth Circuit in a 2002 decision that limited the application of the Wire Act. As a result, online gambling was partially uncovered by existing laws.

In 2006, Congress decided to curtail online gambling through the passage of UIGEA. The existing gambling laws such as the WIRE Act and the Travel Act were proving insufficient to tackle the issue of the proliferation of offshore entities. While states, and to some extent the federal government, could police gambling that occurred within their borders, enforcement was virtually impossible when gambling either traversed state lines or especially national borders. Although offshore operations could be charged in absentia, not much else could be done to disrupt the flow of monies.

UIGEA gave law enforcement a new tool in its arsenal to attack online gambling. The primary mechanism that UIGEA used to accomplish this was an attempt to “go after the money.” Since it was extremely easy to fund accounts through credit cards and wire transfers, Congress wanted to make it more difficult to fund accounts. This was following a 1999 recommendation from the National Gambling Impact Study Commission, which advised Congress to act to cut off transfers to online gambling operators.

It is important to note what was made illegal by UIGEA. The act of placing a wager offshore was not banned by the legislation. The law does not necessarily apply to individual players unless they are “engaged in the business” of gambling. Instead, the law applies solely to those who accept money in connection with wagers.

Specifically, UIGEA makes it illegal to accept credit, electronic funds transfers, checks or any proceeds from a financial transaction in connection with another’s participation in unlawful internet gambling. In other words, nobody may receive or process payments destined for offshore gambling platforms since they are not legal. The Federal Reserve Bank and the Department of Treasury were required to issue final regulations to implement UIGEA. Penalties for violating UIGEA were both jail time and monetary fines.

UIGEA had a chilling effect on offshore operators’ revenues as it became more difficult to fund accounts. For example, Pinnacle Sports’ handle fell by approximately half after the passage of UIGEA. Credit card companies grew increasingly cautious when it came to processing payments for companies tied to online gambling, in some instances completely shutting off the flow of money. There was a multitude of enforcement actions against payment processors. For example, in 2009, the U.S. Attorney in Maryland took legal action against two payment processors for Bodog, resulting in the combined seizure of over $20 million in assets.

Still, offshore operators resorted to extreme measures to slip their funding by financial institutions. In some instances, they set up fictitious companies to serve as fronts to accept revenues. This led to Black Friday, when a slew of online poker operators and payment processors were indicted and many millions of dollars of customer accounts were seized, leading to a near-complete shutdown of the online poker industry. Sportsbookscontinued to operate, albeit subject to continuous federal efforts aimed at enforcement of UIGEA.

Offshore Betting in the Wake of State Legalization

Recently, a slew of steps have been taken both on the federal and state level to spread legalized gambling to the physical United States. Numerous states have legalized both online gaming as well as online poker, with many more taking steps towards legalization. Additionally, the Supreme Court has struck down the federal statute that banned sports wagering, setting the stage for states to legalize sports betting since there is no longer any federal prohibition.

Now, bettors are not forced to place their wagers offshore in the event that they wish to gamble. Bettors now have various options for wagering that do not necessarily require the multitude of hoops that they have to jump through to fund offshore accounts. With a couple of exceptions, there are definite advantages to moving gambling activity back onshore provided that it is legal in a gambler’s jurisdiction.

The first major advantage of betting inside the U.S. is the protection that comes from regulation. While many people naturally decry government regulation, gambling is one industry where greater regulation makes business more safe and transparent. When gambling onshore, bettors are not subject to the unregulated business practices of offshore operators from which gamblers have zero recourse. Offshore bettors simply have to take what they are given by the operator and their only alternative is to switch their business to another operator. Moving accounts requires both a steep fee to close an account as well as open a new account.

The second major advantage of gambling in the United States is that debacles such as the frequent closures of online casinos can be avoided. Being subject to regulation imposes certain requirements on casinos. State regulations touch upon issues such as the safekeeping of customer funds. Additionally, nearly all states that have permitted online gambling to require operators to partner with a land-based casino that is already in the state. The use of established businesses with healthier bottom lines as teaming partners lends greater safety to online wagering in the United States. Conversely, some bettors may value the greater anonymity that is afforded by offshore casinos and may prefer to keep their business there.

As more states legalize both online casinos and sports gambling, it will be an open question whether that will impact the offshore betting market. The size of the offshore betting market is very large with estimated revenues between $2.5 billion to $3 billion. There are currently 12 to 15 million sports bettors in the U.S. The total U.S. market for online gaming is estimated to top $50 billion in 2018.

State Enforcement of Gambling Laws

In addition to the federal laws that govern illegal gambling, states also have their own regulatory regimes that address gambling within their borders. In the past, states had also attempted to take legal action with regard to online gambling. For example, Minnesota had attempted to force internet service providers to block access to offshore gambling websites for state residents before being forced to back down in the wake of a lawsuit. Other states took action against daily fantasy sports operators, often forcing the operators out of the state unless legalization occurred.

Now that online gambling is legal in some states, those states have a motive to curtail offshore betting that occurs in those states. With states receiving a cut of online gambling through taxes and licensing fees, gambling that occurs offshore cuts the state out of a valuable revenue source. Some states have taken measures against offshore betting. For example, Nevada law contains a “bad actor” clause that prevents those that have previously engaged in bad conduct from obtaining a license in the state. As a result, PokerStars is unable to obtain a Nevada license because of its prior illegal activities. New Jersey is also taking action to crack down on the operations of sites such as Bovada. New Jersey intends to deny or revoke licenses of those licensees who have connections with offshore gaming.

Pinnacle Offshore Gambling No Deposit

It is usually stated that have established gambling presences that are the most aggressive against offshore operators. New Jersey has been at the forefront of enforcement efforts against offshore betting. Now, in addition to enhanced enforcement efforts from the states, offshore operators will now be facing competition from licensed and regulated domestic casinos.

In any event, states have undertaken efforts to ensure that those playing its own games are located within its borders. All states that have legalized online betting have done so with the limitation that players must be physically located within the state at the time that they place a wager. One cannot bet on a Delaware contest when located in New Jersey and vice versa.

Free Betting News & Bonus OffersFind Out When You Can Legally Bet in Your State

You should avoid offshore gambling sites if you can bet with a legal United States gambling site instead.

Offshore bingo, casino, poker, and sports betting sites are legal in their country of origin, but the United States has a different opinion.

That said, the probability that you’ll face any kind of legal issues when betting at offshore gambling sites is minimal.

You should be more worried about having trouble depositing and withdrawing money from these offshore sportsbooks.

Below, I offer some recommendations about which offshore sportsbooks might best suit your needs. But I remind you to take everything you read online with a grain of salt, including this.

My List of the 9 Best Offshore Gambling Sites for 2020

Here’s my list of the 9 best offshore gambling sites for 2020, in alphabetical order. I don’t recommend any one site over any other, necessarily. Further on in this post, I’ll share some thoughts on which sites are better or worse than others for specific types of gamblers.

1. 5Dimes
2. Betonline
3. Bookmaker
4. Bovada
5. GT Bets
6. Intertops
7. Mybookie
8. BetDSI
9. YouWager

I provide detailed reviews below, but first, I should discuss the legalities involved with gambling at offshore sportsbooks.

Categorizing Online Sportsbooks and Offshore Gambling Sites

You could categorize online sportsbooks in multiple ways, but the broadest categories I can think of are 2:

1. Legal, regulated online sportsbooks
2. Offshare, unregulated online sportsbooks

If you live in a state where you can bet on sports online, you should always choose one of the many reputable sportsbooks operating in the United States.

In many states, though, if you want to bet on sports online, you must do business with a neighborhood bookie or an online gambling site.

I recommend trying a local bookie if you can, but those are guys are operating on the outskirts of the law, too.

If you’re determined to gamble at an offshore sportsbook, stick with the ones recommended in this post.

You’re unlikely to face legal trouble betting at an offshore book, but it’s not impossible. I’m not a lawyer.

I do have dozens of friends who have bet on various sporting events at different offshore sites, and many of them have been happy with the experience.

Pinnacle Offshore Gambling Company

5Dimes

If you’re looking for the best odds and the lowest vig, 5Dimes is your best option.

They also offer multiple deposit options, the best of which might be bitcoin. You can also use a credit card — if you can get the charge to go through.

Their minimum deposit is $50, and their maximum deposit is $500.

You can use any of these deposit methods, too:

• Bank wires
• Cashier checks
• Money orders

If you’re using bitcoin, you have more flexible minimums and maximums. You can deposit as little as $25 or as much as $10k.

The best way to withdraw your money is via bitcoin. Other withdrawal methods at 5Dimes involve fees.

Betonline

If you’re looking for the widest variety of available bets, try Betonline. They offer bets on more sports than anyone else in the business.

Pinnacle Offshore Gambling Companies

They also have some of the biggest deposit maximums on the internet. You can deposit up to $100k with multiple different cryptocurrencies, including bitcoin and ethereum.

Their signup bonus offers are better than you’ll find at many of these sites.

Bookmaker

If you’re looking for the highest betting limits online, try Bookmaker. You can bet up to $50k on the internet. You can also bet up to $100k if you call in your bet over the phone.

Bookmaker has flexible minimum and maximum deposits that vary based on which deposit method you’re using. With many methods, the minimum deposit is only $10.

You can deposit up to $500,000 with bitcoin, too.

Bovada

If you’re a beginner to sports betting online, try Bovada. They have the friendliest user interface and the most deposit/withdrawal options.

Be sure to consider betting with bitcoin at Bovada, because they’re very friendly to bitcoin betters.

They also offer casino games and poker. If you’re looking for that kind of action, you can find it at other online bookmakers, but Bovada offers a much more robust set of games.

They also might have the best overall reputation of any of the sites listed here.

GT Bets

If you’re looking for the best turnaround times for withdrawals, try GT Bets. They’re well-known for their fast turnaround time on customer withdrawals.

This is one of the newest sites on the list, having launched in 2011.

They do have low betting limits, though, so if you’re a high roller, you might want to pass on GT Bets and consider one of the other properties listed here.

Intertops

If you’re looking for the sportsbook with the best reputation for honoring withdrawal requests and not having outstanding customer service issues, try Intertops.

Intertops is one of the oldest offshore gambling sites in the business. They were founded in 1998.

They also offer some of the best casino and poker games of any of the sites on the list. Bovada is probably the only comparable site in that respect.

Mybookie

If you’re interested mostly in live betting and/or prop bets, try Mybookie.

They’re one of the newer books listed here, and they have a relatively high rollover requirement on their deposit bonuses.

MyBookie is probably better for low rollers because the biggest deposit you can make there is $25,000 — but that’s only for Bitcoin users.

If you’re using MasterCard or Visa, your maximum deposit is $1000.

BetDSI

If you’re looking for a site that will accept a large deposit from a new gambler, try BetDSI. If you use Bitcoin, you can deposit between $25k and $50k. Check with customer service there for details.

The odds aren’t as good at BetDSI as at some other sites, and here’s something else you might have to deal with there:

If you’re winning consistently, you might become ineligible for their ongoing bonuses and promotions.

YouWager

If you’re looking for great perks and promotions, try YouWager. They’re one of the best offshore betting sites for bonuses and ongoing rewards.

They also have a great mobile interface. The company is based in San Jose, Costa Rica.

They cater to a mostly US audience.

How to Choose an Offshore Gambling Site

You should put some effort into choosing an offshore gambling site. Read some reviews, check out some player forums, and think about what your goals are at the site you’re thinking about signing up with.

Don’t forget that you’re looking for a trustworthy site.

In this industry, that’s relative, but some sites are better than others.

Every betting site on this list is different from every other betting site on this list. They almost all offer different bonuses and set different odds for various bets.

They also usually have differences in terms of which banking methods are available.

Some of them just offer sports bets, while others also offer casino games and/or poker.

Things to Consider When Making Your Decision

Here are some things to look at and think about when deciding where to sign up:

• Which sports can you bet on?
• What kind of customer service do they have?
• How can you deposit and withdraw funds?
• What are other bettors on the internet saying about them?
• What kinds of bonuses do they offer?

In some respects, offshore gambling sites are often similar, but they have major differences as they relate to all of the above factors.

You should make sure you understand which of those criteria are important to you and decide accordingly.

What Are Your Goals?

Do you just want to bet on football games each week?

How about getting the best odds on multiple sporting events? Is that important to you?

Do you want to make exotic bets and parlays?

These are just a few of the questions to ask yourself before making your decision.

If you go into the decision-making process blindly, without any thought to what you’re hoping to experience, you’re going to make a mistake when choosing from the offshore gambling sites above.

Finally, have an idea of what your risk tolerance is like.

Finally – What You Really Need to Understand about Offshore Gambling Sites

I want to suggest again that if you can play at a licensed online sportsbook headquartered in the United States, never sign up for any of the offshore gambling sites available to you.

Use caution with any offshore sportsbooks you do business with, too. Make sure that you’re not betting money you can’t afford to lose.

And spend a little time investigating the reputations of the sites you’re considering before making that first deposit.