In the US and other parts of the world the term “Offshore Wagering” often has a negative connotation. Anything with the words “offshore” in the name often evokes images of illicit activity, especially in this age when multi-billion fraud scams have become common place. But to attach such negative connotations to offshore sports betting is not only misguided but economically harmful to the people within the industry and the local economies which this thriving industry supports.
In countries with developed economies it is extremely rare that wagering or sports betting is banned. The US happens to be just one member of a very small group among the “first-world” that has in effect attempted to ban gambling of any kind, including sports betting. Obviously this policy has failed spectacularly and, in fact, is not even a coherent policy at all considering that Native American nations have opened casinos in every single state of the union in every single metropolitan area.
But as a result of this attempted ban online wagering companies have sprung up, headquartered on foreign soil and given rise to a huge international offshore wagering industry. And while clients of these online wagering companies and opponents to sports betting may have not given much thought to these online betting companies, they are a vital part of many local economies in the countries with which they are based.
Central America and the Caribbean have a large percentage of these offshore wagering companies headquartered on their soil. In communities where offshore gambling companies have set up shop they provided tens of thousands of jobs and in many cases are the largest employers in the area. And not only are these online betting operations the largest employers but they generally offer much better pay and benefits than any other business in the area.
But the offshore wagering companies contribution to the local economy doesn’t end there. These companies also pay taxes to the local government and some cases are also the largest tax payer in the area. That means that these communities are dependent on these offshore betting enterprises for basic services such roads, schools, hospitals and police forces.
It’s difficult to imagine how that kind of impact could be harmful as so many opponents to online betting claim.