2008 Sports Betting Legal Issues

The online sports betting industry was put on edge with last Fall's passage of the "Unlawful Internet Gaming Act", which now forbids any financia institutions from processing transactions to offshore sportsbooks.

Despite this fact, many still happily bet on sports and will continue to do so, irregardless of whether or not their credit card goes through. Alternate deposit options are readily available for most all customers, even the casual bettors.

What does this act and its fallout mean for Joe Average bettor? Well, the law itself does not explicitly forbid people offshore sportsbooks from taking bets. If it did, the USA would be over stepping its legal jurisdiction by prosecuting businesses in other sovereign nations. As a result, many believe that this act simply stops banks from electronic transactions leaving the USA for off shore betting.

Since many players deposit using their credit card, bank account, or by ACH/check, this means things become more difficult. Now, it appears players can deposit through uncoded credit card processors, bank wire, or electronic funds transfer.

These options tend to take longer, but are generally more secure. Once the money is in the offshore book's account, you can wager as usual.

Without a doubt, this year's football season might be slower for online sportsbooks, and some might even have to close. The ones that survive will be those that can get the most money through their doors, and diversify their product offerings across casino games, poker, and horse racing.