Offshore Gambling Solution ???

[ronaldn]

Could this work?

First I want to specify that I have no expertise in banking and this could all be nonsense to someone steeped in banking knowledge.

Why couldn't a gambling friendly country (such as Antigua) offer bank accounts to US citizens? I mean real bank accounts that allow their customers to write checks, pay bills, buy CDs, you know, all the things that regular banks do. Then set up a Neteller clone that the customer could transfer money to/from the bank to sportsbooks. When the customer wants his money all he has to do is write a check. You would have to declare on your taxes that you have an offshore acct but that should be no obstacle as gambling winnings are taxable anyhow and sadly most gamblers don't have much in the way of winnings. I don't think the gov can stop anyone from having an offshore acct. Remember, the law (uigea) only stops banking transactions to sportsbooks and doesn't prosecute individuals. If the gov tried to stop actions to a legitimate bank in a country like Antigua then Antigua would really have a case to prosecute before the WTO.
What say you??? Anyway this could work? Constructive criticism please.

[The Judge]

You will get no critisism, constructive or otherwise, from me. A foreign bank account is by far the best way to go for US gamblers.

[ZoomVT]

thats the best way to do it.
the catch per se is that there is no guarantee you'll ever see your money. Here your funds are insured by the govt. in antigua not necessarily. also, dont know if the banking industry there is less shady than here.
some people are risk averse (ironic for gamblers, i know).

[The Judge]

Zoomer, Panama's banking laws have been the model for confidential banking for nearly 100 years. I highly recommend that everyone do a little research on this if they are serious about banking options free of interference from the US government.

[ronaldn]

Thanks for the input guys. My thought is that why hasn't Antigua come up with this solution to their WTO case? They could easily promote offshore accts to Americans and make a friendly environment for us. A Neteller-like operation would be needed however, to make it work.

[d107]

I could be wrong but they all could be waiting for that 270 day period that the US was supposed to draw up the regulations before they really start fighting back with things like this so they can see what they are up against first.

[ronaldn]

Originally Posted by d107

I could be wrong but they all could be waiting for that 270 day period that the US was supposed to draw up the regulations before they really start fighting back with things like this so they can see what they are up against first.

Good point! I could be wrong but I think the 270 days was up a month or so ago so who knows when any regs will come out.

[BigdaddyQH]

I recommended that when the sky first starting falling in on off shore books. You would have to get an off shore address to play the books that no longer service the U.S., or you could stick with the ones that do. Too bad that people may be push to this extreme.

[ronaldn]

Originally Posted by BigdaddyQH

I recommended that when the sky first starting falling in on off shore books. You would have to get an off shore address to play the books that no longer service the U.S., or you could stick with the ones that do. Too bad that people may be push to this extreme.

I certainly agree with that. It is really a sad state of affairs that our gov has done this to us. Also, I would be happy just to be able to deal with the books that are still open to US accts. It would be nice to have Pinny back but can't expect too much. LOL