Last updated: August 14, 2024
The once amicable relationship between offshore and regulated gambling markets in the US is unraveling, with lawmakers increasingly aware of offshore bookmakers’ threat to regulated markets. Bovada, a major offshore betting company, faces expulsion from Connecticut as the state’s Department of Consumer Protection seeks to enforce regulatory measures following similar actions in Michigan.
The relatively cordial affair that was the relationship between the U.S. regulated gambling market and the competing offshore gambling market is soon coming to an end.
Besides writing laws for the topic and being more ready to act toward countering it, lawmakers are now more aware of how gambling works and the threat posed by offshore bookmakers to the legal segment.
Of course, this places the offshore market in even a more precarious position but is very much in consumer and regulated business interest.
Connecticut betting and gaming company, Bovada betting and gaming company famous for offering many styles of betting and gaming opportunities including skills-based and chance-based has been threatened with a ban from Connecticut after the state’s Department of Consumer Protection issued an ultimatum to them.
A core news source for this development came from the widely read publication service Sports Betting Dime, which primarily focused on gambling markets. The company founded in Curacao, Harp Media B. V., is the one running Bovada and is expected to receive a cease-and-desist letter requiring it to halt operations in the locality.
This has been done similarly to the case of Bovada in Michigan, where the Michigan Gaming Control Board gave the company two weeks to cease operations. Even after such a compliance period expires, Bovada remains allowed to take Michigan players. Further questions about regulatory compliance and lack of player protection arise.
Bovada is not too bothered by the ‘geo-fencing’ measure, for it has been put into practice in other states and has proven effective in those that include New Jersey, New York, Delaware, Maryland, and Nevada.
Most of this news is generated through hearsay that has been spread through the media, as Bovada has not as of this article been served with a legal notice, but from the look of things, the news seems to be true.
