Summary
- On LinkedIn, Xpoint expressed its strong support for a new letter urging increased efforts to tackle issues within the offshore sector.
- The offshore gambling market is soaring to unprecedented heights in the United States, with a staggering $674 billion being spent on sites not licensed domestically.
- Around the globe, regulators are finally waking up to the immense scope and influence of the offshore market.
Xpoint has stepped up as the newest advocate against the growth of offshore gambling in the United States. This stance comes at a crucial moment, with the American Gaming Association reporting that unregulated websites are handling hundreds of millions in wagers from American bettors.
Private sector backs measures by US attorneys general against offshore gambling
Xpoint, a leader in compliance and geolocation technology, has joined a powerful coalition of 50 US attorneys general urging the Department of Justice to take stronger actions to curb the harms caused by offshore gambling platforms. Edward Bedrosian Jr., Xpoint's Chief Compliance and Regulatory Officer, highlighted the critical nature of this united front in a statement on the company’s LinkedIn page, emphasizing how rare and urgent it is for all 50 states and territories to come together to safeguard American consumers and the integrity of regulated gambling. This coalition, along with industry allies like Xpoint, is pushing for stricter penalties against these unregulated operators and demanding more rapid enforcement. They've already communicated to US Attorney General Pam Bondi the immediate need for decisive measures as Americans are spending approximately $674 billion away from domestic, regulated operators. The implications of this issue are vast. Consumers are left vulnerable on offshore sites without proper protection, and states lose billions in tax revenue that could bolster public services, reduce deficits, and secure retirements. Bedrosian reiterated Xpoint’s unwavering support for regulated and licensed gambling, expressing full endorsement of the latest initiative. He called on the DoJ and AG Bondi to act promptly and decisively.
Offshore market has a bigger reach than previously thought
Regulated markets around the world are grappling with a surprising reality: the offshore market's size is far larger than anyone initially imagined. In the Netherlands, the Dutch Gambling Authority has openly admitted that their early calculations were off the mark. They recently uncovered that offshore gambling likely controls a staggering 50% of the spending within the market. The authority also conceded that their strategy to increase taxes was misguided, as it contradicted their core mission of safeguarding players. However, the growing recognition of the offshore market's true influence gives regulated markets the opportunity to enact measures that tackle these previously overlooked challenges head-on.
