Why New Jersey Sportsbooks Require Your SSN & How to Avoid

Why New Jersey Sportsbooks Require Your SSN & How to Avoid

Without argument, when people think of gambling in the US, Las Vegas is the first destination that comes to mind, with Atlantic City ranking second. However, when the doors began to open for nationwide legislation of betting in 2018, many predicted that New Jersey, not Nevada, would lead the internet sportsbook charge. That assessment proved accurate, as, by the end of 2020, New York’s brotherly state pulled in the highest annual sports betting handle, beating Boulder State’s figure by more than $1.5 billion. For those not into sports wagering entertainment, the handle is a phrase used to signify the total amount wagered on sporting events.

Though NJ sportsbook revenues have declined this year, dropping 16% for the first half of 2022, primarily due to cannibalization from New York, operators have remained profitable. For the most part, at least. That chiefly gets owed to online betting platforms that provide a wealth of betting features on top of super attractive promotions.

While almost everyone thought the New Jersey sportsbook boom would mount a comeback, recently, worries have emerged about a further drop in revenues due to sportsbooks getting mandated to request that bettors supply their SSNs on registration. They must now give up four out of nine digits from their social security number to their operators, something many find unsettling, leading them to voice concerns. Tom Balance, Borgata’s CEO, noted just how massive a hindrance this is, emphasizing that – “this is the moment that leads to the biggest drop-off point in the registration process.” But since gambling websites get looked at as financial institutions, they must follow the Patriot Act and the Bank Secrecy one to function, with the aim of these being to stop money laundering in the US.

Sportsbooks That Do Not Require SSN

Betting sites that don’t ask for your SSN do exist. But they do not operate from within the US. They may have staff and management working from anywhere in North America. Yet, their headquarters are usually in countries like Panama, Curacao, and Costa Rica, where they have gotten registered as businesses that adhere to these territories’ laws. Since they are not US-based, they have no reason to follow America’s federal laws while offering their gaming/betting services to American gamblers.

It is paramount to note that there is nothing dangerous about using these sites, as many have been in business since the internet betting sector came into existence, catering to a global user pool. Millions of Americans have utilized them from the mid-1990s onward.

US tax regulation states that any resident that generates an income of over $600 on a single transaction must report this revenue to the IRS for taxation. US-based sportsbooks need to have users’ info on file, including their SSNs, so that if a gambler hits a streak of good luck and amasses sizable profits, they can follow the rule of the law, reporting these winnings to the Internal Revenue Service. International bookies don’t have this obligation, as they leave the tax reporting in the hands of American players if these gamblers decide to transfer their winnings to a US bank account.

How to Bet Without Giving Away Your SSN

The process is almost identical to using any gambling platform that gets licensed and overseen by a US state regulator. It involves:

  1. Choosing a Credible Bookmaker – Concerning any no-SSN app selection, it is wise to stick to the guidance supplied by top industry experts. For example, SafestBettingSites.com reviews these sites, with their experienced staff delivering in-depth examinations of each, complete with advice on which ones should be avoided.
  2. Complete Sign Up at a Chosen Site – Gamblers can do this in a few minutes, with most operators demanding that they input personal info, such as their physical address, inside a provided registration form. But they won’t ask that anyone forks over their social security number, not even partially.
  3. Deposit & Claim a Bonus – Once someone has an official off-shore sportsbook account, they can freely put funds in their site balance, claiming a promotion along the way, one that rewards them for the initial funding of their betting balance.
  4. Bet – Equipped with money to their username, bettors can select from a wide range of markets to wager on with hopes of multiplying their stakes.

Best Sportsbooks That Permit No-SS Wagering

If someone chooses to aggregate off-shore sportsbook reviews online, they will probably conclude the three top sites not based in the US that American gamblers trust the most are Bovada, BetUS, and MyBookie.

Bovada is essentially Bodog rebranded for the US market, and BetUS is a platform that has been around since 1994, making it one of the oldest gaming/betting websites on the Web. MyBookie is more novel than the previously noted two, boasting similar hassle-free quality betting action and a first deposit bonus of 100% up to $1,000.

This article was written in collaboration with Sportsbook review experts.


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