Was reading about Billy Walters, aka Rick "Big Daddy" Matthews, in Smart Money by Michael Konik last night, and the thought occurred to me. These offshore books are really just illegal American bookies that went down there and became "legitimate" overnight. I don't think the US has any jurisdiction over other countries, but I think they just view these guys as all being illegal American bookies, no matter where they are located now. Most of them were booking in America before they moved, right?