Bovada emerged from the wreckage of the Bodog empire in 2011, evolving into the de facto plumbing for the American offshore gray market. While the smart money knows it’s a "recreational-leaning" shop, its sheer longevity acts as a form of creditworthiness. In a sector where skins vanish like smoke, Bovada’s machinery has processed billions without a catastrophic seizure. It remains the baseline against which all other US-facing offshore books are measured, serving as both a primary hub for degens and a necessary hedge for arbers.