Norwegian Banks Block Payments for Online Gambling
Norway’s gambling regulator ordered banks to cut off money between Norwegian gamblers and unauthorized gambling operators. The media outlet Klassekampen reported the orders issued by the Norwegian Gaming Authority took place on March 29, which requires banks to cease processing transactions with seven companies following an audit of suspected illegal activities.
According to Calvinayre, the following companies were affected:
The affected companies include five international payment processors – Worldpay, Earth Port, Trustly, Inpay and Entercash – while the two other companies are local firms linked to gaming operators Stay Cool and Betclic Everest Group subsidiary Mangas Gaming.
Norway closely regulates its gambling market. It reserves most activity outside of small time lotteries, for the state-owned Norsk Tipping. The local government hoped to open the market to international online operators but it was decided that those operators wouldn’t be willing to submit to the government’s requirements.
The total amount of money that flowed through those seven companies were around US $256m last year. Additionally, they took in another approximate 50 million in the first two months of 2017.
If you utilized the services of those companies, you likely wouldn’t be reading this article as it isn’t written in Norwegian. However, many of the payment processors are the same which process payments to citizens worldwide. It is interesting to note the possibility of winning but being unable to collect because of government crackdown.
One way to completely avoid issues surrounded with payment restrictions is to gamble using bitcoin. Bitcoin is a method in which you can send and receive poker winnings anonymously. While the government has restricted gambling payouts from various companies, there would still be many methods for which one could withdraw funds that are within bitcoin.
What is Bitcoin?
Bitcoin is a type of digital currency that is completely anonymous and secure. It is possible to send and receive bitcoins without giving any personally identifying information. This is perfect for gamblers who would otherwise be prohibited from gambling because the methods of receiving winnings were reduced by governments.