The Norwegian Gambling Authority increases the control of online casinos
Norway's online casino market Lotterytilsinet controls the banks to enforce a ban on transactions with illegal online casinos in Norway. The EGBA urges Norway to adopt a licensing model for online gambling, citing the importance of diversity and player safety.
Norway's gambling authority, Lotterytilsinet, has stepped up its efforts to enforce existing regulations to regulate the online casino market, including the fast-growing crypto-gambling market, and reduce illegal gambling.
The authority will closely monitor nine banks in Norway to ensure compliance. It also prohibited banks from handling illegal gambling transactions.
Online gambling payment limits
The ban on payments to illegal gambling operators is an important regulatory tool aimed at reducing illegal gambling in Norway.
According to recent population surveys, this ban has made it difficult for the public to engage with foreign-based gambling operators, helping to increase the use of crypto in the payment sphere. This move is in line with Norway's commitment to developing responsible gambling practices and protecting its citizens from the negative consequences of excessive gambling.
Bank monitoring
Under Section 5 of the Norwegian Gambling Act, payment transactions with unlicensed gambling operators are prohibited. Lotteritilsynet has the power to order banks to reject transactions from accounts and companies linked to unlicensed gambling operators. The regulator has identified nine banks for investigation, according to reports.
While the identities of the nine banks under investigation have not been released, the move is part of LotteryCinet's efforts to enforce the ban and curb problem gambling in the country.
Lotteritilsynet has requested detailed information from the nine banks regarding the measures they have taken to prevent transactions to and from certain companies and account numbers linked to unauthorized gambling operators. He also asked the authority to provide insight into the internal compliance practices of banks.
The banks have been given a three-week deadline to provide Lotterytilcinet with the necessary documents and information. The regulatory body expects the banks to demonstrate the guidelines effectively.
EGBA urged Norway to move to a licensing model
As Norway tightens controls on the gambling industry, including a state monopoly on online gambling, calls for reform have emerged. The European Gaming and Betting Association (EGBA) has urged Norway to move away from its current online gambling monopoly to a licensing model.
EGBA's debate focuses on the need to meet the growing demand for online casino options in Norway. Currently, Norway's online gambling market is limited, with Norsk Tipping covering sports betting and online gambling, while Norsk Rikstoto focuses on horse racing. EGBA notes that neighboring countries such as Sweden and Finland have successfully transitioned to licensing models, giving players more choices, including crypto-gambling, which provides anonymity among the benefits associated with the decentralized nature of cryptocurrencies.
EGBA emphasized that such a transition would not only cater to player preferences but also enhance player safety by implementing clear regulatory frameworks and rules for companies to follow. Moreover, it can increase tax revenue for the government and better control local operators.
The ongoing discussion around the Norwegian gambling industry's regulatory framework continues to be at the fore as Lotterilsynet tightens controls on online gambling-related payment transactions. As suggested by the EGBA, the country has heeded the call for change and moving to a licensing model is a topic that continues to evolve in the changing landscape of online casinos in Norway.
