Online Gambling Supported By Financial Regulators

The corona crisis may have been the greatest threat to the economy since time immemorial – but it also gives special sectors a boom, and Situs Judi Online is one of them. Trapped in domestic quarantine by the corona crisis, many people are looking for a distraction. The big casinos and the small arcades are closed, the online market is booming.

Experts are alarmed: “An industry is flourishing in public that earns its money from the addiction and suffering of many people,” says head of the gambling addiction association. Often enough, the industry doesn’t even comply with existing laws.

Online Gambling “Viral Explosion” in America?

In fact, in many regulated and law-abiding countries, there is wild growth when it comes to the subject of online gambling. In principle, there is a state lottery and casino monopoly, private online offers are prohibited – actually. But many providers have been using a legal loophole for eight years and are committing “institutionalized violations of the law”, as lawyers criticize.

The payment service providers and the responsible financial regulation could stop the cash flows. But many of them looked away too often.

The problem started in 2011: At that time, the federal states could not agree on an extension of the State Treaty on Gaming, and online providers lost their permission. The government, however, located providers and had them pay taxes. They took a special route and distributed corresponding licenses.

But while many efforts are being done to locate online gambling providers, there are still a few who let the industry pass because money talks often.

Profitable payment processing

This is made possible by money houses that accept the deposits from players nationwide and pass them on to the providers. Payment service providers have been earning too well in this market for too long.  The real scandal is that cynical business is done here on the back of sick people.

Does the state really want to intervene? The responsible Federal Ministry of Finance confirms it is punishable by law – “anyone who organizes or holds a game of public gambling without official permission or provides the facility for this”. Online gambling is therefore illegal. But this does not lead to the federal government taking a closer look at the market.

According to the answer, the federal government has no information on the number of prohibitions issued on the prevention of payment processing by financial institutions, on the possibility of financial sanctions for payment service providers, on any checks by state authorities and on statistical data on the online gaming market.

We all know that the issue on the legalization of gambling had been going on for many years. But also, the state cannot deny the fact that the industry is booming and contributing much to the economy.