Banks stop transfers from foreign gambling companies

Online gamesIllustration.Online games.Photo : Erlend Aas / Scanpix

From Monday, Norwegian banks stop transferring money from foreign gambling companies. Norwegian players can lose both deposits and winnings.

The payout ban is ordered by the Norwegian Lottery Authority and part of the Norwegian authorities’ struggle to prevent foreign gambling companies from recruiting Norwegian customers, according to Klassekampen.

The Authority believes that gambling activities abroad violate the Norwegian gambling monopoly, while the affected companies believe the order is in violation of the EEA Agreement.

– This decision is part of a long-term work where we apply the opportunities we have within the regulatory framework to stop illegal gaming, Director General of the Lottery and Foundation, Linda Vøllestad Westbye.

The measure blocks transfers from seven account numbers, two of which belong to gambling companies, while the remaining five belong to the payment services the companies use.

In 2015, foreign gambling companies traded for one and a half billion NOK in the Norwegian market, and the amount increases every year. The question remains how many hours the ban will be effective.


Source: NTB scanpix / Norway Today