Norway to block iGaming transactions

The government will block iGaming transactions in Norway involving unauthorised websites to prevent unregulated cash flow.

Norway.- The online gambling market is the future (and present) of the industry and forces governments to properly regulate it. That’s why the Norwegian government has taken a step towards strengthening the segment.

The government will demand financial institutions in Norway to block iGaming payments to unlicensed operators. Norway’s Lotteri-og stiftelsestilsynet regulatory body confirmed January 1, 2020, which involves its order on said institutions.

“The change also means that banks and others who have payment services in Norway must investigate all payment transactions to and from payment intermediaries or companies that are not allowed to offer gambling in Norway if the regulator comes up with a decision on this,” the regulator had said.

“We can also instruct banks and others with payment services in Norway to provide information about companies that provide payment related to gambling.”

The regulator has sent a letter of information to Norwegian banks, financial institutions and payment agencies about the changes.

Norsk Tipping, the state-owned gambling company, could soon assume responsibility for the horse racing monopoly in Norway. The rights of the activity are currently under Norsk Rikstoto, but they expire at the end of 2021.

The Norwegian government will consider which company is more fit for the exclusive rights model. The Ministry of Culture in collaboration with the Ministry of Agriculture and Food will assess which company should be in charge of the horse racing monopoly.

Minister of Agriculture and Food Olaug Bollestad sad: “The government’s gambling policy must first and foremost take into account the social responsibility and consideration of gambling addicts. At the same time, it is important for the government to ensure that the future solution is for the best for Norwegian equestrian sport.”