After PayPal pulled out last year, the German casino market is becoming aware of the upsides of turning to cryptocurrencies to finalise payments. Some, such as True Flip Casino, have been leading by example, adapting early to these repercussions, establishing a sustainable gaming and payment model with the help of blockchain-powered solutions.
On Wednesday, NDR, a local media outlet, reported that Visa and Mastercard had advised local partners to not process payments from online casinos to ensure that “only legal, properly licensed transactions are processed.”
Affiliate companies have also caught wind of the trend with communities reporting disruption across the board. Tipico, a popular local operator has obliterated all mentions of Visa, and GVC Holdings’ Bwin, another respected brand, will only use Visa for sports betting.
Uncertainty continues to seep through in the German gambling market because of the German State Treaty on Gambling which may or may not outlaw online casinos. The Treaty, according to sources, is incompatible with European Union law and is now undergoing changes.
Meanwhile, the Lower Saxony Ministry of the Interior has been working on notifying and suspending 19 payment providers to stop servicing online casinos. An abrupt cut from mainstream payment providers will definitely affect everyone in the industry, bar cryptocurrencies and blockchain-powered casinos who have had the prescience to diversify their payment options.
As per current legalization efforts, Germany will be authorizing online casino gambling, although with some strict limitations in the scope and scale of their operation. Some have expressed concerns that overburdening the industry might push away local gamers and redirect them to black markets.