Norway’s gambling regulator, Lotteritilsynet, has accelerated efforts to crack down on illegal online gambling sites and crypto gambling, the regulator said in a statement.
It is intensifying enforcement against illegal sites in order to maintain its state-owned monopolies: Norsk Tipping, which operates sports wagering and online casino gaming, and Norsk Rikstoto, which operates horse racing.
One way Lotteritilsynet is doing this is by monitoring nine Norwegian banks suspected of processing illegal gaming transactions. The government considers this an important tool in reducing illegal gaming.
Recent surveys indicate this ban alone has made it much harder for residents to gamble in off-shore operations. This has led to the increased use of cryptocurrency to pay online casinos.
Lotteritilsynet hasn’t identified the names of the nine banks being investigated.
Norwegian law spells out that payments to unlicensed casinos are prohibited. The regulator can order banks to reject such transactions. It has requested detailed financial information from the nine banks and asked to look at internal compliance routines.
The banks were given three weeks to provide the required documentation.
Meanwhile, the European Gaming and Betting Association (EGBA) continues to urge Norway to join most other EU members and end the state monopoly by opening a licensed market.
