Bookmakers want banks to cut off offshore online gambling sites
South African bookmakers are urging banks to block transactions to unlicensed offshore gambling sites, which dominate the country's online betting market.Summary
Licensed bookmakers in South Africa are calling on banks and payment providers to halt transactions with offshore online gambling platforms deemed “illegal.” A new report by the South African Bookmakers Association (Saba) and YieldSec indicates that these unlicensed operators account for approximately 62% of all online gambling activity in South Africa, diverting over R50-billion in revenue annually. Saba CEO Sean Coleman emphasizes that this unregulated activity exposes consumers to risks, including lack of consumer protection, unpaid taxes, and operation outside South African law. The association argues that South African banks are facilitating unlawful transactions by processing payments to these offshore sites, acting as a “conduit” for illegal gambling. Saba warns consumers that winnings from unlicensed platforms are not legally protected and may be confiscated, and participants could face prosecution. The organization, representing licensed bookmakers, has a vested interest in eliminating its unlicensed competitors.
(Source：Techcentral)