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OKTO brings frictionless and responsible payments to German Sports Betting with Regulatory Approval
April 20, 2023
OKTO brings frictionless and responsible payments to German Sports Betting with Regulatory Approval

OKTO’s wallet solution has been granted approval by Germany’s gaming regulator, Die Gemeinsame Glücksspielbehörde der Länder (GGL), allowing sports betting operators to use the innovative e-wallet payment service in Germany. This is another testament for OKTO, enabling its customers to offer now a frictionless, mobile-first and phygital payment journey that meets regulatory requirements.

The company’s solutions have been carefully designed to comply with the Payment Services Supervision Act (ZAG), ensuring that payments to or from a gaming account are processed via a payment account in the player’s name. This eliminates the possibility of anonymous deposits and withdrawals in remote sales, thereby enhancing transparency and promoting responsible gaming.

Moreover, OKTO is dedicated to driving responsible gaming through responsible payments, offering a complete responsible gaming toolkit, including a cool-off period, limits, P&L control features and a fully monitored transaction history.

Mikhail Ovsepyan, Head of Germany at OKTO: “This approval by the GGL, Germany’s gaming authority marks a significant milestone for OKTO. The whitelisting means that any online operator can use OKTO’s wallet solution in Germany, and with its cutting-edge technology and commitment to responsible gaming, OKTO is poised to become a major player in the German iGaming industry.”

After receiving approval from the German Gaming Authority, OKTO’s e-wallet solution is ready to be launched by Bet.3000, with other already signed operators expected to follow suit. OKTO is also planning to launch new products customized to meet the unique requirements of the German market while adhering to all payment and gaming regulations.

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