Russian Central Bank restricted overseas gambling payments

Russia’s Central bank puts restrictions over cash-out and deposit for overseas gambling websites and unauthorized sportsbook operators.

The restriction has created a business crumble on gambling.

In mid-January, the Russian central bank blocked payments that has created a predominant obstacle for gambling companies. Players can only use bitcoin as a payment method. As a result, many players cannot bet. Reportedly, unauthorized sportsbook operators and overseas gambling websites are the targets of the Russian Central Bank.

Players could not make transactions via Qiwi and YooMoney outside Russia between December and January because of restrictions on payment to global gambling companies.

Fintech and ONego’s licenses have been lifted, and ten banks are ordered to be fined.

A reporter attempted to top up with his mobile number and card, but he failed. He also tried with YooMoney, Sberbank, and Tinkoff but could not make any transactions.

iGaming operators did not accept any other payment except bitcoin. Now it’s the only payment method left for players. Vulcan Royal and Vulcan Stars closed their activity. VulcanBet declared last year. It had a plan to leave the Russian market for regulatory issues in the country. Even a few days ago, players could use the online transaction system if their account was active for one year. The Bell claimed wealthy gamblers have fewer options left.

History of Russian Gambling

Russia had to go through many difficulties for gambling. At the time of the Soviet Union, gambling was restricted for this country. After being apart from the Soviet Union, industries were getting legalization within a shorter time and efficiently. But it faced a massive lousy reputation because of having no regulations. The government needs a decade to make sure all effective laws and regulations.

In the year 2006, four regions were restricted to gambling that was only allowed gambling activities in this country. Sportsbooks were legitimated everywhere in the country, but online gambling was entirely restricted.

In recent past years, thousands of online gambling-related websites were blocked. Last December, President Vladimir Putin put a new Unified Gambling Regulator to monitor all gambling industries and their activities to help regulate the industry furthermore.