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Specifics of New Legislation: Financial Institutions

The online casino industry already has, even though it has a relatively short history, a list of failed attempts at censorship. Because of the highly controversial nature of gambling, many countries view online casinos gambling as an ultimate evil. Some politicians in South Africa equated the pastime to prostitution, and right-wing politicians in the U.S. have gone out of their way to ban the pastime in the country despite that ban violating international trade treaties. The U.S.’s online casinos gambling ban specifically targets the financial and banking industry, placing the weight of the enforcement squarely on the shoulders of financial institutions.

But as is evidenced by the continuation of online gambling in the U.S., and the lack of regulations, actually enforcing a ban is harder than sounds. The U.S. is just one example of the difficulty in disrupting financial transactions. An expert panel discussing the latest proposed German Treaty on Gambling highlighted specifics on why a policy similar to the one in the U.S. will be equally as unenforceable.

Prof. Dr. Hartmann-Wendels, a banking expert and the director of the Institute for Banking Economy in Cologne, noted that history has shown that the financial sector of the industry will pay the brunt of the expense while the effect will actually be very little. The current German State Treaty on Gambling places a large portion of the restrictions on the banking industry. Prof. Dr. Hartmann-Wendels remarks, “The attempt to evaluate each and every payment transaction under gambling law provisions through specific controls would lead to costs amounting to several billion Euro, and would impair the smooth flow of global payment transactions.”

The limitations within the financial portion of the proposed Treaty are just a few of the areas that are impossible to accomplish as outlined. The panel of experts was able to point to several areas of concern that limited the effectiveness of the Treaty to keep outside online casinos from accessing the German online gambling market.