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Parallels with US Online Casinos

The South African banking system is beginning to grumble loudly at the fact that they are technically supposed to be blocking gambling transactions between South African gamblers and offshore online casinos. The real crux of the grumbling though stems from the fact that internet gambling is only technically illegal in the country, the South African government has given general approval of a regulated and licensed South African online casino gambling industry and even went so far as to fully give foreign sites hope by asking them to leave the market until a licensing system could be put in place. But then they government has simply stalled and stopped all efforts to refine the drafted internet gambling regulations and fully pass through new laws related to the internet gambling industry.

That’s why the market is technically illegal – and it’s giving the South African banks quite a headache to sort. Like in the US market, the actual blocking of the online casinos is left to the banking and financial services sector giving the banks a tough task that takes up time and valuable resources that are needed elsewhere. As the World Cup descends upon South Africa the banking system has a split focus – how to code and track the billions of transactions that take place and specifically classify and block the minute number of online casino transactions mixed into the bunch.

Like the US banks, the South African Reserve Bank has voiced some weighty criticism about its task. Also like the US, the government has given very little guidance about how the banks and financial systems should actually implement and enforce online casino blocks. The entire situation has put undue stress and pressure on the South African and US banking system and could be easily avoided if the authorities in each country would act a bit faster with the new and planned regulations.