OKTO Brings Frictionless and Responsible Payments to German Sports Betting with Regulatory Approval

April 21, 2023 | Sports Betting

BERLIN, Germany (April 20, 2023) — 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 payment 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 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 the 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.

About OKTO

Digital Payments for the Real World

OKTO powers digital payments for every entertainment, leisure, and gaming environment. Our unified payment platform combines secure, real-world transactions with the most powerful payment technology to create immersive payment experiences for both merchants and their users.

Since 2019, OKTO has been improving payment interactions for online and retail gaming and introducing frictionless digital payments with its local knowledge, sector expertise and international capabilities. This includes supporting customers across various regulatory landscapes with an embedded omnichannel approach.

The expanding business now employs over 100 payment experts, gaming insiders and software engineers, serving some of the most exciting international markets including Brazil, Romania, Italy, Greece, Germany, the UK, and Spain.

By enabling responsible real-time transactions, we remove the friction and risk associated with traditional payments and deliver digital transformation opportunities for our customers and millions of consumers around the world.