OKTO’s continental push continues as German approval secured

Germany’s Gluecksspiel (GGL) betting and gaming regulator has approved OKTO’s e-wallet solution, enabling the firm to deliver its products to the market’s operators.

The German market entry is part of OKTO’s pan-European expansion, with plans to offer a frictionless, mobile-first and phygital payment process to operators in the country.

OKTO added that it had to ensure its offering was designed to comply with Germany’s Payment Services Supervision Act (ZAG), requiring that payments to or from a gambling account are processed via a payment account in the bettor’s name.

Mikhail Ovsepyan, Head of Germany at OKTO, said: “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 meeting the terms of the ZAG legislation, OKTO maintains that it has eliminated the possibility of anonymous deposits and withdrawals for online betting, enhancing the responsible gambling credentials of its offering.

On this aspect of its business, OKTO emphasised its commitment to responsible payments via a gaming toolkit featuring cool-off periods, limits, P&L, control features and a fully monitored transaction history.

Gaining regulatory approval in Germany – one of Europe’s largest gambling markets and also recently re-regulated, with the GGL assuming oversight earlier this year – is the latest step taken by OKTO in its cross-continental roadmap.

The company started the year signing a partnership with Superbet, one of the leading operators in Romania, taking its payments solutions live with the company across retail and online verticals.