Russian banks tightening online gambling payment noose

Russia’s banks are slowly responding to their government’s insistence that processing payments with internationally licensed online gambling sites is a major no-no.

In late May, Russian financial institutions were supposed to suspend all dealings with unauthorized online gambling sites, aka any site other than the few locally licensed online sportsbooks. But not all banks and payment processors proved willing to implement the new rules as strictly as the government expected.

Late last month, Russian media outlet Rambler – whose owner has partnered with GVC Holdings’ Bwin betting brand on a Russian-licensed online sportsbook – reported that the state-owned Sberbank had begun rejecting Russian punters’ attempts to fund their international online gambling accounts.

A few days later, Kommersant reported that only three major financial institutions – Sberbank, VTB and Tinkoff Bank – were complying with the new rules, and apparently only began doing so following reminders from the Ministry of Finance.