The European Gaming and Betting Association has submitted a formal complaint to the Bank of Lithuania regarding fintech provider Walletto. The regulatory body alleges that the company processes financial transactions for online gambling operators lacking legal status.
The complaint stems from an internal investigation conducted by the trade group, which utilized test transactions to verify payment flows. While the filing targets a specific entity, the association describes the situation as part of a systemic issue within the European market. The organization argues that unlicensed gambling platforms cannot operate at a significant scale without access to the same card networks and payment methods used for standard consumer spending.
Regulatory Enforcement
The association is urging policymakers and financial regulators to enforce existing legislation, including the EU Payment Services Directive and anti-money laundering laws. The group specifically highlighted the role of card schemes, noting that these entities set network rules and possess transaction-level data unavailable to other stakeholders.
Maarten Haijer, Secretary General of EGBA, stated that payment providers must be prevented from servicing illegal gambling operators. He noted that unlicensed platforms exploit legitimate financial channels to reach European consumers. "Our aim is simple: to leave them no room to manoeuvre, and to cut off the payment channels they use to reach European consumers," Haijer said.