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The Lack of the Industry Understanding: Why Don’t Banks Trust Gambling Market?

4 May 2020, 15:43
Votes: 2

Alfredo Lazcano, a Chairman of Lazcano Samano, a law company with considerable experience in the gaming market, told attendees of the SBC Digital Summit about all difficulties connected with banks and their relationships with the gambling industry.

The Lack of the Industry Understanding: Why Don’t Banks Trust Gambling Market?

Here you can find more news about gambling laws and banks operation within the industry.

All speakers of the banking session have confirmed the opinion that the banking sector considers the gambling market to be a black sheep of online entertainment in the majority of countries. Speakers have noted that banks see massive risks in the industry and don’t even want to try to understand its processes.

Alfredo Lazcano has said the same: “The major part of modern society, politics, and banks still doesn’t understand the gambling industry. Older people don’t have any notion of it as well. Most banking institutions have no idea how gambling works and don’t trust it. To my mind, the number one task is to solve the problem of difficult relationships between online gambling and financial establishments.”

Experts have also added that, in many cases, it is better to cooperate with local banks. “Operators should investigate what banks are main for their potential clients and work with them. It is easier to maintain business ties with local financial establishments,” has said Lazcano.

At the same time, people may stop believing in banks because of the global economic crisis that hasn’t even started yet, in the expert’s opinion. They may switch to investing in cryptocurrency and other virtual assets as previous downturns have shown. Countries will try to survive based on credits for the next few months. However, cash flow will be low and credits won’t be enough. That is why cryptocurrency will be in high demand in the nearest future.

Read more: Gambling destinations in Europe

Read more: The best and safest online casino software providers

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