Online sports betting in Albania gets stricter with new transaction tracking norms

In an effort to establish online betting norms, the Albanian Ministry of Finance,) has revealed guidelines related to procedures and standards for payments and withdrawal of funds within the “Online sports betting” category.

As per the Official Gazette, the Finance Ministry has laid rules for licensed operators and financial institutions that will mediate transactions, guaranteeing more transparency, and security in the online sports betting sector.

Financial agents licensed by the Bank of Albania will be responsible for carrying out payment and withdrawal of funds, the gazette mentioned. To improve transparency, every sports betting transaction should be identifiable and trackable in the systems of the operator, the financial institution and the Central Online Monitoring System, administered by the Gambling Supervisory Authority.

Verification of players’ identity has also been made a priority under the new guidelines. Operators have been guided to check the identity of users before activating the sports betting account. People below the age 21 and those included in the self-exclusion list by the Gambling Supervisory Authority will not be permitted to open a betting account now.

The winning amount will be transferred to the player’s personal account which was used to deposit funds, to eradicate third-party involvement. Operators have been advised to keep a close watch on transactions, identify suspicious cases and immediately report them to the Financial Intelligence Agency.

Sportscape believes the introduction of structured rules for online sports betting is a crucial step toward ensuring fair and transparent practices in a rapidly growing sector. Constant tracking and verification measures can help curb scams surrounding online sports betting.