OKTO Secures Approval for Wallet Solution in Germany

The digital payments solutions provider powering the leisure, entertainment and gaming sectors, OKTO, expanded its global footprint by securing approval in Germany. The innovative solutions provider unveiled Thursday it secured approval from the German Gaming Authority, Die Gemeinsame Glücksspielbehörde der Länder (GGL), for its wallet solution.

The approval marks a major step for the company in the country and on the Old Continent. This is because GGL’s approval enables OKTO to grant sports betting operators access to its leading e-wallet payment services in the country. At the same time, the German regulator’s approval is a testament to the compliance of the company’s mobile-first, frictionless and responsible payments solutions.

After securing the approval from the Authority in Germany, OKTO’s solution is now ready to be introduced by Bet.3000. The company also acknowledged that partnerships with more operators are expected to follow as well. Moreover, OKTO hinted at the possibility of introducing new products in Germany that also comply with the unique regulatory framework, effective in the country.

GGL’s approval confirms that OKTO’s solutions are designed in a way to comply with the Payment Services Supervision Act (ZAG). Those solutions are created in a way to ensure that payments in and out of gaming accounts match the name of the player. This otherwise restricts anonymous or third-party deposits or withdrawals, boosting transparency.

The Approval Marks a Milestone for OKTO

According to OKTO’s head of Germany, Mikhail Ovsepyan, securing approval from the German Gaming Authority represents an important achievement for the company. He explained that thanks to this process, the company can now team up with any online operator in Germany and deliver its leading wallet solution. Finally, Ovsepyan reminded that OKTO’s technology supports responsible gaming and predicted that it will be well received by leading gambling companies in Germany.

“This approval by the GGL, Germany’s gaming authority marks a significant milestone for OKTO.“

Mikhail Ovsepyan, head of Germany at OKTO

OKTO started the year with a strategic deal signed with Superbet, a leading sports betting operator in Romania. Announced early in January, the partnership saw the digital payments provider expand its reach significantly, powering the operator’s retail and online gambling operations.

As noted by Ovsepyan, OKTO’s leading solutions complement responsible gaming. They encourage responsible payments and even offer responsible gaming tools that include monitoring of transactions, as well as deposit limits and cool-off options.