OKTO’s Galina Bineva: European lessons for LatAm igaming payments

OKTO’s Galina Bineva: European lessons for LatAm igaming payments

Betting industry interest in the Latin America region is at its height, but there are many conditions operators must evaluate, including payments.

In discussion with SBC Media, OKTO’s Commercial Director, Galina Bineva, explained how the payments provider has been preparing for the launch of Brazilian betting, notably by partnering with the Brazilian Institute of Responsible Gaming (IBJR).

“We aim to play a pivotal role in educating players and all stakeholders involved in the ecosystem by partnering with IBGR,” she explained.

“We believe we can ensure that our payment solutions uphold the highest standards of integrity and safety, while also contributing to the broader mission of cultivating responsible online gaming in Brazil, and this is exactly what we follow across all regions we are operating in or entering, collaborating with local stakeholders in order to ensure socially responsible solutions, secure and fully compliant.”

OKTO is an experienced company in the gambling payments space, having built up an extensive presence in the long-established markets of Europe, having expanded its presence in Italy and received approval from igaming authorities in Germany this year. 

This extensive background of operating in regulated markets has led OKTO to one key conclusion for the regulating and emerging markets of South America – that operators should choose their commercial partners well.

“The operators that are planning to have a long-term presence on the market should be equipped with solid partners, and very reliable and robust payment technology,” she said.

Meanwhile, she also observed that compliance with local regulations is also a key factor for operators and payments providers to consider, again citing the examples of Europe.

European igaming has seen a huge range of regulatory changes in recent years, such as the UK’s Gambling Act review, Ireland’s Gambling Regulation and the adoption of a new federal regime in Germany.

With Latin America home to the close-to-regulating giant of Brazil as well as other high-profile but highly differentiated markets such as Argentina, Colombia, Mexico, Chile and Peru, this European experience will prove invaluable to OKTO.

“OKTO.CASH is already successful in Europe, and one of the key reasons is the fact that it is designed to comply with the local regulations,” Bineva concluded.

“We help our merchants unlock the potential of the cash paying customer base by applying specific customer rules that are required per country, such as a customised set of rules of player identification, KYC checks, and respective limits. 

“This process is embedded in flawless customer experience within the operators’ sites and apps, which makes the payment process fast, convenient, secure and efficient for both ends.”

To read the full interview with OKTO’s Galina Bineva on SBC News, click HERE