German company specializes in claims to online casinos
A German company helps users resident in the country to recover the money lost by betting on online gambling. Taking advantage of a legislative loophole, the company claims the return of the deposited money to the payment systems. Do we have a similar measure in New Zealand? We tell you about it in this analysis.
wirholendeingeld.de it is presented as a low-cost specialized proposal without financial risks to recover the money lost in online casinos. It is only available in Germany. stevepb/Pixabay
“We get your money back” - this is the name of the German company wirholendeingeld.de that helps users residing in the central European country to recover their lost money by betting online in casinos and bookmakers. According to data from the European Gaming and Betting Association (EGBA) for 2018, Germany is the second most important market within Europe with a rate of 11% and a volume of 1760 million euros wagered in 2017.
Until further notice on the draft regulation of online gambling in the country, all online gambling activity is illegal , except in one of the federal states that make up Germany. However, due to the free provision of services allowed within the European framework, it is possible to play from Germany in online casinos with licenses from European regulators such as Malta or the United Kingdom.
Taking advantage of this legislative loophole, the company's strategy to achieve what was promised on its website is different from what one might think. The cases that come to the office of Guido Lenné, an expert in banking legislation, are oriented submitting complaints to payment provider companies arguing that the monetary transactions made by users to these online gambling sites violate the fourth section of the Interstate Treaty on Gambling.
One of the main barriers that users have to recover lost money are the high administrative costs of traditional procedures , which can skyrocket from $4,000 to $10,000. wirholendeingeld.de it is presented as an option low-cost affordable for all budgets, as well as fast and with experts in the field. The company claims to have recovered more than 7 million euros.
This legal loophole is having its consequences on the sector in Germany. Visa issued orders to block payments for casinos in July of this year; before the famous bank card it was the well-known PayPal platform that disappeared from the map in Germany.
And how to find lost money in New Zealand?
The legal situation in our country is different. In addition to turning to the courts to report irregularities in online casino payments, another resource for: filing a claim about payments or any other issue is the General Directorate of Gambling Regulation (DGOJ). However, due to the national scope of Law 13/2011 on the Regulation of Gambling, the DGOJ can only interfere in those cases where legal casinos in New Zealand are involved; illegal gambling casinos, those without a license from the DGOJ, do not comply with national regulations.
Hence, the DGOJ and the sector emphasize betting only on pages authorized to operate in New Zealand. Since its public announcement in February of this year, the industry warns of the inherent risk of almost completely vetoing advertising as proposed in the draft Royal Decree , which may result in further channelling into illegal gambling in New Zealand, with the loss of security that it entails for users and tax collection for the state.
