In every industry, reports and surveys are completed to provide insight into changes that need to be made to create a safer or more productive environment. In the gambling world, studies and reports are used to provide more secure gambling for players as well as ensure operators make changes for fair play. A recent report by analysts involving Lithuania, suggests that online casinos as well as bookmakers and land-based venues are at risk of money laundering.
Details of the Report
Analysts used a scale of one to four to denote the risk of money laundering for sectors of gaming in the country. Land-based casinos came in at a four. Lotteries were found to be at a two while online betting, gaming and slot machine simulators came in at a three.
The casino section is more at risk due to the amount of cash that flows through. This is enough to attract organized crime groups as well as people who come to the country from high-risk areas to launder funds. For online gambling, the sector is appealing to criminals, according to analysts, due to the high volume capability as well as fast transaction time. The report also cites low identification requirements.
The report says that online gambling can easily be used by criminals to convert illegal money into a gambling earning. Analysts suggest that the gambling authority in the country is not capable to deal with money laundering in casinos.
It was pointed out in the report that the investigations completed from 2016 to 2018 by supervisors were low in number and not proportional due to the risk factor. This could be due to lack of resources as employees do not have the time to devote to such matters.
It has been proposed from the report that the gambling industry introduce debit cards that can be used to track transactions. The cards can also set limits on deposits with cash as well as better control gambling activity.