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South Africa to make token gambling licensing effort

Like most countries, South Africa are concerned about their citizens spending their money offshore, particularly on gambling sites. It's not as if they are against gambling, after all, the horse racing industry is quite strong there, there are numerous sports and racing bookmakers and they have some massive casinos there. But of course, it's evil if the tax revenue is going abroad.

I assume the licensing is meant for online casinos, this snippet from the article certainly makes it seem that way. Pointless having these restrictions for a sports or racing betting operation.

South Africa: Authorities to Regulate Online Gambling

Under the proposed regulations South Africans wanting to play online will have to open a nominated account with any South African bank which will be used solely for online gaming.

Only credit cards can be used to make payments and the accounts will have to adhere to normal banking and Financial Intelligence Centre Act requirements.

"We will work together with the banks and Reserve Bank to monitor the accounts and players will not be permitted to have more than R20000 (about £1575) in their accounts at any point," says Moja.

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