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Online Casino Payment Processing Drama Unfolds in Switzerland

Heard of the online casino payment processing issue in Switzerland? We're here to cast a light on the recent drama in the two biggest Swiss online casinos.

It seems as though Switzerland has certain difficult times with payment processing at online casinos. So far about seven licenses were issued but even the licensed casinos can’t open for players.

Everything started when it was known that two of the biggest online casinos in the country had some accounts with extremely low balances and there was lost money within the sum of thousands and thousands of francs. Reports state that more than a thousand players’ accounts were affected.

So, most casinos use a service called PostFinance which is one under the cap of SwissPost and they have the reputation of a good option for casinos since accounts were never overdrawn.

However, a technical issue occurred and many players deposited money without looking at their accounts’ balances. After an update from PostFinance, on the 17th of March, customers woke up to find their funds not being debited from the PostFinance accounts. Fortunately, the drama ended on the 8th of June but most of the accounts remained overdrawn and they ended up with a locked balance.

Moreover, comments from the CEO of the company Detlef Brose came to light as:

“We will reimburse all game losses that are related to subsequent bookings that were made more than 30 days ago”.

Note that the reimbursement is only eligible to users who possess a negative account balance.

Additionally, the aforementioned casinos are operated by the Stadtcasino Baden Group and they became pioneers to rise amongst the rest in this new gambling market.

Overall, the country now issued seven online casino licenses but the two casinos round up a revenue of 7.6m CHF by the very end of 2019. This sum helped out tons since the global pandemic lockdown in March. And as you probably know, land-based casinos are now open for all big gambling fans to join in.

If you want to stay in the loop with the latest news, check out our articles on the Blockchain and crypto world, online casinos, eSports betting, and sports betting.

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