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Deutsche Bank'ss role in online gambling

If you have suspected that the Deutsche Bank is inclined to involve itself in so-so lines of business, then the following information will likely fit the picture you have of them.

Through Pago, which the Deutsche Bank owns at 50 percent (with Otto Beisheim owning the other 50 percent), the Deutsche Bank is a player (though not a gambler) in the online gambling business.

I believe that gambling is evil, and that sites that offer online gambling are even more evil than brick-and-mortar casinos. Casinos ruin lives and families and cause people to commit suicide, and in poor, developing nations, they do even more harm than in Western Europe or the US. Which is why many poor countries rightfully do not allow casinos, and if they allow them, then their own citizens are usually bared from entry.

This is precisely one regulation online casinos want to circumvent. Even for minors, it is easy to lose a fortune through online gambling: all they typically have to do is click on a button that let's them confirm that they are 18 (or whatever the legal age in a country).

The following is how a company that provides services to online gambling sites advertises the services of Pago, owned 50 percent by the Deutsche Bank and 50 percent to the rich Swiss businessman Otto Beisheim who likes to project an image of himself as philanthropist.

The URL of the page I refer to, is:

http://www.casinovendors.com/VendorPage.cfm/94666.html

For simplicity, the reference to Pago is copied below:

quote

Pago eTransaction Services GmbH

Pago provides comprehensive services in the field of electronic payment such as international acquiring for MasterCard and Visa as well as processing American Express, Diners Club, Switch / Solo and JCB. Pago not only offers credit card acceptance for Visa and MasterCard throughout Europe, including all new members of the European Union, but a variety of services around processing credit card transactions like Cardholder Funds Transfer (CFT), Chargeback Information System (CIS), the unique online reporting tool BIS. Besides that retailers can minimise the business risk of credit card fraud in the field of card-not-present transactions dramatically by utilising Pago Fraud Screening.

Products and Services

Online Gaming > Payment Solutions > Credit Card Acceptance for Visa and MasterCard

Preauthorization and capture, refund, processing of credit card transactions, card validation data, 3D secure Verified by Visa, MasterCard SecureCode.

ATM & Credit Cards > Fraud Detection Systems > Pago Fraud Screening

Effective fraud prevention for credit card payments, 24/7 Security, multi-dimensional risk management.

Online Gaming > Payment Solutions > Cardholder Funds Transfer (CFT) for Visa a fast and technically spoken easy alternative solution for the transfer of winnings; one single payment method both for collecting and disbursing; credit note transactions can now be carried out in full compliance with Visa's rules.