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Sweden proposes licensed gambling, largely scrapping monopoly
Sweden’s government proposed on Thursday that the state gambling monopoly largely be replaced by a licensing system as it looks to rein in overseas-based online gambling that has surged in recent years.
The rise of online betting has gradually eroded the monopoly, established in 1934, with other companies able to operate easily inside Sweden from abroad with online betting.
With the new legislation, the center-left government aims to bring foreign-based online gambling companies such as Kindred Group and Betsson, which operate from outside Sweden, under its regulatory sway.
Online gambling firms will pay an 18 percent tax on gross gaming revenue if the proposal passes parliament, the government said in a statement. The proposal was largely in line with a government study unveiled last year.
“The now proposed gambling legislation means that anyone active in the Swedish gambling market should do so with a valid license and that actors without licenses will be shut out,” the statement said.
Several of the larger online betting firms have previously said they are largely positive to the regulatory changes.
Swedish Public Administration Minister Ardalan Shekarabi told a news conference the legislation would make it a crime to promote unlicensed gambling, for instance by advertising, while payments between unlicensed firms and gamblers could be blocked.
Some types of gambling, such as the handful of state-run casinos operating in Sweden, would remain monopolies. The legislation is proposed to come into force from the turn of the year if approved by parliament.
Source: reuters.com
Kambi Group plc (“Kambi”) has during the period 6 November to 12 November 2024 (the “Buyback Period”) repurchased a total of 54,000 ordinary B shares (ISIN: MT0000780107) as part of the share buyback programme, within the mandate approved at the Extraordinary General Meeting on 20 June 2024 (the “Programme”).
The objective of the Programme is to achieve added value for Kambi´s shareholders and to give the Board increased flexibility with Kambi´s capital structure by reducing the capital. The Programme is being carried out in accordance with the Maltese Companies Act, EU Market Abuse Regulation No 596/2014 (“MAR”) and other applicable rules.
From the beginning of the Programme, which started on 6 November, until and including 12 November 2024, Kambi has repurchased a total of 54,000 ordinary B shares at a volume-weighted average price of 111.87 SEK per share.
During the Buyback Period, Kambi has repurchased shares as follows:
| Date | Aggregated daily volume (number of ordinary B shares) |
Weighted average share price per day (SEK) |
Total daily transaction value (SEK) |
| 6 November 2024 | 14,000 | 117.27 | 1,641,822 |
| 7 November 2024 | 10,000 | 115.17 | 1,151,709 |
| 8 November 2024 | 10,000 | 110.08 | 1,100,826 |
| 11 November 2024 | 10,000 | 107.82 | 1,078,240 |
| 12 November 2024 | 10,000 | 106.81 | 1,068,130 |
All acquisitions have been carried out on Nasdaq First North Growth Market in Stockholm by Carnegie Investment Bank AB on behalf of Kambi. Following the acquisitions and as of 12 November 2024, Kambi’s holding of its own shares amounted to 1,428,678 and the total number of issued shares in Kambi is 31,278,297 ordinary B shares. Under the Programme Kambi is authorised to repurchase a maximum of 3,127,830 ordinary B shares, up to a maximum amount of €12.0 million.
A full breakdown of all transactions carried out during the Buyback Period is attached to this announcement.
Information on the Programme is available on Kambi’s website, kambi.com/investors/share-information/
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Growe Partners, an affiliate program, which has skyrocketed its performance in the iGaming industry in just a year, has received yet another recognition as the Best Affiliate Program at the SiGMA Europe Awards 2024.
The ceremony took place in Valletta, Malta on Nov, 12th, and the victory was achieved through a combination of public votes on the award page and evaluations by a distinguished jury panel.
In just a year Growe Partners has rightfully reserved a place amongst industry leaders, who have been in the game for a lot longer, and as they say themselves — they are not going anywhere. Today Growe Partners is a network with over 32 thousand partners, operating in more than 10 locations worldwide.
“This achievement reflects our commitment to investing in our people, our partners, our ideas, and continuously implementing new innovative approaches. We are proud of the strong team we have built, which is always on the lookout for ways to develop and better themselves. And whose dedication resulted in this victory.
With winning this award we would like to once again emphasize that everything is possible in our industry if you set the right goal and work hard for it.” , — commented Dima Mariievskyi, Head of Growe Partners.
Kambi Group plc repurchase of shares during 6 November – 12 November 2024
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