Scandinavia
Kindred suggests a privatization of the Svenska Spel online branch
With the trend of liberalization in the gambling industry, Kindred Group urges the Swedish government to go a step further and sell the state-owned Svenska Spel. Up until this year, the monopoly over gambling activities in Sweden belonged to Svenska Spel. It was founded in 1997 when Penninglotteriet merged with Tipstjänst. The company is responsible for over 6,700 agents and 2000 restaurants as well as many pubs and bingo halls. It also provides some online services. There are four casinos in Stockholm, Gothenburg, Malmö, and Sundsvall that are directly operated by the subsidiary of Svenska Spel – Cosmopol Casino. Profits from these casinos, as well as all the other operations of Svenska Spel, go directly to the Swedish Treasury.
Svenska Spel’s monopoly lasted until this year when the government decided to shift from the previous model to a regulated market where private providers are also able to offer their services to the customers. This move was necessary as the number of illegal activities in the gambling market grew. Furthermore, it was becoming very difficult to stop internationally licensed online companies from accessing the Swedish market. “Unregulated gambling has taken over and gambling is used in criminal activities. It is 14 years since the first in a line of gambling inquiries was appointed. It is now time for us to move from words to actions and regain control of the Swedish gambling market,” – commented Ardalan Shekarabi, the Scandinavian nation’s Minister for Public Administration. The authorities already started accepting applications for licenses and the companies who receive them will be allowed to enter the market starting next year.
As stated on http://NyeCasino.ninja/, with the new regulatory framework, the gambling market in Sweden will be divided into three business compartments. The licensed privately owned providers will be allowed to enter the open/competitive market. There will be certain activities, like bingo and lottery, reserved for the companies operating in the public interest and the third compartment will be exclusive to the state-owned companies.
Kindred Group wants the Swedish authorities to go even further with the liberalization of the gambling market
Kindred Group, which is an online gambling operator comprised of 11 brands including 32Red and Unibet, is urging the Swedish government to sell Svenska Spel. The company is listed on the Stockholm Stock Exchange and has made over 700 million euros in revenue in 2017. Peter Alling, the Head of Public Affairs at the Kindred Group commented on the new regulations: “The government proposition to Parliament is just one part of the reform. The reform intends to keep the market divided in one-part open to competition and one part exclusive to NGOs and governmental operator Svenska Spel. Since the current entity, Svenska Spel is to act on both the exclusive and the competitive market, it is from a competition law pov extremely important that Svenska Spel is split into two independent entities. The Ministry of Enterprise (owner of Svenska Spel) and the Ministry of Finance (responsible for legislation on gambling) has so far acted in opposite directions. Here, the government still has a responsibility it can’t avoid. Failure to deal professionally with the split, not adhering to basic competition regulations, will seriously endanger the outcome of the reform.”
Mr. Alling is effectively arguing that it is uncompetitive to allow the state-owned Svenska Spel to participate in both the open/competitive market and in the compartment reserved exclusively for it. A solution to this issue would be to privatize the part of the company that will be operating in direct competition with the privately owned licensed providers.
Click here to read the initial article on Nyecasino.ninja. More info also available here: http://www.igamingbusiness.com/news/kindred-group-finally-ready-swedish-launch
Compliance Updates
BOS on Sweden’s signing of the Macolin Convention: Welcome, but unreasonable to only include state gambling companies in the work against match-fixing
In a memorandum from the Ministry of Social Affairs, the Swedish Government has proposed that Sweden sign and ratify the so-called Macolin Convention. This convention regulates the cooperation of the member states of the Council of Europe in the work against match-fixing.
The Swedish Trade Association for Online Gambling (BOS) welcomes such a signing and at the same time wants to point out that private and listed gambling companies must also have access to the bodies within the Council of Europe that are responsible for the issue, the so-called Group of Copenhagen and above all its Follow-up Committee.
Today, only full access is given to state betting companies, despite the majority of the Swedish, European and global sports betting market taking place with private or listed betting companies. Excluding the latter means a serious setback in the joint work against match-fixing.
“We welcome Sweden’s signing of the Macolin Convention. At the same time, it must be emphasized that it is outdated and unjustifiable to exclude licensed privately owned and listed gambling companies from the joint work against match-fixing. We urge Sweden to push for a change, so that all licensed gambling companies get full access to all the Council of Europe’s bodies on the matter, not just the state-owned gambling companies,” says Gustaf Hoffstedt, Secretary General, The Swedish Trade Association for Online Gambling.
Latest News
TRUMO LAUNCHES INSTANT OPEN BANKING PAYMENTS FOR FINNISH IGAMING REFORMS
Finland announced reforms to its iGaming licensing system, set to take effect by early 2026 and licensed operations to commence on 1 January 2027. With a market size of 1 billion Euros, Trumo Finance Oy, a fintech company specialising in instant open banking payment solutions, has strategically launched ahead of these regulated changes.
Trumo with its head office in Helsinki, is regulated by the Finnish Financial Supervisory Authority (FFSA). The business was explicitly set up to service the Finnish market by co-founders Martin Prantner, who has 20+ years in iGaming platforms, engineering and scale-up businesses; and Sari Aitokallio, former co-founder of Finnplay Technology, a gaming platform business. The leadership team also comprises Roope Lindroos, who has experience in fintech and payments across multiple markets. Together, their diverse expertise positions Trumo to redefine instant open banking payment solutions for Finnish iGaming operators.
Martin Prantner, CEO of Trumo, said: “Finland has been slow to reform its iGaming Market from a monopoly to a licensed-based system. Sweden, Denmark, France, the UK, Holland, and even Germany have already implemented a licensed-based system over the last several years. Trumo is here to help operators meet the new compliance and licensing standards while offering players a seamless payment experience.
Our team, with over 50+ years of collective experience in fintech, open banking payments, iGaming, and engineering solutions in Finland and the wider Nordics, is well-equipped to navigate the evolving landscape of the iGaming market. We are committed to delivering our expertise to our Finnish iGaming operator customers, ensuring they are well-prepared for the upcoming regulatory changes.”
Roope Lindroos, CCO further added: “We have seen a shift in attitude and corporate values in other Nordic regulated markets. The biggest operators and suppliers in the market now fully operate under the established licensing scheme. This shall be the same in Finland, whereby to make the regulation work, this puts extra responsibility on payment suppliers only to work with fully regulated operators that have the highest ethical standards and embrace AML and safer gambling. With our team’s combined heritage in Finland, and our main hub in Helsinki combined with our R&D Centre in one of the world’s leading Fintech countries, Tallinn, Estonia, we are confident that we can offer superior solutions in the payments vertical, setting a new standard in the industry.”
Latest News
Play’n GO announces partnership with Finnish state-lottery Veikkaus
Play’n GO, the world’s leading casino entertainment provider, has announced a new operator partnership with Veikkaus, the Finnish state-lottery.
The partnership will see classic Play’n GO titles such as Book of Dead, Reactoonz, and Gargantoonz available to Veikkaus players for the very first time.
Play’n GO is active in over 30 jurisdictions around the world and boasts a portfolio of over 350 premium games. In February of 2024, the Swedish-founded gaming giant published a study showing public preference for the banning of Bonus Buy games.
Henrik Gedda, Head of Regional Sales, Nordics and Eastern Europe at Play’n GO said: “We’re pleased to team up with Veikkaus, a brand that is committed to a safe, sustainable industry, led by player entertainment, and who share our views on not offering Bonus Buy games. They are perfect partners for Play’n GO. We’re excited to see Veikkaus players interact with Book of Dead and Reactoonz for the first time, and we’re confident this partnership will prove to be very fruitful in the coming years”.
-
Asia5 days ago
Hong Kong Construction Titan Turned Macau Casino Boss Lui Che-Woo Dies Aged 95
-
Cryptocurrency7 days ago
Kyrrex to host online panel discussion on MiCA and the future of crypto in Europe
-
Australia7 days ago
Light & Wonder Signs Multi-year Systems Deal with SkyCity Entertainment
-
Asia7 days ago
Skillhub Online Games Federation Launches SOG Grandmasters Series, Targets Discovery of 1 Lakh Gaming Talents Nationwide
-
Africa6 days ago
SunBet Extends Online Betting Platform Contract with Bede Gaming Amid Record-Breaking Performance
-
eSports6 days ago
Welcome to the World Esports Championship 2024!
-
Conferences in Europe7 days ago
Aviatrix approved for Sweden take-off
-
Greece7 days ago
Stakelogic Live Pens Deal with Novibet for Mexican and Greek Markets