Videoslots, the famous international online casino brand, has received a fine worth 9 million Swedish Crowns over breaches of anti-money laundering (AML) laws and regulations regarding the financing of terrorism.

The sum of 9 million Swedish Crowns would roughly convert into around 800,000 U.S. dollars or 760,000 euros. Spelinspektionen, the Swedish gaming authority, conducted an investigation into the operations of Videoslots and found that the operator has not met customer knowledge requirements.

Along with the fine Videoslots also received a warning from Spelinspektionen but for now the online casino operator was allowed to keep its license and continue to operate on the Swedish market. The operator also holds licenses in Malta, Great Britain, Denmark, Italy, and Spain.

The investigation conducted by Spelinspektionen found that Videoslots had faulty anti-money laundering protocols in place when dealing with ten of its largest customers between 2019 and 2021. The ten customers were selected at random from those who made the largest number of deposits and also deposited the biggest total amounts.

Obvious Discrepancies Between Income and Deposits

Spelinspektionen went on to study the operator’s actions concerning the ten large customers and eventually found a failure to account for obvious discrepancies between their income and their gambling transactions.

For example, one of the respective customers deposited more than 5 million Swedish Crowns between 2019 and 2021 despite having registered an income of just 57,000 Swedish Crowns in 2018. The discrepancies did not prevent the respective player from depositing and withdrawing large sums of money at Videoslots even though the initial risk was observed.

The online casino operator defended itself by saying that the audited customers do not necessarily represent the level of compliance of the entire operation and also that the final purpose of the anti-money laundering protocols is to report suspicious activity to the authorities. To that defense Spelinspektionen responded that the operator has a duty to detect and deter suspicious activity itself before reporting it to the authorities.

Moreover, the Swedish gaming authority also noted that while Videoslots was formally cooperative it was not willing to actively facilitate the investigation. The decision published by Spelinspektionen concluded: “The Authority’s assessment is that Videoslots’ customer knowledge regarding all of the audited customers has been insufficient. Videoslots would therefore not have maintained the business relationship or performed individual transactions regarding these customers.”

Source: “Videoslots punished in Sweden over “serious” AML failures“. iGaming Business. November 2, 2023.

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Sweden’s government has proposed an increase in the money allocated to the Spelinspektionen and Finansinspektionen for 2024. As the country seeks to strengthen the supervision of the gambling market, it proposed to allocate SEK 10.8 million (around $970,000) to the gambling authority’s 2024 budget.

The government plans to further support the Spelinspektionen, providing it with SEK 15.6 million ($1.4 million) in 2025 and SEK 18.5 million ($1.66 million) in 2026. Under the proposal, the Finansinspektionen, on the other hand, will receive SEK 4.5 million ($400,000) in 2024.

The efficiency of Sweden’s action against harm will also depend on the Spelinspektionen’s cooperation with the Finansinspektionen, the government noted.

The Spelinspektionen and Finansinspektionen Should Cooperate

Sweden believes that gambling-related fraud, such as illegal offerings and the manipulation of professional sports games is something that benefits criminal networks. In addition, players in the black market are exposed to high risks of falling victim to fraud or developing problem gambling behavior.

Acknowledging these problems, Sweden seeks to crack down on fraud, banning illegal operators from the country and counteracting match-fixing.  Sweden hopes that its crackdown on fraud will help it meet the requirements of the Macolin Convention.

According to the Swedish government, the money allocated to the Spelinspektionen will help it improve its supervisory capabilities. The cooperation with the Finansinspektionen, on the other hand, will create new opportunities, allowing the gambling regulator to block payments to and from illegal gambling companies, Financial Markets Minister Niklas Wykman said.

The extra money allocated to the Finansinspektionen will incentivize cooperation between the two regulators, allowing them to join forces and block payments related to illegal gambling.

Sweden’s Sports Minister, Jakob Forssmed, also commented on the matter, addressing the threat of match-fixing to professional sporting events. Forssmed believes that the extra money will help the Spelinspektionen shield Swedish sports from illicit activities and match manipulation.

In the meantime, the Swedish Trade Association for Online Gambling (BOS) just addressed the recently proposed changes to the Money Laundering Act. The body expressed approval of the proposal to increase fees for AML violations but listed a few things that the government should take in mind, should it implement these new measures.

The BOS praised the Ministry of Finance’s decision to base fees on gambling companies’ gross gaming revenues, saying that this will introduce a much-needed proportionality to how AML violations are handled.

Earlier this month, the Spelinspektionen published information about Swedish gambling companies’ performance in the second quarter of the year.

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Thanks to the license issued by Spelinspektionen, Lady Luck Games will be able to provide its outstanding variety of games to licensed local operators in the country. Sweden has toughened its stance on gambling, making sure that suppliers only work with legitimate brands, and never collaborate with unlicensed third parties that may be targeting Swedish players without a permit.

Lady Luck Games Obtains Coveted Swedish License

Lady Luck Games has hailed this new license as a significant milestone in the company’s history and an opportunity to do what it does best – build excellent games that strike home with players locally as well as in international markets. Mads Jørgensen, the company’s chief executive, has welcomed this renewed chance to bring its innovative content to Sweden:

We are thrilled to receive our Swedish gambling license, enabling us to bring our innovative and immersive casino games to the Swedish market. This license is a testament to our dedication to compliance, responsible gaming, and delivering top-notch entertainment experiences to our valued players.

Mads Jørgensen, the company chief executive

Jørgensen said that the brand was already known for a number of cutting-edge slots, including Treasures of Tizoc, Popeye, Astro Anna, and Spinjoy Megaways, all of which are bound to strike home with Swedish players. The company is of course building a diverse selection of titles designed to anticipate player tastes and preferences.

Meanwhile, company CCO Julian Borg-Barthet said that the studio was fully committed to serving audiences in the market. This allows the company to grow and make its products available to even bigger audiences.

“We are dedicated to continuously enhancing our games and providing innovative experiences that captivate and thrill our players,” Borg-Barthet concluded. Lady Luck Games has been securing a number of licenses of late. The company has obtained the go-ahead from regulators in both the United Kingdom and Malta.

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The fast-growing and globally-recognized gambling technology company, Playtech, announced it strengthened its European presence via a new partnership with the popular Swedish online casino and betting operator, Svenska Spel Sport & Casino. Playtech unveiled details regarding the new collaboration Wednesday and confirmed that the tie-up further expanded the company’s position within the regulated gambling market in the country.

Per the new deal, Svenska Spel supercharged its poker offering by launching Playtech’s iPoker network and poker product. The launch was a part of the operator’s ongoing strategy for innovation within the poker vertical, the company said. Thanks to the aforementioned launch, Svenska Spel’s customers can now benefit from Playtech’s product that provides options for more tournaments, as well as bigger prize pots.

The collaboration builds upon a strong foundation between the duo. Initially, Playtech and Svenska Spel joined forces back in 2019. That deal saw the leading gambling technology provider become an exclusive poker partner of the Swedish gambling operator.

The Deal Brings Excitement to the Duo

Fredrik Hard, Svenska Spel’s head of poker and bingo, shared his excitement about the latest partnership and acknowledged that Playtech’s technology brings benefits to poker players. He outlined that the technology delivers new and engaging experiences for the passionate poker fan base in the country. Finally, Hard noted: “This deal is a great proof of the quality of Playtech’s offering and we hope to see this relationship go from strength to strength in the future.”

“Launching Playtech’s poker offering is a great step forward for Svenska Spel.“

Fredrik Hard, head of poker and bingo at Svenska Spel Sport & Casino

The collaboration with Svenska Spel represents an important milestone for Playtech. This is because only recently, the company secured its business-to-business permit for the country, required under a new regulation that is expected to come into force. At the same time, the collaboration helps expand poker, which marks one of Playtech’s important verticals.

“We are delighted to be expanding our very successful partnership with Svenska Spel and increasing our presence across Sweden.“

Marat Koss, VP of interactive gaming at Playtech

Marat Koss, Playtech’s VP of interactive gaming, explained that the company is excited to expand its successful deal with Svenska Spel. He pointed out that the collaboration will help boost the company’s presence in the country while delivering engaging and entertaining options for poker fans. Finally, Koss said that Playtech is delighted to see the operator leverage its iPoker products.

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Spelinspektionen, Sweden’s gambling regulator, announced that the government has urged it to work together with the Financial Supervisory Authority (Finansinspektionen) to combat illegal gambling. This comes following the introduction of changes to the gambling regulator’s powers.

According to the Swedish government, the Spelinspektionen and the financial authority should work together to control financial transactions related to gambling. Collaboration between the two regulators will help them closely oversee the sector and, for example, block payments to unlicensed companies when needed.

Camilla Rosenberg, director general of the Spelinspektionen, addressed the matter, saying that she sees the government’s proposal as very positive. According to her, partnering with the Financial Supervisory Authority will provide ample opportunities to put the tools available to the Spelinspektionen to use.

The strengthened cooperation with the Financial Supervisory Authority will provide good conditions for all tools to be used efficiently and result-oriented, which we see as very positive.

Camilla Rosenberg, director general, Spelinspektionen

Prior to tasking the Spelinspektionen to working with the Financial Supervisory Authority, the government introduced changes to the regulator’s powers. As noted by the gambling authority, more changes will be introduced within the next six months.

Other Spelinspektionen News

Last month, it was proposed to provide the Spelinspektionen with more funds to combat illegal gambling. Around $230,000 was to be set aside for the watchdog, strengthening its abilities to fight against crime and illegal gambling in Sweden.

The proposal was a part of the spring budget amendment and was based on an agreement between the government and the Sweden Democrats. Back then, the Spelinspektionen welcomed the proposal, saying that this will help it fight money-laundering, match-fixing and other gambling-related crimes.

Meanwhile, the BOS, Sweden’s Trade Association for Online Gambling, approved a separate call for increasing fees for license applications and issuing, saying that the extra funds would help the Spelinspektionen cover its costs for licensing and supervision.

In early April, the Spelinspektionen released an update on its board. As announced by the regulator, its board will continue to field seven members, with the only notable change being that it will now be chaired by Per Håkansson.

The Watchdog Continues to Regulate the Market

In other news, the Spelinspektionen just issued a B2B license to Soft2Bet, allowing it to complement its existing B2C business in the country. A few days prior to that, it also issued B2B licenses to Push Gaming and Pariplay.

Meanwhile, the authority slammed Bet365’s Hillside Hit brand with a $7.7 million fine over various violations. A day earlier, the Spelinspektionen also fined Betfair for accepting illegal bets in the country.

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Push Gaming and Pariplay, two suppliers of gambling content, have received permission to offer their products in Sweden. The B2B companies have officially secured a license from the Spelinspektionen and are ready for the new market requirements.

For reference, starting July 1, 2023, gambling suppliers in Sweden will be required to have a gaming software license before they can offer their products in the country. Since Sweden is a key market for Push Gaming, obtaining such a license was imperative for the company.

For Push Gaming, this new license means that the operator will be able to continue powering operators with games such as Giga Jar, Retro Tapes, Big Bamboo, Jimmin’ Jars and Razor Shark.

Pariplay, on the other hand, will continue powering the biggest local iGaming operators with aggregated content, as well as with games from Wizard Games, its proprietary studio. Under the terms of the license, the company will be able to offer its products undisrupted for the next five years.

Both companies are among the first suppliers to receive the new license.

The Two Companies Are Glad to Have Secured the Licenses

Representatives from Push Gaming and Pariplay commented on their newly-secured licenses. Fiona Hickey, Push Gaming’s director of new businesses and markets, said that her team is glad that the company will remain in the Swedish market even after the new rules go live on July 1.

According to her, the new license attests to Push Gaming’s commitment to focusing on regulated markets and responsible gaming. She concluded that Swedes will be able to continue enjoying the best games Push Gaming has to offer.

Meanwhile, Pariplay’s managing director, Adrian Bailey, said that Sweden is a key market for his company, which currently aggregates more than 14,000 games from dozens of developers. He said that his team is happy that it will not be forced to exit the country.

We’re committed to keep being the leading aggregator in regulated markets, and look forward to continuing to entertain our Swedish players for many years to come.

Adrian Bailey, MD, Pariplay

Bogdan Barbacaru, Pariplay’s head of compliance, also shared his thoughts on the matter, thanking the Spelinspektionen for allowing the company to continue operating in Sweden. Barbacaru said that his team is excited to keep growing in Sweden and continue strengthening its local foothold. He hopes that Pariplay will continue to expand its presence in Europe as a whole.

Speaking of the two companies, Push Gaming just released a new slot game called Dino P.D. Pariplay, on the other hand, recently added Urgent Games to its Pariplay Fusion platform.

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This license renewal from the Spelinspektionen comes at a time when Sweden has issued a new mandate that requires companies to reapply for their licenses and it impacts operators as well as suppliers.

Independent Studio Competing in the Biggest Markets

Jelly has been able to offer a number of excellent games to licensed and regulated operators in the market, and it has been continuing its momentum in the market. The company has additionally been growing in other key jurisdictions, including the United Kingdom.

Commenting on the latest milestone, Jelly COO Phil Collins said that the company was stoked to have obtained this license from the regulator. He argued that Jelly operates as an independent developer that is breaking ground in the iGaming sector.

Collins said that Jelly was very happy to continue with its operational momentum in the Swedish iGaming market as the company has some excellent releases planned for the second half of the year. Sweden also plays an important part in the studio’s growth.

“Operating in regulated markets is key for Jelly; it gives the company further credibility and recognition and opens the door to new operator partnerships,” Collins noted. Meanwhile, Jelly has been expanding rapidly. The company has been increasing its development expertise and seeking to secure new experiences for players.

The company licensed the Megaways feature back in February to offer more innovative content and twists of its own games through the player-favorite game mechanic. We recently spoke with Jelly’s chief executive officer David Newstead who talked about the history of the aggregator and its end goal as well as how the company leverages fresh and innovative mechanics to stay competitive.

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