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Swedish Regulator in Search for Monitoring Partner

sweden flag and bet keys on keyboard

The gambling regulator for the Swedish industry, Spelinspektionen, has announced that it will be looking for a partner to help deliver some of its verification services relating to the licensing of new operators as well as the monitoring of ongoing compliance in the market.

According to the Spelinspektionen, its new partner will be required to gather details about the ownership and business structure of any company making a new application for a licence to operate in the Swedish market. The details gathered will also include information on governance and addresses. In addition, the partner will be responsible for monitoring the existing operators in the Swedish market, which went through a re-regulation process at the end of 2018. It is not yet clear how many investigations into existing operators are likely to be launched, but some reports put the figure as high as fifty, reflecting the organisation’s concern about industry practices.

The regulator in Sweden has already enforced several initiatives, tackling illegal and unlicensed betting companies. A number of operators, including Aspire Global, Genesis Gaming and Paf Consulting have received reprimands for failures relating to the Swedish industry’s self-exclusion scheme, which was set up in January this year.

Others have been fined for enabling betting on a football match with underage participants. Under Swedish law, it is illegal to offer betting markets on events with participants under the age of eighteen. In addition to fining the offending companies, Spelinspektionen has also announced that they would be put under close regulatory supervision to ensure their compliance going forward. But the news that the organisation is looking for a partner to help monitor the sector suggests that the regulator feels there is much more work to be done in this area.

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