Svenska Spel Faces SEK100m Fine for Regulatory Failures
Date: 2024-03-26 Author: Dima Zakharov Categories: EVENTS
Regulatory Shortcomings Unveiled
Svenska Spel, a prominent name in Swedish gambling, is currently in hot water, facing a significant penalty fee of SEK100m due to regulatory breaches. The issue stems from the company's failure to adhere to player care responsibilities as mandated by Sweden's Gambling Act, introduced in 2019.
Failures in Player Protection
An investigation by Sweden's regulatory body, Spelinspektionen, has shed light on Svenska Spel's inadequacies in safeguarding players against excessive gambling. The review particularly scrutinized the handling of top-spending customers and revealed lapses in intervention to curb gambling addiction.
Svenska Spel's Response
CEO of Svenska Spel's digital division, Fredrik Wastenson, expressed remorse over the regulatory verdict, highlighting ongoing efforts to enhance gaming responsibility measures. However, the company contested certain aspects of the authority's assessment, signaling a potential appeal against the decision.
Mixed Performance and Future Outlook
This development follows a mixed financial performance for Svenska Spel in 2023, with revenue remaining relatively stable despite operational challenges. As the company navigates through regulatory hurdles and transitions in leadership, its commitment to sustainable gaming practices remains under scrutiny.
Other Regulatory Actions
In a busy day for Spelinspektionen, another company, Yggdrasil, faced penalties for supplying gaming software to unlicensed operators. This highlights the regulator's strict enforcement of Sweden's Gambling Act, underscoring the importance of compliance within the industry.
