GiG suspends Swedish sportsbooks amid compliance uncertainty
Operator suspends bets on Rizk and Guts brands as it awaits clarification around Swedish gaming law
Gaming Innovation Group (GiG) has suspended its sportsbook on its in-house brands Rizk and Guts in Sweden, as the operator awaits clarity on its compliance with Swedish gambling law.
The operator said it was a proactive measure as it was “critically important” to be compliant, although it did not specify which area of the law was unclear.
Global Gaming has had its licence revoked by the Swedish regulator for non-compliance, while eight firms were fined last week.
“We find ourselves in an impossible position due to the lack of clarity in the Swedish gambling regulation,” said CEO Robin Reed.
“We have to protect the company and its shareholders from potential penalties from such vagaries. This action was taken because, ultimately, it is critically important for us to be compliant.
“We believe that the current rules for online sports betting are too open to interpretation, leaving uncertainty around whether an operator is in fact compliant or not.
“The recent fines issued by the Swedish regulator to GiG and multiple other peers demonstrate this overall uncertainty in the market. We encourage the SGA to amend the relevant rules so that they do not leave any room for misinterpretation and we would welcome the opportunity to collaborate on this.
“We have taken the lead on this and we also encourage the SGA to suspend all sportsbooks operating in Sweden until such clarification is provided.”
The Guts Swedish sportsbook has been suspended
GiG was recently fined SEK3.5m for offering bets on an under-17 football match between Georgia vs. Slovakia on 28 January on its Swedish site.
The operator is appealing the decision claiming the event was “incorrectly offered” online and no bets were taken from Swedish players.
The firm said the ongoing sportsbook suspension would be financially immaterial, while any bets received but not yet settled will be honoured.
The measure is only being taken in Sweden and the operator said it would offer sportsbook again “as soon as the necessary regulatory clarification is given”.
GiG’s share price was down around 3% at the time of writing.
