LeoVegas Obtains Gaming License for Swedish Market

After the submitted appeal and reconsideration of LeoVegas application, Swedish Gaming Inspection has approved a 5-year license to the well-known operator.

The entire Swedish gaming sector has been regulated since January 2019. Gaming operators had an opportunity to apply for a license for the local market and LeoVegas originally received a 2-year license. Swedish Gaming Inspection didn’t allow LeoVegas to obtain a 5-year license because of advertising violations in the UK. However, the company appealed against the decision and the Administrative Court decided to reapprove license on 5-years.

Details

LeoVegas submitted the appeal against the initial decision of Swedish gaming inspectorate - Spelinspektionen. The operator filed an appeal to the Swedish Administrative Court of Linköping while stating that “foreign regulatory discrepancies should hold no bearing on an incumbent’s license conditions“. The company further mentioned that it implemented all UK Gambling Commission demands and fulfilled conditions for UK license.

A representative of LeoVegas General Counsel, Vala Karimi said:

“A regulated market has more extensive requirements in relation to responsible gaming with a strong consumer protection focus. LeoVegas welcomed the regulation even before its introduction and sees the decision of the Administrative Court as very positive and it gives us an opportunity to continue to focus on compliance."

LeoVegas operator has emphasized its commitment to responsible gaming strategy. The company runs the LeoSafePlay platform which is based on artificial intelligence and machine learning. LeoSafePlay exists as a separate unit and aims to create the best conditions for the upcoming system generations.

Swedish Gaming Market

Presently, Swedish operators should count on 18% tax on gaming revenues. Only in the first part of the year, all licensed companies in Sweden have paid about SEK 1.8 billion in taxes, which amounts to SEK 26 billion on an annual level.

Group CEO at LeoVegas, Gustaf Hagman explained:

"After our investments in regulatory compliance and our experiences from regulated markets, this decision is a receipt that we are conducting a professional business. I am proud of our teams that have delivered this in the difficult-navigating environment in which we operate. The extended license gives us continued peace of mind in the Swedish market, where we take market shares month by month. We also see that several smaller players are leaving the market at the same time as marketing has diminished. With our eight gaming licenses, I look forward to the continued offensive expansion, and this year alone we have gone live in several new markets and we will continue to focus on profitable growth.”

Source:

“LeoVegas receives a five-year gaming license in Sweden after court win“, yogonet.com, October 11, 2019.