LeoVegas Re-establishes 5-year Swedish gaming License

The online gambling company LeoVegas AB, listed in Sweden, has re-established its Swedish gaming license for five years, winning its appeal against Spelinspektionen gaming inspectorate.

LeoVegas governance questioned the decision of Spelinspektionen to limit its license to a two-year operating period in relation to committing violations of UK ads.

Sending a complaint to Linköping’s Swedish Administrative Court, LeoVegas Governance opposed the decision by arguing that international regulatory anomalies should have no effect on the license requirements of an incumbent.

Contesting Spelinspektionen conduct, LeoVegas Governance claimed that its UK advertising anomalies related to 2016 and that the company had met all of the UK Gambling Commission’s (UKGC) applications, meeting its licensing conditions for the UK market.

“A regulated market has more extensive requirements in relation to responsible gaming with a strong consumer protection focus,” says Vala Karimi, General Counsel LeoVegas. “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.”

In its update, LeoVegas Governance emphasises its dedication to responsible gaming as a licensed Swedish operator, with the organisation introducing its LeoSafePlay vertical as a separate business entity with the goal of creating the’ best conditions for next-generation machine learning and artificial intelligence’ program.

Gustaf Hagman, Group CEO LeoVegas, remarked on the development: ”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.”