The Gaming Innovation Group ( GiG) who operate iGaming brands such as Guts and Rizk have today suspended the sportsbook operations of both brands in Sweden, due to concerns over compliance issues in the country.
The Swedish regulator of late has been swift to take action against licensees that it perceives are not in full compliance with their regulations, and this move by GiG has been taken due to a lack of clarity from Spelinspektionen, the Swedish Regulator.
In taking this action GiG have confirmed that they will continue to honour any ante post bets already made and hope to be in a position to reopen the sportsbooks in due course. However, this is dependant on assurances and the ‘necessary claification from Spelinspektionen is received.
Chief Executive Officer of GiG, Robin Reed commented: “We find ourselves in an impossible position due to the lack of clarity in the Swedish gambling regulation. We have to protect the company and its shareholders from potential penalties from such vagueries.”
“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.”
Reed also called upon Spelinspektionen to ensure a level playing field among licensees, calling for them to suspend licenses for all online sportsbooks, until such time clarification as to the way forward is received.