Patrik Hofbauer, the CEO of Svenska Spel, has reportedly condemned “shadow gaming companies” who act deceivingly in the Swedish gambling market. He has turned his attention to the Swedish Gambling Authority (SGA), to sharpen up and ‘deal with’ these operators. Let’s take a look at what exactly has stirred all this commotion.
When the Swedish gambling regulatory body was re-adjusted for the start of 2019, how many loopholes did the new set of laws include? Yes, there were gambling firms who were punished for not complying with the regulations. However, the Svenska Spel CEO has begun slating the gambling market for new reasons.
What did Svenska Spel’s CEO Mean with Shadow Gaming Companies?
According to a statement released on the Svenska Spel website, Patrik Hofbauer was hinting at operators who provide a ‘betting on outcome’ option for foreign lotteries.
By using this option, players at the online casinos can take wagers on externally owned lotteries, such as the American Powerball, German Keno or Finnish Lotto. This would be permitted without infringing on lottery regulations that prevent operators from who offer betting on Swedish lotteries.
The statement said:
“It is incomprehensible that this may continue. I can’t think of any other industry where it’s okay to use competing companies’ products as drawbacks for their own business.
“The shadow gaming companies cannibalise well-known lotteries without owning the brands they market and sell.”
“The Swedish Gaming Act clearly states the lottery market should be reserved for public benefit and the state.
“In practice, the shadow gaming companies put this out of play.”
The reason why the Svenska Spel CEO slated these shadow gaming companies is because they take away revenue from the Swedish national lottery.
In June this year, the SGA fined Lottoland SEK 700,000 ($73,304) for offering players in Sweden the opportunity to bet on the outcome of the Svenska Spel-owned EuroJackpot.For more information about what goes on in the Swedish gambling market, feel free to take a look at the latest online gambling news.
About the author
Simon is a University student majoring in the field of Communication. Since a young age, his two passions are writing and sports. Originally from England, the Premier League is an important part of his life.
In pursuit of other professional opportunities, Alberto Fornaro has resigned from his position as IGT CFO. His specialist skills will surely be missed by the company, but an interim name has already been drawn. Senior Vice President and Chief Accounting Officer, Timothy Rishton, was unanimously approved by the board of…