iGaming solutions firm, Gaming Innovation Group Incorporated (GiG) has received two Swedish gaming licenses, with one to be used for its Betspin, Kaboo, Thrills, Highroller, Guts and Rizk in-house brands, and its external customers will be offered the other.
According to the official press release…
Chairman of the Board for GiG, Petter Nylander (pictured, right) said…
“I am very excited in joining GiG in this dynamic market at this point in time, the Company is ready for its next phase of expansion with an accelerated need for compliance and end user safety. GiG will shortly be moving its listing to Sweden and it is a pleasure to see the Swedish market re-regulate, which is something I have personally been fighting for over a significant period.”
“enormous potential for growth”
“There is an enormous potential for growth in regulated and soon-to-be regulated markets globally, such as in the US, which state by state we see swiftly opening up for online casino and sports betting. I am looking forward to driving the success of GiG to the next level. GiG is uniquely positioned with its B2B solutions and B2C offering covering the whole value chain in iGaming and is supported by a strong Board in its further growth and opportunities.”
Also commenting on the license award, Chief Executive Officer for GiG, Robin Reed, said…
“I am delighted GiG is now ready for further growth in the regulated Swedish market where we have offered our online gaming entertainment since 2013. Sweden is a very important market, both to us and to many of our customers. We are looking forward to delivering our fair and fun offering to Swedish end users in the new regulated environment.
“at the forefront of responsible gaming”
“GiG embraces a safe and trusted iGaming environment and has been and will continue investing in technology and people to be at the forefront of responsible gaming. Examples of our innovative player safety services include a leading marketing compliance tool ‘GiG Comply’, machine learning and artificial intelligence to manage responsible gaming and a hands-on, inhouse Player Safety Team which directly supports the end users.”
“We are excited about the potential for accelerated growth as we expand in regulated markets globally. The new Board of Directors brings all the knowledge and experience we need to further accelerate the Company in an increasingly regulated environment and to drive towards rapidly becoming the leading iGaming partner supporting our customers in building strong brands.”
Re-regulation of Swedish market:
In June this year, the Riksdag (Swedish Parliament) approved the government’s proposal to introduce a new licensing system to the Swedish market. The new Gambling Act (SFS 2018:1138) means that anyone operating in the Swedish gambling market must have an authorized license. The new law will apply to all types of gambling that takes place in Sweden and to games both online and offline that target the Swedish market.
The new law will reportedly put private operators on more even footing with state-owned gambling enterprise, Svenska Spel, when it comes to advertising.
The new law will come into effect in the Scandinavian market from January 1, 2019, while licenses are awarded by Lotteriinspektionen, The Swedish Gambling Authority. A betting duty of 18 percent will be placed on gaming revenues. There are six different types of gambling licenses inclduing:
- State-owned games
- Public purpose games
- Commercial online games
- Commercial land-based games
- Cruise ship games
Spain license in the works:
Currently, GiG holds multiple licenses, including Sweden, Germany‘s northernmost state, Schleswig-Holstein, New Jersey, United Kingdom and Malta, with a license pending in Spain.