After LeoVegas Gaming Plc, a subsidiary of parent company LeoVegas AB (publ) (LEO:STO), was in November among one of the first company’s to be approved by The Swedish Gambling Authority for a license to operate online betting and gaming services in the Scandinavian nation, the Stockholm-based company is launching mobile payment system Swish for leovegas.com’s Swedish market today.

According to the official press release…

Currently, the payment service is the most popular in the Swedish market and used regularly by some 6.7 million inhabitants of the Nordic country. The launch of Swish is expected to significantly decrease the Nasdaq Stockholm-listed company’s transaction costs in the market there.

Re-regulated market:

Approval of the new Gambling Act by the Riksdag (the Swedish Parliament) on June 7, 2018, giving Sweden a new, re-regulated gambling market effective January 1 enables LeoVegas to work even closer with banking institutions and popular local payment services like Swish.

Added cost efficiency:

According to the press release, the new payment service serves to strengthen the offering and to also contribute to additional cost efficiency for the firm which offers casino, live casino and sport gaming, and operates a pair of global and scalable brands, LeoVegas and Royal Panda, as well as local multi-brand businesses in the United Kingdom market called Rocket X.

Commenting on today’s launch, Chief Executive Officer for Getwish AB, owner of the payment service Swish, Anna-Lena Wretman said…

“Today Swish has 6.7 million users and 180,000 connected businesses. We are super pleased with our continued growth and that Swish is now being offered as a payment method on a growing number of platforms.”

Explaining the significance of the addition, LeoVegas’ Group Chief Executive Officer, Gustaf Hagman said…

“LeoVegas’ goal is to offer the ultimate gaming experience for our customers, and we are now making this even better with the launch of Sweden’s fastest deposit method via Swish. Faster than this, you cannot make your payments and we are living up to our epithet: ‘lightning-fast deposits’. In addition, customers are securely identified via BankID. The fact that 63% of all Swedes use Swish every week (pdf) shows how popular Swish is, and it is therefore extra exciting that LeoVegas is now offering the favourite way of making payments in Sweden. Our teams have worked intensively to be able to launch immediately after the turn of the year. That we are also lowering our transaction costs makes this a win-win arrangement and exemplifies the new opportunities for LeoVegas in the Swedish market.”

Eyeing Spanish market:

Last month, LeoVegas announced via press release that it had filed applications that would hopefully see it launch a selection of mobile-friendly online casino and sportsbetting services in Spain during the first quarter of this year and add the nation of some 46 million people to its list of licensed jurisdictions that additionally encompasses Ireland, Malta, Denmark, Italy and the United Kingdom.