Swedish regulator targets payment service providers

The Swedish gambling regulator has sent a letter to payment service providers to emphasise current regulations.

Sweden.- As part of its attempt to improve consumer protection, the Swedish gambling regulator Spelinspektionen has sent a letter to payment service providers. The regulator says that it is important to not work with companies that target the Swedish market without a licence.

Spekinspektionen said that a basic prerequisite for achieving a better consumer protection framework is to ensure that those who engage in gambling activities in Sweden have a licence and close out those who don’t have it. It explained that they aim to channel gambling into legal alternatives and minimise the illegal gambling market.

In the letter signed by Patrik Gustavsson, Head of the Operations Department of Spelinspektionen, he tells payment service providers that unlicenced games can have serious consequences for society. It emphasises increased vulnerability, risk of money laundering, lost tax revenue and unhealthy competition.

“All games provided in or directed to Sweden, including games over the internet, must have a Swedish gaming licence. Payment service providers that mediate bets or winnings to and from gaming companies that do not have a licence may be guilty of violating the Gaming Act,” said the regulator.