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Swedish regulator fines four companies

swedish regulator four
The regulator found that four licensees violated the local regulations. Credits: Spelinspektionen

The Swedish gambling regulator Spelinspektionen has announced fines for four betting companies.

Sweden.- Spelinspektionen, the Swedish gambling regulator, has announced that four betting companies have received a warning and a penalty fee for betting on games that featured underage players. Current laws establish that betting on such events is not legal.

The regulator found that four licensees violated the regulations as they offered their services on those games. Spelinspektionen considers that events where the majority of players are under 18 are a direct threat of manipulating results.

The four companies fined are ComeOn Sweden Ltd, Hajper Ltd, Legolas Invest Ltd and Faster Ltd. ComeOn received a warning and a penalty fee of €560k, Hajper of €420k, Legolas of €9.3k and Faster of €887k.

“The gaming companies have taken various measures to ensure that future betting takes place according to the Gaming Act, for example by not offering games on U19 and U21 series. Spelinspektionen is working to develop regulations on possible bans or restrictions on games or events in competitions or other measures to combat the manipulation of sports results. The regulations are expected to enter into force at the beginning of next year,” said the regulator.

Swedish gambling market grows 3.2% in Q2

The local market grew 3.2% in the second quarter when compared to the previous one. Net turnover in the Swedish market totalled €598.3 million in the second quarter. The information based on data from the Swedish Tax Agency on decided tax is preliminary, and Spelinspektionen said it will adjust the numbers in the near future. The regulator said that approximately 91% of all gambling activity in the Swedish market happened through licensed sites.

Of the overall revenue, nearly 56.7% came from online gaming. The modality grew from €313 million in the first quarter to €322 in the second quarter, ending June 30.

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regulation sweden