The Swedish Gaming Authority, Spelinspektionen, has awarded the latest in a series of B2B supplier licences to Gaming Innovation Group (GiG).
GiG becomes the eighth betting and gaming supplier to secure approval under Sweden’s new B2B framework, approved by the Rikstag parliament in November last year with backing from the Ministry of Finance.
The firm, which maintains offices in London and Malta, is confident of its Swedish prospects, pointing to ‘a strong connection’ to the country via its NASDAQ Stockholm listing and long-standing activity in the market via partnerships with the likes of Lucky Days and Betsson’s Zecure brand.
Claudio Caruana, GIG General Counsel, said: “As regulators continue to build more robust requirements on industry suppliers and operators, we will continue to dedicate our resources to ensuring that the development of our technology and procedures places us at the forefront on matters of compliance.”
GiG added that securing a Swedish B2B licence falls in line with its strategy of expansion in regulated global markets, with the firm having built up a portfolio of licences in 29 countries, with a further eight currently being processed.
Further underscoring its potential in the country – where as mentioned above, it has a long-standing presence – GiG cited an estimate of total Swedish national GGR of €1.5bn in 2022, representing a growth rate of 6% on the year prior.
Meanwhile, developments further afield in the US have seen the company strengthen its presence there, having been approved for licences in the states of Maryland and Pennsylvania.
Marcel Elfersy, Chief Commercial Officer at GiG, added: “We have been an active presence in Sweden for many years, with the company having its origins in the region, and we have a deep understanding of the needs of operators in the local market.
“Our platform and sportsbook are well suited to the increasingly complex regulatory environments there and we look forward to continuing to help power sustainable growth in Sweden with our depth of experience, leading software and dedicated, localised service.”
From 1 July 2023 onwards all suppliers active in the Swedish market will be required to have a B2B licence as part of the amended Gambling Act.
The latest update from the Spelinspektionen confirmed that ‘around 60’ licence applications are being considered after a round of submissions from 1 March.