GiG suspends sports betting on Rizk and Guts, challenging the Swedish regulator for clarification on the gambling law
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Gaming Innovation Group Inc. (GiG) has proactively chosen to temporarily suspend its sportsbook on inhouse brands Rizk and Guts in Sweden pending clarification from the Swedish Gambling Authority (SGA) with respect to the interpretation of some elements of the Swedish gambling regulation. The sportsbook is only suspended in the Swedish market with its own brands, remaining live in other countries and will be open again in Sweden as soon as the necessary regulatory clarification is given. Any bets received but not yet settled will be honoured and therefore unaffected by this. The financial impact on GiG will be immaterial.
Robin Reed, CEO of GiG states: “We find ourselves in an impossible position due to the lack of clarity in the Swedish gambling regulation. We have to protect the Company and its shareholders from potential penalties from such vagueries. This action was taken because, ultimately, it is critically important for us to be compliant. So, we decided to temporarily suspend further bets until this can be clarified. We believe that the current rules for online sports betting are too open to interpretation, leaving uncertainty around whether an operator is in fact compliant or not. The recent fines issued by the Swedish regulator to GiG and multiple other peers demonstrate this overall uncertainty in the market. We encourage the SGA to amend the relevant rules so that they do not leave any room for misinterpretation and we would welcome the opportunity to collaborate on this. We have taken the lead on this and we also encourage the SGA to suspend all sportsbooks operating in Sweden until such clarification is provided.”
GiG intends to appeal its recent sanction by the Swedish regulator. The Company does not agree with the SGA’s assessment and conclusion and is seeking clarification.
About Gaming Innovation Group:
Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group’s vision is ‘To open up iGaming and make it fair and fun for all’. Through its ecosystem of products and services, it is connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of Malta and is listed in the Oslo Stock Exchange under the ticker symbol GiG. www.gig.com
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