Last updated: March 26, 2024
Yggdrasil Gaming has been penalized by the Swedish Gambling Authority for providing gaming software to an entity lacking a Swedish license, in violation of the Gambling Act. The penalty of SEK 300,000 emphasizes the importance of regulatory compliance in Sweden’s gambling industry, aiming to deter illicit activities and enhance oversight.
The Swedish authorities recently launched their scrutiny of company Yggdrasil under the suspicion that it supplied gaming software to businesses that do not have a Swedish licence.
The provider has been decreed and fined a warning and a penalty fee totalling SEK 300000 ($28,371) for this violation.
Such regulations stem from the Gambling Act, which requires the valid permission of any company that produces, provides, installs, or changes software for online gaming for profits to be conducted by July 1, 2023.
It was done that way so that the unlicensed operators could not have any connection with vendors who provide their games to a Swedish licensed operator. The purpose is to strengthen the oversight of regulators as well as discourage gambling activities not legally authorized.
The Swedish Gambling Authority (SGA) investigated several websites of online gambling businesses that did not have any Swedish licenses. We happened to discover that Yggdrasil was among the suppliers to one of those unlicensed operators after a supervisory process.
Then, the SGA representatives went to Yggdrasil to see whether these standards were followed and how the licensing might be changed. After consideration, the authority declared that the same deserved the penalty.
The Swedish Gambling Authority has not been detached from responding by active measures to support sports betting integrity. There was an initiative already in January when the authority collaborated with the International Betting Integrity Association (IBIA) to increase its capacity to combat suspicious betting events in Swedish sports.
By signing a cooperation agreement, the parties aimed to pass on the necessary data to each other to ensure the probity of sports betting in Sweden.
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