Gaming Innovation Group (GiG) has temporarily suspended the sportsbooks on its proprietary Guts and Rizk brands in Sweden, owing to a lack of transparency on the iGaming regulations in the country that has seen the business being put in ‘an impossible position’.
The sportsbook has only been suspended in the Swedish market with GiG’s own brands, pending clarification from the Swedish Gambling Authority (SGA) with respect to the interpretation of a number of elements of the Swedish gambling regulation.
The group’s own brands will remain live in other countries and will be open again in Sweden once the necessary regulatory clarification is given.
GiG has promised to honor any bets received but not yet settled with the financial impact on GiG being immaterial.
Robin Reed, Chief Executive Officer of GiG, stated that they find themselves in an impossible position due to the lack of clarity in the Swedish gambling regulation. He added that they have to protect the Company and its shareholders from potential penalties from this position.
Reed went on to say that this action was taken because, ultimately, it is critically important for them to be compliant and they, therefore, decided to temporarily suspend further bets until this can be clarified. He added that they 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.
Reed also said that the recent fines issued by the Swedish regulator to GiG and multiple other peers demonstrate this overall uncertainty in the market and they encourage the SGA to amend the relevant rules so that they do not leave any room for misinterpretation and would welcome the opportunity to collaborate on this.
