Gaming Innovation Group awarded new Swedish software licence
Gaming Innovation Group (GiG) has been awarded a full licence by the Swedish Gaming Authority, Spelinspektionen, for its award winning platform in Sweden.
The announcement follows recent changes in the local regulatory framework due to come into effect on 1 July 2023, that requires all B2B software providers operating in the Swedish market to license their technology in accordance with the updated legislation.
GiG continues to enjoy a strong connection with the region, being listed on NASDAQ Stockholm and having been present in the Swedish regulated market ever since the market launched. It is a leading platform provider powering Suprnation, Lucky Days and Betsson’s Zecure brands, among its partners in the Sweden.
As a leading platform and sportsbook provider, the licence helps affirm GiG’s commitment to expansion in regulated markets globally, with licences in over 29 complex regulated markets worldwide and a further eight on the way.
Sweden is one of the most lucrative markets in Europe for online gambling, with an estimated revenue of around €1.5 billion in 2022, representing an annual growth of 6% from the previous year, driven by expansion in the online casino and sports betting verticals.
Claudio Caruana, general counsel for GiG 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.”
Marcel Elfersy, chief Ccommercial 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.”