Videoslots wins appeal to secure a 5yr licence
Videoslots have won their appeal against the regulator Spelinspektionen to secure the maximum 5yr Swedish licence. In December 2018 they were awarded a 2yr licence because of penalties issued by the UK Gambling Commission due to not having stricter control over money laundering and their social responsibilities.
The £1m settlement was paid to the National Responsible Gaming Projects in lieu of a financial penalty, which is used for funding research and appropriate treatments which will help to address the risks of harmful gambling to players and their families.
About the appeal
The Administrative Court in Linköping overturned Spelinspektionen’s decision as the penalties related to operations of the company within the UK market.
Videoslots appealed against the decision of the 2 year licence saying that the UKGC’s decision was not a viable reason for them not to be granted the normal 5 year licence, and that Spelinspektionen had already granted 5 year licences to other operators who had already been fined abroad.
They also pointed out that they had taken immediate action to address the issues that were raised by the UKGC and that they been quite open and transparent and co-operated fully throughout the investigation.
Videoslots also brought to their attention a case in Sweden involving Casino Cosmopol a land based casino, who are a subsidiary of Svenska Spel, who were fined SEK8m by Swedish regulator Lotteriinspektionen, for their failure to comply with licencing requirements yet were still awarded a 5yr licence from Spelinspektionen.
Videslots licence will be extended until the 31st of December 2023.
Alexander Stevendahl, CEO at Videoslots.com, said: “Videoslots is firmly committed to keeping gambling both safe and fun and this has been recognised with the full five-year period of our Swedish licence.
“Player safety across all our markets is always our priority and this news is very welcome due to the growth we are seeing in the Swedish market’’
