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Videoslots Appeals and Secures a Longer Swedish Licence to 2023

It’s a win for Videoslots. After an appeal to the Swedish Gaming Authority, its license has been extended to the end of 2023. Spelinspektionen had previously limited the license duration.

Only two years was granted to Videoslots, but the Linnköping Administrative Court has seen fit to lengthen the original two years to three.
Apparently, the two-year span was part of an old settlement between the operation and the GB Gambling Commission after an investigation revealed a lack of customer due diligence protocol.

An old settlement over due diligence

The problem pertained to customer funds issues between 2014 and 2017. Videoslots did not check on its high-spending clients. In fact, one had used a fake driver’s license.

The outcome was a £1m “settlement” as opposed to a penalty. An additional levy of £1m went to the costs of the investigation.
The most painful part of the process was the limited license term, but the Commission was justified. It took proactive and timely measures to address the failings identified.

Videoslots cooperated fully.

The appeal is successful Videoslots won its appeal after stating that it is a serious business making a concerted effort to follow relevant regulations. It stated that…

“The British supervisory case, therefore, cannot be considered a reason to deviate from the normal, five-year licence period.”

Of note, other companies received five-year licenses after their settlements. For example, the state-owned operator, Svenska Spel, saw no restrictions on its licence despite a subsidiary being fined for lax anti-money laundering processes.

Spelinspektionen responded to the appeal, noting that the settlement was only announced in November 2018 – too short a time to assess the outcome of Videoslots’ issues.

The regulatory body disagreed that other fined entities were favored. It was not a matter of an oversight as the operator claimed. Yet it decided to overturn the two-year license given the cooperation of Videoslots with the Gambling Commission.

While Alderman Thomas Kjellgren, who presided over the appeal, upheld Spekinspektionen’s ongoing supervision of operators, he agreed with the new assessment and made the ruling.

Elsewhere, LeoVegas challenged the regulatory body over a similar two-year limited license. It prevailed in October.
Four more operators – Ellmount Gaming, Aspire Global, Gaming Innovation Group(GiG) and Hero Gaming – obtained three-year licenses upon appeal.

Source: https://www.igamingbusiness.com/news/videoslots-secures-longer-swedish-licence-following-appeal

About the author

Carol Kay

Carol Kay

Carol Kay is an American editor and writer living in California with a background in business and finance, health and fitness and popular culture. She is the author of numerous books and articles on a variety of subjects. She is dedicated to disseminating information of public import on the internet.

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