This story was published more than 3 years ago.
This week Gaming Innovation Group announced that they've suspended sportsbetting on their Guts and Rizk online brands in Sweden, saying that the country's laws are making it impossible to provide the services.
GiG says that the current rules in place are "are too open to interpretation". This, combined with the gaming regulator being quick to issue fines for rule infractions (real and perceived) makes doing business in Sweden a difficult task.
Speaking about the situation GiG CEO Robin Reed said, "We find ourselves in an impossible position due to the lack of clarity in the Swedish gambling regulation. We have to protect the company and its shareholders from potential penalties from such vagueries.
"This action was taken because, ultimately, it is critically important for us to be compliant. So, we decided to temporarily suspend further bets until this can be clarified.
"We 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. The recent fines issued by the Swedish regulator to GiG and multiple other peers demonstrate this overall uncertainty in the market."
Reed is calling on the regulator to suspend sportsbetting services until it clarifies the laws related to the activity.
|Guts Casino||Malta, Sweden, U.K.|