GiG Grabs Swedish B2B License Ahead of New Regulations

Gaming Innovation Group (GiG) has been awarded a new license in Sweden, the group announced. The leading iGaming platform and sportsbook provider reported securing approval from the Spelinspektionen, allowing it to continue offering its B2B products in the country ahead of the introduction of the new regulations.

Sweden recently decided to regulate providers of online casino solutions and, starting July 1 will only allow licensed B2B companies in the market.

The new license is very important to GiG, which is listed on NASDAQ Stockholm and has been present in the market since it launched. Now, the company will be able to continue supplying operators in the country with its premium iGaming solutions.

Sweden is a major European iGaming market that had an estimated revenue of around $1.37 billion in 2022. This figure represented a 6% year-on-year growth, proving that Sweden is still evolving as an iGaming jurisdiction.

Regulated gambling markets sit at the heart of GiG’s global expansion strategy. The supplier currently boasts licenses in 29 jurisdictions and is awaiting approval to launch in 8 more. By securing this new license in Sweden, the provider is also able to highlight its commitment to remaining compliant with local regulations.

GiG Vowed to Remain Compliant

Claudio Caruana, general counsel for GiG, commented on the new license. He said that his company is committed to following the rules. As a result, GiG is prepared to dedicate its resources to ensure it is compliant with local regulations when new rules are introduced.

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.

Claudio Caruana, general counsel, GiG

Marcel Elfersy, GiG’s chief commercial officer, also released a statement. He noted that GiG has been a powerhouse in Sweden for many years and that the company itself has its origins in the region. As a result, GiG’s team appreciates and understands the local market and is keen on continuing its business in the country.

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, localized service.

Marcel Elfersy, CCO, GiG

GiG just posted its Q1 financials, continuing the momentum it began building up in 2022.