Swedish Regulator Targets Versus Odds BV in Gambling Case

Versus Odds B.V., a company licensed in Curacao, has been named in Spelinspektionen’s latest enforcement action against the unlicensed and unregulated gambling market in the country.

According to the regulator, Versus Odds B.V., which operates fortunepanda dot com, had offered unlicensed gambling to local players. Sweden has been a regulated market since January 1, 2019, and has worked painstakingly to clamp down on the black market.

Spelinspektionen Takes Shot at Another Operator in Curacao

Previously, the regulator said it would hold any supplier and game developer accountable should its games appear on a website that is unregulated in Sweden. Suppliers would then face fines for allowing illegal gambling sites to offer their games and potentially lose their licenses.

Now, the Spelinspektionen has gone directly after the operator of gambling sites, which, besides the FortunePanda brand, also operates ArtsCasino.

The regulator insisted that the company had violated the existing gambling laws and regulations in Sweden, prompting it to ban the website from the local market.

The Spelinspektionen simply said that any company that seeks to offer its products to the local market would need to hold a relevant license as per Chapter 3, Section 3 of the current gambling legislation.

This year, Spelinspektionen has been determined to seek stricter enforcement action against wrongdoers and companies that fail to comply. Although the regulator arguably has limited purview when it comes to gambling companies that are not regulated locally, Spelinspektionen has not been past naming them in its enforcement actions.

For the most part, though, the regulator has kept a close eye on licensed operators instead, going after many prominent local companies that already have skin in the market and are likely to want to preserve their operations intact.

The Regulator Seeks to Substantiate Its Clout in Sweden

The Swedish gambling market has been challenged by several developments. For starters, channelization rates have not been great, although the regulator insisted that they are improving with the black market reducing its influence. This statement has remained somewhat difficult to prove outright.

At the same time, there have been calls for strengthening the role of the regulator and ensuring that it follows up on any penalties and enforcement action it imposes. Spelinspektionen is said to have failed to ensure that once allocated, recommendations measures have been kept.

In the meantime, perhaps realizing its own limitations in enforcing certain rules, the regulator also has sought to promote regulated gambling operators to the public and equip players and the general public with the skills to recognize legitimate gambling sites in the country.