LeoVegas granted a Swedish casino licence
LeoVegas online casino is the one that leads the way into Sweden’s newly regulated online gambling market.
In the latest market update, it was announced that LeoVegas has received the license to conduct casino and sports betting online business in the country.
LeoVegas Leading Way
Lotteriinspektionen, the Swedish gambling authority announced the names of the first 16 approved candidates for a license for operating online gaming and betting services in Sweden’s re-organized gambling market.
LeoVegas, Bet365, Betsson Nordic, Casumo, PartyPoker and several VGC Holdings brands are on the top of that list.
LeoVegas is expected to launch its casino, live casino and sports betting at the very start of 2019.
“Finally – we have been waiting for this day for a long time and is a milestone in LeoVegas history! We have worked hard with the extensive application process and I am very proud of our work. LeoVegas currently has gaming licenses in several countries and has thus broad experience operating in a regulated environment” comments Gustaf Hagman, LeoVegas’ Group CEO.
New Year, New Law
The new gambling law was approved by the country’s government earlier this year with a purpose to end the long-running monopoly system and open the path for international gambling companies to enter the market.
The new law comes into effect on 1 January 2019 and operators will be prohibited to conduct unlicensed gaming and betting, which will be strictly penalized.
Lotteriinspektionenhas launched the licence application process in August and all gaming companies were invited to submit their applications and to be among the first to receive a license. Among 95 applications so far, 16 were granted to start operating on 1st January with LeoVegas leading the way.
SvenskaSpel, the state-run monopoly, will face a tough competition with more international companies joining the party later in the year.
The change was deemed necessary since Sweden’s gambling market grew 1.2% during the first three quarters of the year to $1.8 billion but the unregulated sector was the main driver of the growth.
Unlicensed operators generated $500 million revenue which is 12.4% rise year-on-year. Sweden plays a major role for LeoVegas and its financial targets for the next year. In the first three quarters of 2018 LeoVegas generated 35% of revenue in the regulated markets and by receiving a license in Sweden, the number can amount to 60%.
“In recent years we have invested substantially in responsible gaming and LeoSafePlay, an area that will continue to make up a fundamental part of our operations. Being among the first operators to receive a gambling license is a quality seal and affirms LeoVegas as a leading, long-term and serious actor in the industry.”
“LeoVegas is the most well-known online casino brand in Sweden. We believe we offer the best mobile gaming experience. This combination is hard to beat and gives us a strong position in our home market where we continue to grow,” added Hagman.