LeoVegas joins the queue for a Swedish online gambling licence
News on 20 Aug 2018
News on 20 Aug 2018
Online gambling operator LeoVegas has joined the line applying for online sports betting and casino licensing behind other tier one operators like Kindred Group, Bethard (Malta) and MRG Malta (Mr Green group).
On January 1, 2019, Sweden becomes a licensed gaming market and LeoVegas has made application as part of its expansion strategy, the company said in a statement Monday.
“While it has been known for some time that Sweden is introducing a local licence system, it is very exciting to formally submit an application and is something we have been looking forward to for a long time,” said Gustaf Hagman, Group CEO.
“Sweden’s becoming a locally regulated market is a milestone for Sweden, the industry and LeoVegas. Now, for the first time, everyone can compete on equal terms in a regulated environment, where responsible gaming is a very important part. We believe we have great opportunities to continue gaining market shares in the Swedish market. LeoVegas is a company that operates on several regulated markets and thus has the right tools and knowledge to create sustainable and strong growth.”
During Q2-2018 LeoVegas’ NGR from regulated markets accounted for 39 percent of total NGR. Regulated markets provide greater opportunities to localise the offering and be more relevant, the company believes. This is especially true for marketing, as more marketing channels are opened up, but also for the customer experience, where – for example – more payment methods become available.
The company notes that the licence requirements in Sweden will be extensive in regard to responsible gaming, and welcomes this, claiming that it has always had its focus on this area. The company’s responsible gaming platform, LeoSafePlay, is operated as a standalone business unit in order to create the best conditions for the next generation system of responsible gaming based on machine learning and artificial intelligence.
Swedish 5-year licence applications require the payment by operators of a SEK 400,000 ($44,000) fee for casino gambling, and SEK 700,000 for sports betting and casino gambling approval. Operators pay tax at the rate of 10 percent based on GGR.
