GiG To Expand Presence In Sweden With New B2B Supplier License
Summary:
- GiG becomes the latest gaming supplier to obtain a license under the country’s new B2B framework
- The company considers Sweden as one of its key markets
- GiG also obtained licenses in Maryland and Pennsylvania in March 2023
Gaming Innovation Group (GiG) has secured a B2B supplier license in Sweden, becoming the eighth online gaming software supplier to be granted the license under the country’s recently introduced B2B framework. The issuance of licenses is overseen by the Swedish Gaming Authority, Spelinspektionen.
Gig Bolsters Swedish Presence by Obtaining B2B Supplier License
GiG has existing partnerships in Sweden, providing software support for two online casino brands — Zecure Gaming which is part of Betsson Group, and L7 Entertainment’s Lucky Days. GiG aims to establish a strong foothold in Sweden and be at the forefront in terms of regulatory compliance by becoming a licensed B2B supplier, according to the firm’s general counsel, Claudio Caruana.
The company is already licensed in 29 countries and has applied for a license in eight more locations as it puts its focus on expansion in regulated markets. GiG recognizes Sweden’s strong online gaming potential, with the sector’s gross gaming revenue (GGR) reaching an estimated €1.5 billion in 2022, up 6% from 2021.
GiG has been operating in Sweden for several years now, making it a core market for the company. This has allowed the firm to develop a deep understanding of the needs of the operators despite the complex regulatory environment, said Marcel Elfersy, Chief Commercial Officer at GiG. The company is looking forward to continuing to help drive sustainable growth in Sweden which it considers its home.
Proposals for a new B2B framework were approved by the Swedish parliament, Riksdag, in November 2022. The new license requirements will be fully implemented starting July 1, 2023, under amendments to the Gambling Act. The new rules are aimed at combating illegal gambling.
Spelinspektionen began awarding B2B supplier licenses earlier this year ahead of the July 1 deadline. Among the first gaming suppliers to be granted licenses are Synot Games, Skill On Net, and Hacksaw Gaming.
GiG Expands in the U.S.
Becoming a fully-licensed gaming supplier in Sweden represents a fresh milestone for GiG after obtaining licenses in two U.S. states – Maryland and Pennsylvania in March 2023. The company is set to establish a new hub in the U.S. before the end of this year, with the main goal of expanding its sportsbook and iGaming operations in North America.
Carolyn DuttonAuthor
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
