Prominent gambling operator Betway has planned to become a member of the Swedish online gaming trade association Branschföreningen för Onlinespel (BOS). The company holds an online casino and sports betting license in the country. It started operating in the Swedish market this year.
What motivated the move?
Despite being a new entrant in the Swedish market, Betway has already been sanctioned by the Swedish regulator Spelinspektionen. It levied a fine of SEK 5 million on the company for breaching policies related to bonus offerings and warned it for the future.
Gustaf Hoffstedt, the secretary-general of BOS noted that the company’s association with BOS will help it align with updated Swedish regulations. He said that Betway fits into their gaming company profile that looks for consumer protection, has a long-term vision and always keeps modern gaming regulation as a priority.
He said that the recent re-regulation of the market has forced gambling operators to work under severe pressure. There is significant uncertainty about the future of regulations in the country. He said that the industry needs to stick together and strengthen their voice. With Betway joining BOS, they will make sure that they are heard by the regulators.
How does BOS operate?
The industry association counts several prominent gaming companies as members including the likes of GVC Holdings, Scientific Games, LeoVegas, bet365, Betsson, Kindred, and Mr. Green. This week, BOS lashed out at the Swedish government and said that some of its restrictions imposed on legal operators will give rise to an illegal betting industry. Eventually, illegal sites will gain market share, while legal and licensed operators will be penalized for complying with the law.
According to the Spelinspektionen, the legal gambling companies in Sweden account for 85% to 87% of the market while the rest is occupied by grey and black markets. BOS said that the regulator’s figures are lower than a previous estimate and it doesn’t fall in line with the government’s target of keeping the market at least 90% licensed.