Videoslots extends Swedish licence to support 2024 strategy

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Videoslots Deputy CEO Ulle Skottling boasted the firm’s “strong business and compliance” in Sweden as the online casino operator gained a five-year renewal from Spelinspektionen

The slots-focused casino brand can continue offering its online platform in Sweden via the renewed licence, a market it has remained active in since it was legalised back in 2019. 

Following approval from the Swedish Gambling Authority, Videoslots’ licence has been extended to 2028, with five years being the maximum possible extension to gain from the regulator. 

Skottling commented: “We remain strong in business and compliance, and we welcome the SGA’s recognition and ongoing confidence in our practices. The decision supports our plans for 2024.”

In addition to the Videoslots brand, the operator’s subsidiary Mr Vegas is also active in Sweden’s igaming sector, having gained initial approval from Spelinspektionen back in 2021. 

Videoslots has faced recent difficulties in Sweden, notably receiving a warning from the Gambling Authority alongside a penalty fee of SEK 9m (€750k) for AML failures. 

Following an investigation from the regulator after it placed Videoslots under supervision in 2021 due to ‘shortcomings’ in AML and financing of terrorism prevention, Spelinspektionen reportedly found failures in the firm’s risk profile and enhanced customer due-diligence checks. 

However, Videoslots contested the results of the investigation, stating that the probe could be flawed due to the potential that examined customers may have funded their activity with previous winnings. 

Meanwhile, the operator stated that the examined period – January to March 2020 – came before Sweden’s income level checks were introduced in May 2022. 

Skottling recently sat down with CasinoBeats to discuss the impact of hitting the “remarkable milestone” of 10,000 on-site games, while commenting on the rise of AI and machine learning technology in the online casino industry.