Betsson Faces Regulatory Fines and Dutch Market Exit
Betsson, the Swedish gaming giant, is facing a tough June after receiving regulatory fines at home and abandoning its Dutch market expansion plans. The company was fined SEK 6.5 million (£485,000/€560,000) by the Swedish Gaming Authority, Spelinspektionen, for serious anti-money laundering (AML) shortcomings. These included failures in verifying customers’ source of funds, with eight out of ten reviewed accounts showing violations. One player made 181 deposits totaling SEK 133,584 in a month but was wrongly classified as low risk. Another deposited SEK 491,950 over four months despite a much lower declared income.
Adding to its woes, Betsson has terminated its acquisition of Holland Gaming Technology Ltd and Holland Power Gaming B.V., intended to facilitate its return to the Dutch iGaming market. The deal, valued at €27.5 million, was reversed due to prolonged regulatory delays by the Dutch Gambling Authority (KSA), which failed to provide approval by the agreed deadline. Betsson will be refunded €26.7 million minus an €800,000 break fee.
Adding to its woes, Betsson has terminated its acquisition of Holland Gaming Technology Ltd and Holland Power Gaming B.V., intended to facilitate its return to the Dutch iGaming market. The deal, valued at €27.5 million, was reversed due to prolonged regulatory delays by the Dutch Gambling Authority (KSA), which failed to provide approval by the agreed deadline.
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