Gaming Innovation Group (GiG) has temporarily called off sports betting operations of its two brands Rizk and Guts in Sweden. The gaming company has said vague igaming regulations as a reason to suspend sportsbook.
GIG said that Sweden’s vague igaming regulations have pushed their business in “an impossible position.”
The company has also confirmed that they would honor the bets placed by Swedish customers. GIG has also said that they are looking forward to Swedish gambling regulator Spelinspektionen clarify parts of the new gambling regulations.
GIG CEO, Robin Reed said that the current Swedish laws for sports betting “are too open to interpretation.”
“We find ourselves in an impossible position due to the lack of clarity in the Swedish gambling regulation,” GiG CEO Reed explained. “We have to protect the company and its shareholders from potential penalties from such vagueries.
“This action was taken because, ultimately, it is critically important for us to be compliant. So, we decided to suspend further bets until this can be clarified temporarily.
“We believe that the current rules for online sports betting are too open to interpretation, leaving uncertainty around whether an operator is, in fact, compliant or not. The recent fines issued by the Swedish regulator to GiG and multiple other peers demonstrate this overall uncertainty in the market.”