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Home » Swedish Gambling Regulator Warns Payment Service Providers
Swedish Gambling Regulator Warns Payment Service Providers
Swedish Gambling Regulator Warns Payment Service Providers
Europe

Swedish Gambling Regulator Warns Payment Service Providers

The Swedish gambling regulator, Spelinspektionen, has warned payment service providers (PSPs) in the country and has asked them not to be involved in facilitating payments to and for unlicensed gambling operators catering to Swedes.

In a written letter to PSPs, the gambling watchdog has said that in the wake of the new Gaming Act opening up the market for overseas and new players, the call to block payments for unlicensed operators is a step to ensure consumer protection.

“Players who play at gaming companies without a Swedish license are not protected by the gaming liability measures that result from the Gaming Act,” Spelinspektionen head of operations Patrik Gustavsson explained.

“Payment service providers that mediate bets or profits to and from unlicensed gaming companies help these companies to continue to operate without complying with Swedish laws and regulations.”

The gambling operator also said that the unlicensed operators are not bound to comply with the country’s money laundering and terrorist financing regulations. As such any kind of business with them will put the service providers and also consumers at risk.

Spelinspektionen added that allowing PSPs to process payments for unlicensed operators will also hamper its responsible gambling initiatives.

Spelinspektionen is also trying to bring in revised advertisement regulation for gambling-related Ads. The regulatory body is advocating to check the gambling-related ads aired on television and radio as well as print and digital publications to some extent.

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Harry Matthew

Harry Matthew

Harry serves as a resident reporter for Casino Buzz. He has been responsible for building the content base and forms the core reporting strategies for the website. Along with reporting, Harry is an amazing baseball player with good record at university level. He can be reached at [email protected]

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