Uncertain on Virtual Sports Licensing Rules
As a consequence of the outbreak of coronavirus (COVID-19) nearly all major sports events either been cancelled or delayed, which implies that option for sportsbook betting has become lesser too. Gambling operators have no choice but to start offering markets on rare events or those events which continue despite current pandemic outbreak. Spelinspektionen, The Swedish Gaming Authority, reported that it had noticed a spike in research on betting on virtual sporting betting and has now outlined what operators in the country ought to do to ensure that they will be delivered in compliance with the regulations.
The Swedish Gaming Authority announced that operators holding a betting license in Sweden that Offer virtual sports betting without the need to apply for approval from them. If a licensee would like to add on virtual sports betting on a current brand, they may just inform the Authority via email. According to the local gaming act, the licensees are not limited to betting sports type regardless of the form they have previously provided. However, it is being indicated that what type of betting are not allowed to offer.
Meanwhile, The Swedish Gaming Authority also advises that those who wish to offer virtual sports betting should have their technical information and certification checked to ensure that all sports events are included. If it requires an update on the license the operators shall provide the license upon request and do not need to resubmit to the authority. In the meantime, the Gaming Authority has reported to the police that there are four companies that allegedly offer online gambling services in the country. The regulator did not announce the identities of either of the operators in question but stated that none of them hold the appropriate gambling license in Sweden.
Although it is The Swedish Gaming Authority responsibility to monitor any infringements of the Swedish Gaming Act, the police are liable for investigating it. Operators offering services without the requisite authorization can be charged or imprisoned by their executives. Updates to the industry come as reports from Sweden say that government officials are grinding a temporary closure or additional controls on online casinos to prevent an spike in gambling-related damage during the coronavirus pandemic. Minister for Social Security Ardalan Shekarabi, who is responsible for gaming regulation, cautioned this week that “extraordinary steps” could be taken if operators do not take action to safeguard customers at a time when casino gambling is on the rise.
