Kindred Group has received a warning and sanction fee in the sum of SEK 100 million from the Swedish Gambling Authority for offering incentives in early 2019 in a way that is non-compliant with the new Swedish Gambling Act.
Spooniker Ltd, a wholly owned subsidiary of Kindred Group (previously Unibet Group) has today received a warning and a sanction fee in the sum of SEK 100 million by the Swedish Gambling Authority (SGA) for offering customers financial incentives which are in breach of the new gambling legislation.
In its decision the SGA held that some of Spooniker's offers, competitions and promotions are to be considered as financial incentives and therefore as bonuses. To offer these was according to the SGA contrary to the new gambling legislation.
Kindred initially made a different interpretation of what is considered a bonus and it is this interpretation which the SGA has disputed. During the spring in 2019, Kindred adopted a more restrictive interpretation of the law. Kindred will appeal the SGA's decision to obtain judicial guidance on how the new legislation should be interpreted. Until recently issued warnings and fines issued to other licence holders are tried in court and enforced, Kindred will continue to adopt a strict interpretation.
Kindred is of the opinion that the Swedish Gambling Act adopted on 1 January 2019 has been vague in areas related to commercial activities and thereby creating unnecessary ambiguity. Kindred welcomes more clarity in these areas and continues to improve its operations to ensure full compliance.
The Swedish Gambling Authority is the authority with the task of ensuring that the Swedish gaming and gambling market is legal, safe and reliable. Gaming Board for Sweden Share.
Swedish Gambling Authority
The Swedish Gaming Authority (Spelinspektionen) has issued Videoslots with an injunction after discovering players could use reverse withdrawals to circumvent the country's SEK5,000 deposit cap. The operator will face a SEK250,000 (£22,000/€24,800/$30,000) per week fine if the issue is not corrected. A full list of online casinos that has a license issued by Swedish Gambling Authority. Best rated online casinos are here!
Kindred has been audited by eCogra in relation to consumer protection procedures without any remarks.
Kindred operates five gambling brands in Sweden: Unibet, Maria Casino, iGame, Bingo.com and Storspelare.
This information is such that Kindred Group plc is required to disclose under the EU Regulation of Market Abuse, MAR. Rizk free spins code.
For more information:
Juha helppi. Alexander Westrell, Group Head of Communications
+46 73 7071686
Inga Lundberg, Investor Relations Officer
+44 788 799 6116
About Kindred Group
Kindred Group is one of the world's leading online gambling operators with business across Europe, US and Australia, offering over 26 million customers across 11 brands a great form of entertainment in a safe, fair and sustainable environment. The company, which employs about 1,600 people, is listed on Nasdaq Stockholm Large Cap and is a founding member of the European Gaming and Betting Association (EGBA) and founding member of IBIA (International Betting Integrity Association). Kindred Group is audited and certified by eCOGRA for compliance with the 2014 EU Recommendation on Consumer Protection and Responsible Gambling (2014/478/EU). Read more on www.kindredgroup.com.
Nasdaq Stockholm, KIND-SDB
In order to enhance co-operation and the relationship between the two parties, the Malta Gaming Authority and Spelinspektionen signed a memorandum of understanding (MoU). That's usually the first step towards signing a formal contract. The MGA states that the collaboration with Spelinspektionen is extremely important as it allows the sharing of information in mutually interesting policy areas.
Director General at Spelinspektionen, Camilla Rosenberg, believes that this collaboration opens up more doors, as many companies have already received the Swedish license. She says that the Swedish authority has plans to initiate collaborations with gambling authorities all across Europe.
Heathcliff Farrugia, the CEO of the Malta Gaming Authority, is nothing but happy due to the new collaboration. He says that MGA is always looking for both formal and informal agreements with fellow authorities. The memorandum of understanding came into force not that long ago — on 4th of March, 2019.
MGA
The Malta Gaming Authority was established in 2001, with the aim of regulating gaming industry sectors. The main goals were, and still are, to prevent any criminal activities (money laundering, corruption, and terrorism funding being the three most important ones) and to make sure all players are getting fair odds.
When looking at the country's statistics, it's quite obvious why the company wants to sign every possible agreement out there with other authorities and licensing bodies. The online gambling industry has grown tremendously over the past 18 years or so. It generates more than 12% of the entire country's GDP.
Spelinspektionen
Just like the MGA, Spelinspektionen is out there to ensure fairness of odds and prevent any criminal activity in the online gambling industry. Almost everyone already knows what licensing bodies do, so it might be a better idea to take a look at what they are not doing.
Keep in mind that this only goes for Spelinspektionen and the Swedish market.
Spelinspektionen doesn't provide answers to specific questions related to lottery and gambling activities. If you have any complaints related to real money losses on gaming machines, you better turn to the Swedish Consumer Agency, as Spelinspektionen doesn't deal with that.
Swedish Gambling Authority
Kindred Group has received a warning and sanction fee in the sum of SEK 100 million from the Swedish Gambling Authority for offering incentives in early 2019 in a way that is non-compliant with the new Swedish Gambling Act.
Spooniker Ltd, a wholly owned subsidiary of Kindred Group (previously Unibet Group) has today received a warning and a sanction fee in the sum of SEK 100 million by the Swedish Gambling Authority (SGA) for offering customers financial incentives which are in breach of the new gambling legislation.
In its decision the SGA held that some of Spooniker's offers, competitions and promotions are to be considered as financial incentives and therefore as bonuses. To offer these was according to the SGA contrary to the new gambling legislation.
Kindred initially made a different interpretation of what is considered a bonus and it is this interpretation which the SGA has disputed. During the spring in 2019, Kindred adopted a more restrictive interpretation of the law. Kindred will appeal the SGA's decision to obtain judicial guidance on how the new legislation should be interpreted. Until recently issued warnings and fines issued to other licence holders are tried in court and enforced, Kindred will continue to adopt a strict interpretation.
Kindred is of the opinion that the Swedish Gambling Act adopted on 1 January 2019 has been vague in areas related to commercial activities and thereby creating unnecessary ambiguity. Kindred welcomes more clarity in these areas and continues to improve its operations to ensure full compliance.
The Swedish Gambling Authority is the authority with the task of ensuring that the Swedish gaming and gambling market is legal, safe and reliable. Gaming Board for Sweden Share.
Swedish Gambling Authority
The Swedish Gaming Authority (Spelinspektionen) has issued Videoslots with an injunction after discovering players could use reverse withdrawals to circumvent the country's SEK5,000 deposit cap. The operator will face a SEK250,000 (£22,000/€24,800/$30,000) per week fine if the issue is not corrected. A full list of online casinos that has a license issued by Swedish Gambling Authority. Best rated online casinos are here!
Kindred has been audited by eCogra in relation to consumer protection procedures without any remarks.
Kindred operates five gambling brands in Sweden: Unibet, Maria Casino, iGame, Bingo.com and Storspelare.
This information is such that Kindred Group plc is required to disclose under the EU Regulation of Market Abuse, MAR. Rizk free spins code.
For more information:
Juha helppi. Alexander Westrell, Group Head of Communications
+46 73 7071686
Inga Lundberg, Investor Relations Officer
+44 788 799 6116
About Kindred Group
Kindred Group is one of the world's leading online gambling operators with business across Europe, US and Australia, offering over 26 million customers across 11 brands a great form of entertainment in a safe, fair and sustainable environment. The company, which employs about 1,600 people, is listed on Nasdaq Stockholm Large Cap and is a founding member of the European Gaming and Betting Association (EGBA) and founding member of IBIA (International Betting Integrity Association). Kindred Group is audited and certified by eCOGRA for compliance with the 2014 EU Recommendation on Consumer Protection and Responsible Gambling (2014/478/EU). Read more on www.kindredgroup.com.
Nasdaq Stockholm, KIND-SDB
In order to enhance co-operation and the relationship between the two parties, the Malta Gaming Authority and Spelinspektionen signed a memorandum of understanding (MoU). That's usually the first step towards signing a formal contract. The MGA states that the collaboration with Spelinspektionen is extremely important as it allows the sharing of information in mutually interesting policy areas.
Director General at Spelinspektionen, Camilla Rosenberg, believes that this collaboration opens up more doors, as many companies have already received the Swedish license. She says that the Swedish authority has plans to initiate collaborations with gambling authorities all across Europe.
Heathcliff Farrugia, the CEO of the Malta Gaming Authority, is nothing but happy due to the new collaboration. He says that MGA is always looking for both formal and informal agreements with fellow authorities. The memorandum of understanding came into force not that long ago — on 4th of March, 2019.
MGA
The Malta Gaming Authority was established in 2001, with the aim of regulating gaming industry sectors. The main goals were, and still are, to prevent any criminal activities (money laundering, corruption, and terrorism funding being the three most important ones) and to make sure all players are getting fair odds.
When looking at the country's statistics, it's quite obvious why the company wants to sign every possible agreement out there with other authorities and licensing bodies. The online gambling industry has grown tremendously over the past 18 years or so. It generates more than 12% of the entire country's GDP.
Spelinspektionen
Just like the MGA, Spelinspektionen is out there to ensure fairness of odds and prevent any criminal activity in the online gambling industry. Almost everyone already knows what licensing bodies do, so it might be a better idea to take a look at what they are not doing.
Keep in mind that this only goes for Spelinspektionen and the Swedish market.
Spelinspektionen doesn't provide answers to specific questions related to lottery and gambling activities. If you have any complaints related to real money losses on gaming machines, you better turn to the Swedish Consumer Agency, as Spelinspektionen doesn't deal with that.
Swedish Gambling Authority
Swedish Gaming Authority
Obviously, they cannot supervise any lotteries that are arranged abroad — not because they do not want to, but simply because they cannot do it due to legislation in other countries. Visit their official website if you want to learn more about the company, get the statistics, look at publications, or read the news.
