Stockholm-listed gaming operating LeoVegas has been granted a five-year operating license by Swedish gambling regulator Spelinspektionen following a successful appeal.
The operator was initially granted a two-year license when the Swedish gaming market was regulated at the start of this year, despite the fact that the company applied for a five-year license. This prompted LeoVegas to appeal the decision at the Administrative Court, which has now extended the license to a five-year term.
“A regulated market has more extensive requirements in relation to responsible gaming with a strong consumer protection focus," said LeoVegas general counsel Vala Karimi. "LeoVegas welcomed the regulation even before its introduction and sees the decision of the Administrative Court as very positive and it gives us an opportunity to continue to focus on compliance."
LeoVegas group CEO Gustaf Hagman added: "After our investments in regulatory compliance and our experiences from regulated markets, this decision is a receipt that we are conducting a professional business. I am proud of our teams that have delivered this in the difficult-navigating environment in which we operate.
“The extended license gives us continued peace of mind in the Swedish market, where we take market shares month by month. We also see that several smaller players are leaving the market at the same time as the marketing has diminished.
“With our eight gaming licenses I look forward to a continued offensive expansion, and this year alone we have gone live in several new markets and we will continue to focus on profitable growth.”
Shares in LeoVegas AB (STO:LEO) were trading up 0.25 per cent at SEK35.68 per share in Stockholm Thursday morning.