iGaming technology firm Gaming Innovation Group (GiG) has been awarded a full license as a gambling software provider for its platform in Sweden by the Swedish Gaming Authority, the Spelinspektionen.
The announcement follows recent changes in the local regulatory framework due to come into effect on July 1, 2023, which require all B2B software providers operating in the Swedish market to license their technology in accordance with the updated legislation.
“GiG continues to enjoy a strong connection with the region, being listed on NASDAQ Stockholm and having been present in the Swedish regulated market ever since the market launched as a leading platform provider powering Suprnation, Lucky Days and Betsson’s Zecure brands, amongst its partners in Sweden,” the company said in a statement.
According to GiG, the license is set to help it affirm its commitment to expansion in regulated markets globally, with licenses in over 29 regulated markets worldwide, and a further 8 on the way.
GiG described Sweden as “one of the most lucrative markets in Europe for online gambling,” with an estimated revenue of around €1.5 billion ($1.6 billion) in 2022, representing an annual growth of 6% from the previous year, driven by expansion in the online casino and sports betting verticals.
Claudio Caruana, General Counsel for GiG, said: “As regulators continue to build more robust requirements on industry suppliers and operators, we will continue to dedicate our resources to ensuring that the development of our technology and procedures places us at the forefront on matters of compliance.”
Marcel Elfersy, Chief Commercial Officer at GiG, added: “We have been an active presence in Sweden for many years, with the company having its origins in the region, and we have a deep understanding of the needs of operators in the local market.”
“Our platform and sportsbook are well suited to the increasingly complex regulatory environments there and we look forward to continuing to help power sustainable growth in Sweden with our depth of experience, leading software and dedicated, localized service.”
The award of this new license in Sweden follows the company’s announcement last week of a 49% revenue hike for the first quarter of 2023. During the three-month period ended March 31, the business delivered all-time high revenues of €28.4 million ($30.5 million).
Richard Brown, CEO of GiG, said: “The first quarter of 2023 had a multitude of successful and impressive steps forward for Gaming Innovation Group. Many of which are contributing to creating excitement within the business of further potential of the companies within the group.”