Swedish inspectorate cancels inactive licences of Vivaro and FP Bets
Spelinspektionen, the gambling inspectorate of Sweden, has revoked the licences of Vivaro Gaming and Fair Play Bets Limited on the grounds of inactivity of business services.
Both operators were granted Swedish online gambling licences during the first half of 2020, but had registered SEK 0 in turnover during the past year – forcing Spelinspektionen to investigate their licences.
Responding to Spelinspektionen’s probe, Fair Play Bets – the Malta-based operator of Volt Casino and FPBets – cited that it had delayed the launch of its Swedish igaming services, due to business restructuring undertaken in 2020.
The operator said that it had stopped all wagering activities across all markets, as its business awaits for a ‘capital injection’ that will be completed in the coming weeks.
As a result of its restructuring, Fair Play Bets had chosen to delay its Swedish launch to early-or-mid 2022.
Meanwhile, BetConstruct B2C subsidiary Vivaro Gaming stated that its delay was due to novel coronavirus pandemic complications impacting its operations in Armenia.
Vivaro confirmed that it had delayed its planned Swedish launch to August, after which the company required its full operating and compliance resources to effectively launch within the ‘carefully regulated’ online gambling marketplace.
Spelinspektionen rejected the operators’ pleas for an exemption to launch business services in light of extraordinary circumstances.
Upholding its judgement, Spelinspektionen maintained that the licence annulments were a necessary measure to enforce, as Swedish licensed incumbents had launched their services within a 12-month timeframe – upholding the technical efficiencies of Sweden’s reformed Gambling Act.
Further developments have seen the inspectorate publish its new money laundering guidance in response to operator queries on their supervisory duties and training protocols.
“The gaming industry is a risk area for money laundering and we have seen a need for clarification and guidance in this area. This guide will lead to an increased understanding of what is expected of licensees in the Swedish market,” read a statement by Camilla Rosenberg, Chief Executive of Spelinspektionen.