Ninja casino loses their Swedish Gambling license
The introduction of different gaming legislation on the 1st of January this year has been a real hit to most United Kingdom Gambling license holders. On many occasions has the Gaming Inspectorate issuedstatements, notices and even penalty charges against companies not abiding with the law.But previously, none of the cases was considered so serious until when Ninja Casino’s license got revoked.Could this unprecedented assessment and loss be a huge setback to the operator?
Why the regulator revoked the license
Last week, reports aboutSpelinspektionen immediately revoking Global Gaming’s license went viral. The announcement came after the regulatory body discovered the online casino has inadequate business practices. Global Gaming gave the data as per their customers to help speed the investigation process.
Following the regulator’s assessment, numerous breaches were noted and highlighted as shown by the activities of some particular ten players. This Sweden-based operator is said to have failed to adhere to the requirements of responsible gaming and also money laundering dealings. Even though the company has been popular, it violated vital measures of gambling law.
The customers could deposit beyond the maximum acceptable online limits. What is more, the company never intervened even if there were evident problems with gambling activities. The questioned ten players spent hugeamounts to thebrand and the operator never intervened to know the source of the funds or even bother addressing the high spending levels.
According to Swedish law, all players must have deposit limits and every licensee needs to contact the customers who exceed the monthly set limit. But the data Global Gaming provided revealed that none was contacted with two players losing big sums within one week.
Besides the company provided lottery products which were not protected within the local licenses issued. All that happened despite Sweden’s progressively firm rules concerning bonus offers. The aftermath of such violations of the rules pushed the regulator to further say that Safe Entmust cease its Swedish operations straightway. The brand has run under both Ninja Casino and Spellandet.com through the licenses allottedlast year December.
What is Next for Global Gaming?
While the regulatory body has set plans to deal with potential issues from the gambling industry, there are operators who fail to adhere to the rules. But Global gaming disclosedthat it did not follow the deposit limit and that meant what the players needed were set and changed manually.But the company proposed to rectify the found shortcomings and still Spelinspektionen realized their plans were inefficient and proved the operator does not understand the important measures of the governing regulations.
Global Gaming alsodeclaredtheplan to appeal its revocation, claiming that their actions afternegotiating with Spelinspektionen brought the impression that their operations are smooth. Tobias Fagerlund, the acting CEO added that they have enough reasons to confident that the appeal will succeed.
Many iGaming operators in Sweden continuestruggling to retain positions in the market. As a result, some get trapped in considering money laundering and not following regulations. With the newly launched UK Gambling regulatory body, some of the online market license holders might end up operating with millions of losses.
Of course, the focus of this Gaming Inspectorate isensuring companies work with a lot of responsibility.That means there will be measures taken against those violating the law by practicing unsuitable dealings. Theauthority, therefore, promised to continue acting vigorouslyagainst operators with such shortcomings.