GiG secures license from Spelinspektionen in Sweden

The iGaming technology company famous for delivering leading solutions, services and products to operators within the online gambling vertical, Gaming Innovation Group (GiG), announced it secured a license for a major European market. The announcement came Tuesday and sees the company secure a license from the Swedish Gaming Authority, Spelinspektionen, for its award-winning platform.

A license requirement comes as a part of changes in the legal framework for business-to-business iGaming services, content and solutions providers. Under the change, which is expected to come into effect this July, providers, such as GiG, will be required to have a license from Spelinspektionen in order to continue or to start offering their content and services to iGaming operators in the country.

The license comes as no surprise, considering GiG's already strong presence in the region. In fact, the company has been present on the market since its launch and it is also listed on NASDAQ Stockholm. Currently, GiG's platform powers Lucky Days, Betsson's Zecure brands, as well as Suprnation, among other partners it has in the country.

Marcel Elfersy, GiG's Chief Commercial Officer, shared his excitement about the latest license in a statement. He said: "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."

Finally, Elfersy noted: "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."

Claudio Caruana, GiG's General Counsel, added: "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."

Securing the license from the Swedish Gaming Authority complements GiG's goal of expanding within regulated gambling markets around the world. Currently, the company already has secured licenses in 29 jurisdictions that have complex regulations, while another 8 licenses are pending.

GiG's growing presence in Sweden isn't surprising, considering that the online gambling market is labeled as one of the most lucrative markets for the Old Continent. In fact, statistical data reveals that the revenue within the Swedish market in 2022 hit €1.5bn ($1.65 bn), representing a solid growth of 6% year-over-year. This strong growth is undoubtedly the result of a rapid expansion within the sports betting and online gambling industry in the country.

Image credit: GiG