Yggdrasil penalised by SGA for non-compliance
Yggdrasil has been investigated by the Swedish Gambling Authority (SGA) for supplying software to an entity lacking a licence.
Supplier Yggdrasil has recently come under scrutiny from the SGA for allegedly supplying gaming software to an entity lacking the requisite Swedish licence.
As a result of this violation, the provider has been issued a warning and imposed a penalty fee totalling SEK 300,000 ($28,371).
The regulatory action stems from the implementation of the Gambling Act, which mandates that, as of 1 July 2023, any entity involved in the production, provision, installation or modification of gaming software for commercial online gambling must hold a valid licence.
This requirement aims to enhance regulatory oversight and deter illicit gambling activities by ensuring that unlicensed operators cannot engage with suppliers providing gaming software to licenced operators in Sweden.
Following an investigation into several websites operated by entities lacking Swedish gaming licences, the Swedish Gambling Authority identified Yggdrasil Gaming as a supplier to one such unlicensed operator.
Subsequently, the authority initiated an inspection of Yggdrasil to ascertain the extent of its involvement and compliance with regulatory requirements – ultimately deciding that a penalty must be issued.
It has already been an eventful year for the Swedish Gambling Authority, which joined forces with IBIA in January to bolster sports betting integrity.
The pair signed a memorandum of understanding that saw the companies agreeing to share information concerning suspicious betting activity in the world of Swedish sport.
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