Regulator of gambling in Sweden targets Versus Odds B.V.

In a move to uphold the integrity of the Swedish gambling market, Spelinspektionen, the Swedish gambling regulator, has banned Versus Odds B.V. from offering products to players in Sweden. The decision comes after an investigation revealed that the company was offering unlicensed games of chance to Swedish customers, in violation of the country's Gambling Act.

According to the Gambling Act, a company needs to seek and receive a license from Spelinspektionen to provide online casino games of chance. No such license has ever been granted to Versus Odds B.V., making their operations in Sweden unlawful.

The ban has an immediate effect, and the company may face payment blockades, blocking of the website, and fines and penalties for continuing to offer unlicensed gambling products in Sweden. Spelinspektionen, however, may face challenges in collecting fines from offshore companies if it imposes them.

The investigation into Versus Odds B.V. was prompted by a test purchase proving that the company's website was accessible to Swedish customers. The fortunepanda website, operated by Modern World Entertainment B.V., was found to be offering products without a license from Swedish gambling authorities. The website was even translated into Swedish, indicating intent to cater to local customers.

This is not the first time that Spelinspektionen has taken action against offshore companies offering unlicensed gambling services in Sweden. Last year, the regulator was successful in settling with two offshore companies over breaches of the country's gambling laws, with payments made to the regulator.

The Dutch gambling regulator, Kansspelautoriteit (KSA), has also been active in enforcing gambling laws. The KSA has imposed fines on gambling websites deemed illegal and has the authority to impose and collect these fines.

Spelinspektionen's findings were published on its official website, reinforcing its commitment to maintaining a fair and secure gambling market in Sweden. The regulator encourages players to only participate in gambling activities offered by licensed operators to ensure their safety and the integrity of the games.