Kindred receives sanction fee from the Swedish Gambling Authority
Kindred Group has received a warning and sanction fee in the sum of SEK 100 million from the Swedish Gambling Authority for offering incentives in early 2019 in a way that is non-compliant with the new Swedish Gambling Act.
Spooniker Ltd, a wholly owned subsidiary of Kindred Group (previously Unibet Group) has today received a warning and a sanction fee in the sum of SEK 100 million by the Swedish Gambling Authority (SGA) for offering customers financial incentives which are in breach of the new gambling legislation.
In its decision the SGA held that some of Spooniker’s offers, competitions and promotions are to be considered as financial incentives and therefore as bonuses. To offer these was according to the SGA contrary to the new gambling legislation.
Kindred initially made a different interpretation of what is considered a bonus and it is this interpretation which the SGA has disputed. During the spring in 2019, Kindred adopted a more restrictive interpretation of the law. Kindred will appeal the SGA’s decision to obtain judicial guidance on how the new legislation should be interpreted. Until recently issued warnings and fines issued to other licence holders are tried in court and enforced, Kindred will continue to adopt a strict interpretation.
Kindred is of the opinion that the Swedish Gambling Act adopted on 1 January 2019 has been vague in areas related to commercial activities and thereby creating unnecessary ambiguity. Kindred welcomes more clarity in these areas and continues to improve its operations to ensure full compliance.
Kindred has been audited by eCogra in relation to consumer protection procedures without any remarks.
Kindred operates five gambling brands in Sweden: Unibet, Maria Casino, iGame, Bingo.com and Storspelare.
This information is such that Kindred Group plc is required to disclose under the EU Regulation of Market Abuse, MAR.
For more information:
Alexander Westrell, Group Head of Communications
+46 73 7071686
Inga Lundberg, Investor Relations Officer
+44 788 799 6116
About Kindred Group
Kindred Group is one of the world’s leading online gambling operators with business across Europe, US and Australia, offering over 26 million customers across 11 brands a great form of entertainment in a safe, fair and sustainable environment. The company, which employs about 1,600 people, is listed on Nasdaq Stockholm Large Cap and is a founding member of the European Gaming and Betting Association (EGBA) and founding member of IBIA (International Betting Integrity Association). Kindred Group is audited and certified by eCOGRA for compliance with the 2014 EU Recommendation on Consumer Protection and Responsible Gambling (2014/478/EU). Read more on www.kindredgroup.com.
Nasdaq Stockholm, KIND-SDB