Swedish Gambling Authority Issues Warning To Enlabs

[image credit : Enlabs]

Spelinspektionen, the Swedish Gambling Authority, has issued a warning to Entertainment Laboratories (Enlabs), warning Enlabs that license revocation is possible due to lack of activity in the Swedish market.

The license was obtained by Enlabs for online gambling and betting on December 17, 2018, before Sweden’s re-regulated iGaming market started operating on January 1, 2019.

The Swedish Gambling Authority states that should the company not start to operate gaming activities by July 1, 2020, the license could be removed. The license is due to expire on December 31, 2023 and it covers a range of domains, including bestbet.com, bestbingo.com, bestcasino.com, bestpoker.com, optibet.com, optibet.se.

In response to the warning, Enlabs, which recently launched live casino content in Estonia via Evolution Gaming, stated that its operations will be in effect by the date set by Spelinspektionen.

Representatives from Enlabs say that they expected a warning from the Swedish Gambling Authority and it does not change their strategy for the Swedish market. They say that they find the authority’s assessment reasonable and that they will continue operating no later than June 2020.

“The Swedish Gambling Authority decision to give us a warning due to inactivity was not unexpected and did not change our communicated strategy for the Swedish market. We believe the authority’s assessment is reasonable and we will offer games under our Swedish license no later than June 2020, and thus retain the license.”

“In particular, I would like to emphasise that the authority’s warning only arises because we did not offer gaming operations under our license and does not entail any financial consequences. We look forward to a launch in Sweden and continue to monitor market conditions in order to seize the opportunities that arise,” said George Ustinov, President and Chief Executive Officer of Enlabs.

In recent months, Enlabs has seen changes in its management. Last month, George Ustinov was chosen to be the new CEO and four months ago, Adam Johnson was chosen to be the new Chief Financial Officer of the company.

Bitcoin (BTC) $ 65,451.54 5.25%
Ethereum (ETH) $ 3,512.39 2.63%
Tether (USDT) $ 1.00 0.04%
BNB (BNB) $ 418.71 1.46%
Solana (SOL) $ 132.53 3.14%
XRP (XRP) $ 0.656738 5.06%
Lido Staked Ether (STETH) $ 3,507.84 2.69%
USDC (USDC) $ 1.00 0.04%
Cardano (ADA) $ 0.779574 7.12%
Dogecoin (DOGE) $ 0.163850 17.49%
$0.0000  $0.0000  (0.00%)
$0.0000  $0.0000  (0.00%)
$0.0000  $0.0000  (0.00%)
$0.0000  $0.0000  (0.00%)
$0.0000  $0.0000  (0.00%)
$0.0000  $0.0000  (0.00%)