Betsson Nordic Ltd has been issued a warning and a fine of SEK6.5 million ($682,272) for deficiencies in its anti-money laundering (AML) practices in Sweden.
The Swedish Gambling Authority (Spelinspektionen) began its supervision of Betsson on May 2, 2024, focusing largely on transactions and activities that occurred during 2023. The regulator reviewed 10 customers selected from the top 50 customers aged 18 to 29 who made the largest total deposits.
Spelinspektionen examined the customer cards and transaction histories for these 10 players and discovered deficiencies in eight of the cases. One notable case involved a customer who made 163 deposits between September 19 and December 30, 2023, totaling SEK491,950. Despite having a net annual income of SEK310,000, their risk level was evaluated as only between low and medium.
The regulator criticized Betsson for legitimizing total deposits that exceeded these players’ incomes by referencing their prior withdrawals of winnings.
“The Swedish Gambling Authority has stated above that the deficiencies are both serious and systematic. Against this background and the company’s financial position, the Swedish Gambling Authority assesses that the sanction fee should be set at SEK6.5 million,” the authority declared.
“The Swedish Gambling Authority assesses that the sanction fee is proportionate to the seriousness of the violation.”
**Snabbare and Flutter’s TSG also fined for AML mishaps**
In addition to Betsson, Snabbare Ltd and The Stars Group (TSG) Interactive, owned by Flutter Entertainment, were also fined and warned for AML deficiencies.
TSG Interactive was fined SEK7 million after it was discovered that multiple customers had exceeded net deposits of SEK424,514 over a 365-day period, a threshold that should have triggered enhanced due diligence and information on the source of funds.
“The Swedish Gambling Authority assesses that TSG’s customer due diligence regarding the audited customers has been insufficient. TSG has not implemented adequate enhanced customer due diligence measures in a timely manner and, therefore, has not been able to adequately assess the risk of being exposed to money laundering,” read the ruling issued by Spelinspektionen.
Snabbare received a sanction fee of SEK5.5 million. The regulator pointed out that the company accepted deposit amounts that exceeded annual incomes, its customer knowledge was deemed insufficient, and its delayed actions increased the risk that Snabbare might be exploited for money laundering.
Spelinspektionen described the failings of all three operators as “serious and systematic,” leading to a total of SEK19 million in fines.
**Busy period for Spelinspektionen**
Just last week, Spelinspektionen announced fines against several charity and political organizations operating lotteries for failing to oversee contractors and for marketing violations. The Swedish Social Democratic Workers’ Party, the Swedish Social Democratic Youth League, and the Swedish Social Democratic Women’s League were collectively fined SEK3 million.
In early May, the regulator also fined Kindred’s subsidiary Spooniker SEK10 million for AML failings, while Videoslots was ordered to pay a sanction fee of SEK12 million in April for failing to counteract excessive gambling.
Spelinspektionen’s busy 2025 continues, with Betsson among the three operators reprimanded for AML failings.