Betsson Nordic Ltd has been issued a warning and fined SEK6.5 million ($682,272) due to deficiencies in its Anti-Money Laundering (AML) practices in Sweden.
The Swedish Gambling Authority, Spelinspektionen, began supervising Betsson on May 2, 2024. The supervision primarily focused on transactions and activities from 2023, selecting 10 customers for review from a list of the top 50 customers aged 18 to 29 based on total deposits.
Spelinspektionen examined Betsson’s customer cards and transaction history for these 10 players. Only two of these cases were found to have no deficiencies. In one significant case, a customer made 163 deposits between September 19 and December 30, 2023, totaling SEK491,950, despite having a net annual income of SEK310,000. This player’s risk level was assessed as only between low and medium.
The regulator criticized Betsson for legitimizing total deposits exceeding players’ incomes by referring to their past withdrawals of winnings from betting. The Swedish Gambling Authority considered these deficiencies to be both serious and systematic. Given the severity and Betsson’s financial position, the sanction fee was set at SEK6.5 million. The fee is deemed proportionate to the seriousness of the violation.
**Snabbare and Flutter’s TSG also fined for AML mishaps**
Alongside Betsson, Snabbare Ltd and The Stars Group (TSG) Interactive, owned by Flutter Entertainment, were also fined and warned by Spelinspektionen for AML shortcomings.
TSG Interactive received a SEK7 million fine. It was found to have allowed multiple customers to exceed the net deposits of SEK424,514 over a 365-day period, necessitating enhanced customer due diligence and more detailed information on the source of funds. According to Spelinspektionen, TSG’s customer due diligence was insufficient, not taking adequate measures in time, thereby failing to assess the risk of exposure to money laundering.
Snabbare, on the other hand, was fined SEK5.5 million. It was criticized for accepting deposit amounts above annual incomes, having insufficient customer knowledge, and its late actions which increased the risk of the firm being exploited for money laundering purposes.
Spelinspektionen described the failings of all three operators as “serious and systematic,” resulting in a total of SEK19 million in fines.
**Busy period for Spelinspektionen**
Recently, Spelinspektionen announced fines for a number of charity and political organizations operating lotteries due to failures in contractor control and marketing violations. The regulator fined the Swedish Social Democratic Workers’ Party, the Swedish Social Democratic Youth League, and the Swedish Social Democratic Women’s League, SEK3 million.
In early May, Spelinspektionen also fined Kindred’s subsidiary Spooniker SEK10 million for AML failings, while Videoslots was ordered to pay a SEK12 million sanction fee in April for failing to counteract excessive gambling.
Spelinspektionen continues to have a busy 2025, with Betsson being one of three operators penalized for AML deficiencies.