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Spelinspektionen Issues Penalty of SEK 9m Against Videoslots

Posted on November 6, 2023 | 8:22 am

The Swedish Gaming Authority, known as the Spelinspektionen, has given Videoslots a serious warning. They’ve also fined the company 9 million Swedish Krona (equivalent to $810,000) because Videoslots didn’t do enough to prevent money laundering and financing terrorism.

Videoslots received permission to operate in Sweden on December 4, 2018. However, on November 2, 2021, the Spelinspektionen started looking into whether the site was following the rules stopping money laundering.

The Spelinspektionen asked for information about a player, known as ‘Customer One,’ who started using the site on January 1, 2019. This player put in about 5.5 million Swedish Krona over the year, in over 1,800 sessions. They also took out money frequently. Since the customer couldn’t show how they got the money for gambling, the operator stopped their account on August 1, 2019. They also told the Videoslots Money Laundering Reporting Officer about it.

However, the operator opened the account again on August 20, 2019, for ‘business reasons.’ After checking internally, they decided they didn’t need to keep an eye on the account for any money laundering activities.

There was another case with ‘Customer Two,’ who put in 3.9 million Swedish Krona over two years. However, Videoslots did not look into it.

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Report Findings

In Videoslots’ official report the company announced they don’t know much about his job, except that he’s on the Board of a cleaning company and might make more money than most people in his area, where the average income is 294,000 Swedish Krona per year.

‘Customer Three’ put in up to 600,000 Swedish Krona in just 12 days. Videoslots found out that this customer had been in trouble with the law before. But they only checked the account once a month.

A year later, Videoslots checked how much money the customer made and found out they earned 215,228 Swedish Krona from their job that year.

The Spelinspektionen looked at a total of 10 customer cases in their report.

The penalty fee for Videoslots was calculated based on the most they could fine the company, which is 11.8 million Swedish Krona. They lowered it to 9 million Swedish Krona because of what they know about the company’s finances.

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