Connect with us

Business

Norwegian Gambling Regulator Renews Order for Kindred to Cease Targeting the Country

Published

on


Kindred’s Ongoing Battle Against Norway’s Monopoly Gambling System Ends in Legal Victory for Lottstift.

Norway’s gambling regulator, Lottstift, has reiterated its call for Kindred to cease its operations in the Norwegian market indefinitely. This comes after Lottstift secured a significant legal victory in its dispute against Trannel International, a subsidiary of the Swedish gambling operator.

The Borgarting Court of Appeal upheld Lottstift’s ruling, affirming that Trannel’s brands, including Unibet, Mariacasino, Storspiller, and Bingo.com, had illegally targeted Norwegian players by offering online gambling services without a proper license. In Norway, gambling is exclusively permitted under a state-controlled monopoly held by Norsk Tipping and Norsk Rikstoto.

Lottstift considers the recent verdict to be the resolution of its five-year legal battle with Kindred and a validation of its firm stance against unlicensed offshore gambling. The court’s decision reinforces the expectation that Trannel must completely withdraw from the Norwegian market, signifying a pivotal moment in the country’s crackdown on illicit gambling activities.

Director Atle Hamar of Lottstift expressed confidence in their efforts to eliminate illegal operators from the Norwegian market, emphasizing that Trannel’s lack of support on all fronts demonstrates the effectiveness of their work.

Advertisement

Hamar further stated,

“The verdict confirms the correctness of the Lotteries and Foundations Authority’s decision to halt the illicit gambling offering. We now anticipate complete withdrawal of the company from the Norwegian market.”

Norwegian Regulator Lottstift Demands Kindred’s Permanent Exit from Market

In addition to ordering Kindred to cover the state’s legal expenses, Lottstift is likely to reimpose daily fines of €100,000 on Kindred if it resumes targeting the Norwegian market. During the appeal process, Kindred had temporarily removed Norwegian language content from its platform as a precautionary measure.

Kindred has consistently argued that Lottstift lacks legal precedent within Norwegian and European Economic Area (EEA) laws to restrict its business, asserting that Norway’s monopoly system violates European legislation.

Culture and Equality Minister Anette Trettebergstuen remarked,

Advertisement

“The outcome is not surprising, as this lawsuit joins several others in the gambling sector where the state has consistently prevailed. The recent decision by the Borgarting Court of Appeal rejecting Trannel’s appeal reaffirms the Norwegian Lottery Authority’s actions and underscores the importance of regulating the gambling market to protect consumers and uphold legal and ethical standards.”


Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

FDJ’s Acquisition of Kindred Group Shaping the Future of Global Gaming

Published

on


FDJ’s acquisition of Kindred Group, facilitated by regulatory approval and strategic shareholder engagement, signifies a transformative moment in the gaming industry. This deal exemplifies the intricate balance between regulatory compliance, shareholder value, and strategic growth ambitions. As the industry stands at the cusp of further consolidation and innovation, the FDJ-Kindred transaction heralds a new era of strategic realignment and competitive positioning in the global gaming landscape.


A Monumental Shift in Gaming Dynamics

The Swedish Financial Market Supervisory Authority (SFSA)‘s approval of Française des Jeux’s (FDJ) offer to acquire Kindred Group marks a pivotal moment in the global gaming and betting sector. This green light not only accelerates FDJ’s strategic expansion but also underscores the evolving landscape of international gaming regulations and corporate alignments.

Navigating Regulatory Waters

The SFSA’s endorsement is a crucial step in FDJ’s ambitious acquisition plan, setting the stage for a public offer slated to commence imminently. This regulatory approval highlights the meticulous scrutiny and compliance standards governing mergers and acquisitions within the sector, ensuring that such transactions align with market stability and shareholder interests.

A Call to Action for Kindred Shareholders

The forthcoming Extraordinary General Meeting (EGM) represents a critical juncture for Kindred Group, with proposed statutory amendments necessary for facilitating the acquisition. This meeting, aimed at achieving the requisite shareholder consensus, signals the importance of shareholder engagement in steering corporate direction and strategy.

Advertisement

The Path to Acquisition: Shareholder Conviction and Strategic Vision

FDJ’s pursuit of Kindred Group, contingent upon securing 90% of total capital, reflects a strategic maneuver to consolidate its position in the global gaming market. The offer per share, valuing Kindred at approximately €2.6 billion, has garnered unanimous board endorsement and significant shareholder backing, illustrating the alignment of strategic interests and the perceived value of this consolidation.

Activist Influence and Strategic Realignment

The role of activist shareholders, notably Corvex Management, in advocating for Kindred’s sale underscores the dynamic interplay between corporate governance and shareholder activism. Their successful campaign for board representation and strategic evaluation reflects a broader trend of active investor engagement in shaping corporate trajectories.

Implications for the Global Gaming Industry

This acquisition not only exemplifies the financial and strategic considerations underpinning such deals but also highlights the regulatory complexities and shareholder dynamics involved. As the gaming industry continues to evolve, driven by technological advancements and regulatory changes, the FDJ-Kindred merger serves as a case study in strategic growth, market consolidation, and the pursuit of competitive advantage.

Advertisement

Continue Reading

Trending

Gamingo.News stands as a premier digital destination dedicated to delivering top-tier news and insights in the gaming and gambling industry. This specialized media outlet garners the attention of over 120,000 readers each month, providing them with engaging content, current news, and in-depth analyses.
The platform offers extensive coverage of various facets of the gaming world, including both online and brick-and-mortar gaming, wagering, esports, updates on regulations and compliance, as well as technological innovations. Regular content includes daily news stories, press releases, unique interviews, and comprehensive reports on events.
Moreover, Gamingo.News organizes webinars pertinent to the industry and offers detailed reports, establishing itself as a comprehensive information source for those interested in learning about gaming market operators, suppliers, regulators, and professional services. The portal's main objective is to keep its large audience informed about the latest news, trends, and developments in the gaming and gambling sectors. It focuses particularly on the European igaming market but also covers significant global news, proving to be an invaluable tool for gaming professionals, operators, and enthusiasts.

For inquiries, reach out at: sales@gamingo.news

For editorial or PR submissions, contact: media@gamingo.news

Copyright © 2024 Gamingo.News.