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Spelinspektionen Fines Casino Cosmopol SEK2m for AML Breaches

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Spelinspektionen, Sweden’s gambling regulator, has handed down a SEK2 million (€180,000) penalty and a warning to Svenska Spel’s Casino Cosmopol for breaching anti-money laundering (AML) rules. This enforcement action underscores the regulator’s commitment to upholding stringent compliance standards in the Swedish gambling industry.

Casino Cosmopol faces a substantial fine from Spelinspektionen for AML violations, signaling a rigorous regulatory stance in Sweden’s gambling sector.

Following an investigation initiated in November 2021, Spelinspektionen found that Casino Cosmopol had failed in its know-your-customer procedures and identified past shortcomings concerning Sweden’s Money Laundering Act. This finding reflects the regulator’s vigilance in monitoring and enforcing AML regulations within the land-based casino sector.

In response to the regulator’s findings, Casino Cosmopol has acknowledged the issues and emphasized their pertinence to past practices. The brand has since implemented several improvement measures, including player registration for gaming machines and tables, lowered intervention thresholds, enhanced staff training on AML measures, and increased dedicated monitoring staff. This proactive approach demonstrates Casino Cosmopol’s commitment to rectifying past issues and adhering to regulatory standards.

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Stay informed about the ongoing developments in Sweden’s gambling landscape. As regulatory bodies like Spelinspektionen continue to enforce compliance, operators and stakeholders must adapt to ensure they meet the highest industry standards.

Casino Cosmopol’s CEO, Ola Enquist, has expressed the brand’s determination to address any remaining shortcomings, highlighting the importance of combating money laundering as a serious social issue. “We have high ambitions for our work and have implemented new comprehensive tools and routines,” Enquist stated.

This fine comes amid Svenska Spel’s announcement of a restructuring of its land-based gaming business, following a revenue drop in H1. This segment includes Casino Cosmopol venues and Vegas slot machine operations.

Svenska Spel reported a slight increase in net gaming revenue for H1, reaching SEK 1.97 billion (€170 million). While online revenue grew by 9 percent, now comprising over half of the company’s total, revenue from the land-based Casino Cosmopol chain and Vegas slot machine business experienced a 13 percent decline, resulting in a SEK 52 million loss.

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As the Swedish gambling market evolves, Spelinspektionen’s actions, such as the fine imposed on Casino Cosmopol, play a crucial role in maintaining a compliant and responsible gambling environment, ensuring that operators adhere to the highest standards of regulatory practices.

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.

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Daily News

SOFTSWISS Jackpot Aggregator Sees 2.6x Surge in Bets: 2023 Report

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In a dynamic year for the iGaming industry, the SOFTSWISS Jackpot Aggregator has released its 2023 report, offering insights into significant trends and achievements.

Notably, the report reveals a staggering 2.6 times increase in bets participating in jackpots, shedding light on the growing appeal of these mechanics among operators and players alike.

A Year of Remarkable Growth

Throughout 2023, bets participating in jackpots experienced consistent quarterly growth, witnessing a remarkable 165% increase from January to December. By the end of the year, the total value of these bets had surged to an impressive 6.396 billion euros. Moreover, the number of jackpot campaigns witnessed a substantial growth of 3.8 times compared to the previous year, totaling 230 campaigns.

Expanding Reach and Impact

One of the standout achievements of 2023 was the expansion of the Jackpot Aggregator’s footprint. The number of brands utilizing its jackpot solution tripled within the year, culminating in over 70 active brands by year-end. This surge in adoption reflects a heightened level of market trust and interest in the product.

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Introducing the Prime Jackpot Campaign

A significant milestone of 2023 was the introduction of the Prime Jackpot campaign, which debuted in Q4. This innovative feature garnered considerable attention and interest from players across various casinos. The Prime Jackpot campaign allows operators to participate in shared prize pools, ensuring that rewards are drawn from the collective pool rather than from a specific brand operator. This approach not only offers larger rewards to attract more players but also enhances player engagement and loyalty while optimizing operational costs for operators.

Insights from SOFTSWISS

Aliaksei Douhin, Head of SOFTSWISS Jackpot Aggregator, shared his insights into the year’s achievements. He emphasized the noticeable increase in clients and connected casino brands, as well as the growing volume and value of bets in jackpots. He expressed satisfaction in witnessing clients actively embracing the Jackpot Aggregator and recognizing the added value it brings to their brand operations. The solution empowers operators to provide players with enhanced gaming experiences and more enticing winnings. Client feedback is actively collected and analyzed to ensure clients have access to the most sought-after tools and mechanics.

Looking Ahead to 2024

In 2024, the SOFTSWISS Jackpot Aggregator is set to extend its reach to a wider spectrum of clients. This expansion will be guided by a customized approach, ensuring that each client can tailor the product’s capabilities to meet their specific requirements.

Meet SOFTSWISS at ICE London

The SOFTSWISS Jackpot Aggregator team will be present at ICE London from February 6th to 8th, 2024. They are ready to showcase their latest advancements and engage in discussions with existing and potential clients.

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About SOFTSWISS

SOFTSWISS is a renowned international iGaming company that offers certified software solutions for managing gambling operations. With a dedicated team of over 2000 employees spread across Malta, Poland, and Georgia, SOFTSWISS holds multiple gaming licenses and provides comprehensive iGaming software solutions. Their diverse product portfolio includes the Online Casino Platform, the Game Aggregator featuring thousands of casino games, the Affilka affiliate platform, the Sportsbook software, and the Jackpot Aggregator. In 2013, SOFTSWISS made history by introducing the world’s first Bitcoin-optimized online casino solution.

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