Online casino operator Global Gaming is ending its effort to return to Sweden after the Jönköping Court of Appeals this week upheld Spelinspektionen’s decision to revoke the company’s license.
The Swedish Gaming Authority revoked Global Gaming’s license last summer, citing serious deficiencies in anti-money laundering practices and know your gambling operator client. The regulator also ordered the company to suspend its operations in Sweden.
Global Gaming operated its flagship brand Ninja Casino in Sweden through its subsidiary SafeEnt Limited.
The casino operator appealed Spelinspektionen’s decision in various courts, but the judges failed throughout. More recently, the company turned to Jönköping Court of Appeals. That court upheld a previous Administrative Court ruling and rejected Global Gaming’s appeal.
The Court of Appeals ruled that the operator has violated various regulations related to the responsibility for providing gambling services and the duty of care and that the company has not complied with the rules on responsible gambling and consumer protection.
This latest ruling basically means that Global Gaming cannot return to Sweden, which had been its main market before the license revocation last summer.
Commenting on the latest court ruling, Spelinspektionen said in a statement posted on its official website that welcomes the decision of the Court of Appeals and which is of great importance as it demonstrates how serious violations are punished in the reorganized Swedish market.
Global Gaming will not appeal the latest court decision
Global Gaming said on Monday that it will not appeal the Court of Appeals decision and that It will no longer look for opportunities to resume operations in Sweden.
The company’s board of directors said that Global Gaming has done extensive work for a long time to be an operator with “The greatest focus on regulatory compliance in all aspects” and that the latest court ruling would have no impact on its current or planned operations as the operator has made significant adjustments to its operations.
Global Gaming is reviewing a takeover offer from iGaming operator Enlabs that it received last month.
Enlabs submitted a formal offer to acquire all the remaining shares of Global Gaming that it does not yet own in a deal that values the latter at 450 million SEK (approximately $ 50 million). Enlabs, an online gambling operator focused on the Baltic countries, made the offer after it increased its stake in Global Gaming to 54.06% in August.
That recent purchase triggered the threshold at which the company had to make a mandatory takeover bid. Enlabs said that would pay 150 million Swedish crowns for the remaining 13.6 million shares of Global Gaming.
Global Gaming shareholders now have until November 2 to accept or reject the offer. Enlabs recently obtained approval from the Estonian Competition Authority to proceed with the proposed acquisition of Global Gaming.
If Global Gaming shareholders approve the transaction, Enlabs will have until November 6 to complete it.