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BOS Claims Swedish Banking Institutions Have Suspended Services Provided to Licensed Gambling Operators

Published

5 years ago

April 26, 2021

Reading Time: 3 minutes

Gustaf Hoffstedt, secretary-general of the Swedish trade association Branscheforenigen för Onlinespel (BOS), has claimed that all of the country’s major banking institutions have suspended services they provide to licensed gambling operators.

BOS said that “all major Nordic banks” – including SEB, Swedbank, Nordea, Handelsbanken, DNB Nor and Danske Bank – stopped providing services to Swedish-licensed gambling operators at some point this year.

Claiming this is in violation of Swedish law, Hoffstedt has filed a complaint to the country’s Financial Supervisory Authority (Finansinspektionen).

Most of these banks, Hoffstedt said, cited internal risk assessments or Sweden’s Anti-Money Laundering Act (PTL) as the reasons for account closures. The BOS secretary-general added that “in some cases the banks have not stated any reason at all”.

“As far as I am aware, no concrete justification for the dismissals and banks’ assessment has been provided in any case,” Hoffstedt said.

Hoffstedt added that gambling operators cannot function without banking services.

“Online gambling companies are, as stated above, dependent on basic financial infrastructure in the form of banking and payment services to conduct their business,” he explained. “This requires [them] to be able to store customers’ funds as well as receive deposits and make payments to customers.”

He added that the suspension of services meant that operators could no longer use Bank-ID, used to verify players’ identities. This meant they had lost access to a tool that was vital for fighting fraud and money laundering, Hoffstedt.

“Without access to the Bank-ID system, online gambling companies need to use alternative solutions to identify their customers. These solutions risk being neither as effective for companies nor as safe for users,” he explained.

Swedish Banks also provide the Swish payment service, which Hoffstedt said was also “very important” for operators.

Hoffstedt said that the banks’ decisions had worsened operating conditions for the country’s igaming licensees, as well as counteracting the goals of the Gambling Act.

He went as far as arguing that the actions were illegal.

Hoffstedt said banks have a contractual obligation to continue to provide banking services to these customers, unless there is a clear reason to break this agreement. Only in incidents where continuing to provide banking services would violate the PTL, or if the banking customer had committed misconduct, could agreements be broken, he claimed.

While Hoffstedt noted that banks may terminate agreements if they suspect a customer has connections to money laundering, he pointed out the PTL made clear that these assessments are at the customer level. They can, therefore, not be applied on a sweeping basis to a legal industry.

“Given that a large proportion of BOS members also received notice or notice of termination from the banks – all with general and overarching references to the risk of money laundering in the business – it seems obvious that the basis for the dismissals is a general business policy decision rather than a valid application of PTL,” he said.

“Under these circumstances, there is no possibility for the banks to deviate from their contractual obligation.”

BOS requested a dialogue with the Financial Supervisory Authority and said the regulator “should initiate a supervisory investigation of the banks’ handling and possibly intervene against the banks”.

SEB – one of the banks mentioned by BOS – however, argued it was not systematically ending relationships with gambling operators but rather examined the risk for every client on an individual basis.

“We always make an individual assessment of individual client relationships,“ SEB said. “When it comes to gambling companies, we generally have a cautious approach based on the raised risk level, not least connected to risks relating to money laundering and financial crime.”

Danske Bank, meanwhile, denied it had a policy specifically preventing gambling businesses from operating, but did say these businesses undergo a stricter screening process.

“Danske Bank does not exclude banking services for gambling operations as such,” Danske Bank said. “However, our assessment is that the gambling industry in general is associated with high risk and due to that we have tailored screening principles to ensure that the companies operate responsibly.

“In a case where a specific gambling client does not meet the requirements of our KYC-process or ESG-assessment, the ultimate consequence could be that we limit our offerings or refrain from enter into a business relationship.”

ELA Games

ELA Games releases Flames Fruits Frenzy Hold and Win slot

Published

1 hour ago

July 9, 2026

Wladimir P.

ela-games-releases-flames-fruits-frenzy-hold-and-win-slot

New title adds a Hold & Win bonus to the studio’s retro fruit-themed “Flames Fruits Frenzy” line.

ELA Games has released a new slot title, Flames Fruits Frenzy Hold and Win, expanding its Flames Fruits Frenzy series with a Hold & Win bonus feature.

The game uses classic fruit-machine iconography, including cherries, lemons, oranges, grapes, and watermelons, presented with updated high-definition visual effects, according to the company.

ELA Games positioned the release as a seasonal summer-themed update and said it is aimed at players who prefer traditional fruit-slot formats paired with modern mechanics.

The company did not disclose target markets, operator rollout partners, RTP, volatility, maximum win, or a specific release date beyond announcing the launch in the statement.

The post ELA Games releases Flames Fruits Frenzy Hold and Win slot appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Latest News

Games Global and Posh Monkey Studios debut brand-new reel expansion feature in Fishin’ Madness™ QUADGROWS™

Published

1 hour ago

July 9, 2026

Wladimir P.

Games Global has cast its line into the popular fishing genre with the launch of Fishin’ Madness QUADGROWS, developed by exclusive partner Posh Monkey Studios, introducing an all-new evolving reel mechanic that continuously unlocks new ways to win.

Leveraging the enduring appeal of the classic genre, Fishin’ Madness QUADGROWS features the innovative QUADGROWS feature, where every spin contributes toward greater potential.

Beginning on a 5×3 reel-set, the game gradually expands to seven rows, where each progression level unlocks additional paylines, larger Fish Instant Prizes and enhanced Collect Multipliers, rewarding players as they venture deeper beneath the waves.

The Fisherman Collect mechanic remains at the heart of the experience, awarding all visible Fish Instant Prizes when the Fisherman lands on reel five. As QUADGROWS unlocks additional rows, new Collect Multipliers become active, increasing the value of every successful catch.

Three or more Scatters trigger eight Free Spins, where larger multipliers create even bigger payout opportunities, while five Scatters award the game’s maximum 10,000x prize.

Completing the feature set is Posh Monkey Studios’ proprietary Posh Spins, an optional boost that increases the chance of triggering the bonus round.

Combining one of the most popular game themes with an evolving reel mechanic, Fishin’ Madness QUADGROWS adds a new layer of progression to the classic collect-style experience.

Connor Blinman, Co-Founder of Posh Monkey Studios, said: “Fishing games continue to resonate with players, but standing out in such an established genre means delivering something genuinely different.

“The QUADGROWS mechanic creates a real sense of progression throughout the player journey, with every milestone unlocking bigger opportunities and adding another layer of excitement to the experience.”

Dave Reynolds, Director of Games Strategy and Partner Management at Games Global, added: “Posh Monkey Studios has taken a proven formula and introduced an engaging progression system that gives players a reason to keep coming back.

“Fishin’ Madness QUADGROWS is another example of how Games Global and its exclusive studios continue to evolve popular mechanics through creative gameplay innovation. We’re excited about the roadmap ahead for Posh Monkey Studios’ and the fresh ideas they’ll be bringing to the table.”

The post Games Global and Posh Monkey Studios debut brand-new reel expansion feature in Fishin’ Madness™ QUADGROWS™ appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Latest News

ZEAL acquires SevenCanyon and enters the highly attractive UK prize draw market

Published

1 hour ago

July 9, 2026

Wladimir P.

zeal-acquires-sevencanyon-and-enters-the-highly-attractive-uk-prize-draw-market

ZEAL Network SE has signed a share purchase agreement to acquire the remaining 96.5 percent of the shares in SevenCanyon Limited, in which ZEAL already holds a 3.5 percent stake. With this acquisition, the market leader for online lotteries in Germany is entering the UK market, gaining immediate access to Europe’s largest market for digital prize draw offerings.

“SevenCanyon is one of the most successful prize draw operators in the UK – we have known them for years. With the acquisition, we hit the ground running in a highly attractive and growing market. We also accelerate the implementation of our strategy to selectively diversify our business model through new products and new markets”, says Dr. Stefan Tweraser, CEO of ZEAL Network SE.

SevenCanyon operates several established UK prize draw platforms, including 7days Performance, Redline Competitions and UK Carp Competitions. This market segment comprises digital prize draws and offerings with non-cash prizes such as houses, cars, and lifestyle products. In the most recent financial year 2026 (04/25–03/26), SevenCanyon generated an operating profit (EBITDA) of more than GBP 10 million.

The transaction opens potential for further scaling of the UK business through ZEAL’s capabilities in acquisition marketing, monetisation, customer retention, data analytics, regulatory professionalism, and platform operations. Furthermore, ZEAL expects the UK prize draw market to continue to move towards more formalised rules, which will favour operators like ZEAL with strong compliance capabilities and regulated market experience.

“SevenCanyon is a highly profitable company with a proven business model. The purchase price will mainly be financed through a new loan agreement. This preserves our financial flexibility to continue our growth-oriented and shareholder-friendly capital allocation in the future”, says Andrea Behrendt, CFO of ZEAL Network SE.

Purchase price and financial impact for 2026

The transaction comprises a cash purchase price for the remaining 96.5 percent of the shares of approximately GBP 33.8 million (subject to post-completion adjustments, including an adjustment for vehicle inventory in the single-digit millions of GBP range), as well as an earn-out payment of up to GBP 4.8 million, to be paid over a period of six months after completion.

The acquisition financing is supported by a EUR 40 million term loan with a duration of seven years, arranged by Deutsche Bank.

The Management Board expects SevenCanyon to make a meaningful contribution to ZEAL’s revenue and EBITDA following consolidation. ZEAL will assess the necessary adjustments to its revenue guidance after the IFRS presentation of SevenCanyon’s revenue streams has been finalised.

On EBITDA, ZEAL confirms the range of EUR 70–75 million under the assumption of a normal jackpot environment in Germany. The updated forecast reflects anticipated non-recurring expenses in the mid-single-digit millions of euros in connection with the transaction.

For the first full financial year following completion of the transaction, ZEAL expects it to have a positive impact on EBITDA in the high-single-digit millions of euros.

The post ZEAL acquires SevenCanyon and enters the highly attractive UK prize draw market appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.