The Swedish Gambling Authority (Spelinspektionen) issued a five-year permit for sports betting to the Kambi Group plc, which will help the company strengthen its position in this important European market.
Swedish license:
Kambi Group plc is one of the leading sports betting providers in the industry, and this license agreement will surely improve its position in the market even further. These B2B permits will help Kambi to continue providing its unique and popular sports betting technology and services to Sweden’s most popular licensed operators.
The news, recently revealed by the Swedish Gambling Authority, is great for all included parties since the operators will continue to get the content from Kambi for another five years, starting from July 1 this year.
The license has been required in Sweden since last year when the new regulations were made. Since then, the operators have had to get new licenses that will enable them to offer their services in Sweden. These measures were conducted in order to reduce the number of wagers on the black market and improve channelization.
Kambi is one of the companies listed on Nasdaq’s First North Growth Market in Stockholm. The company currently operates in more than 50 regulated markets all over the world and derived 94% of its revenue from various markets that operate in local regulatory frameworks during the last year.
David Carter, Chief Legal Officer at Kambi, said: “We are pleased to have obtained the necessary B2B gambling permits for Sweden, which, given Kambi’s heritage, has long been one of our most important markets. This further showcases our commitment to upholding the utmost standards of compliance and regulatory requirements, which is a cornerstone of Kambi’s success as the world’s leading B2B sportsbook.”
Two awards for Kambi:
This isn’t the only success from Kambi’s studio. At the recently held EGR B2B Awards 2023, the company won two prizes.
The event was held in London, and it’s known as one of the most prestigious in the whole iGaming and sports betting industry.
Kambi won the Sports Betting Supplier award, as well as the accolade for Innovation in Sports Betting Software award.
Sports Betting Software award is granted for developing its unique AI-driven software for trading capability. The trading system powered by the strong algorithm was launched just before the World Cup last year. This launch enabled the company to elevate the odds of creation without any human intervention. Its pricing and trading of odds were more advanced than any of the other sportsbooks were able to offer.
Kambi is famous for its advanced solutions, so the company won an award last year as well for its popular Bet Builder.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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