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Betway got rebuked by Swedish Gambling Authority
Spelinspektionen, Swedish regulator, rebuked online gambling company Betway Limited because of shortcomings in the accomplishments of the license duties. Later, Betway has responded the news claiming it “incorrect”.
The reprimand arose after the gambling authority issued a report covering the overview of Swedish wagering activity. The reason for the reprimand SGA mentioned the negative proprietorship for the dominating part of the financial-year. The regulator reports that it puts the operations at risk, though the company asserts that it possesses the necessary capital to resume the operation of the business.
Negative proprietorship is obliged to mandatory liquidation in Sweden. As the company is Malta-based, it misses the obligation.
Betway Limited is a brand under Betway Group. So, when the problem arose, the brand responded that the Betway Group would provide necessary funding if needed.
Still, SGA found it not enough for compensation and decided to rebuke the company, noting that a capital guarantee may only compensate for a negative proprietorship partially.
Betway responded to the news noting that it is wholly owned by Super Group which has recently listed on the New York Stock Exchange with the ticker ‘SGHC’. As it mentions, Super Group is a financially sound, profitable business, attested to by its publicly accessible financial reports and results – which can be found on www.sghc.com.
“Aside from the fact that the comments by the Swedish Regulator relate to 2019, any statements suggesting that Betway’s current financial situation constitutes any risk to the company’s continued operations, is factually incorrect”
the statement read.
It’s worth mentioning that Betway acquired its license in the first month of 2019 due to its professional finance management.
“It is our understanding that the SGA based its ruling on the 2019 accounts for Betway Limited. While Betway Group had negative equity in 2019 but had a positive recovery in 2020 and 2021 both years showing positive equity and strong results, and now part of Super Group a highly profitable business listed on the NYSE”.
“We are therefore confident that we can meet the requirements of any license application and satisfy the SGA going forward”