JPJ Group Enters Regulated Swedish Market
It seems like online gambling companies from all over the world are jostling to grab a piece of the newly regulated Swedish market. Just a few days ago, Canadian giant The Stars Group revealed the news that two of its cornerstone brands, PokerStars and BetStars, had done just that.
Players in the Scandinavian nation can now enjoy a princely selection of online poker and sports betting opportunities, as well as casino games. All of these offerings can be enjoyed with just a single online account as well, which will surely give Stars and its brands the upper hand in the local industry.
However, The Stars Group is not the only company that has been awarded a license to operate in Sweden by far. Now that the market is open to international competition, companies like JPJ Group PLC were quick to apply for permission to start peddling their wares to eager local punters.
License Effective from January
Now, news has arisen that JPJ, a popular online bingo operator formerly known as JackpotJoy, has been successful in its ploy to enter the nation’s industry. On Monday, the company revealed that it has secured a coveted iGaming license through one of its subsidiaries, Dumarca Gaming Limited. The license will reportedly be effective from January onwards.
When interviewed about the great news, Chief Executive Officer of JackpotJoy Operations Simon Wykes had plenty to say. In his response, Wykes noted that it has indeed been a challenge to ensure that his company’s virtual bingo and gaming platform is totally compliant with Sweden’s strict licensing requirements. However, the firm’s tech team has reportedly been successful in this endeavor in a very brief time frame, he said.
Shares Rise Following the News
When asked about the future, the CEO noted that his company is now looking forward to making the most of the opportunities that the licensed and regulated Swedish market will offer in 2019. Naturally, experts have guessed that new bingo titles, plenty more promotions, and other exciting offers could be in the works for the brand and its domains.
Following the news, shares in JPJ Group rose by 0.9% at 657.00p on Monday, 7 January. They are also expected to grow further as the group’s market share in Sweden starts to gain traction later in the first quarter of 2019, although only time will tell just how successful they will prove to be in the country.