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The appearance of a new payment provider has sparked concerns among regulated operators in Sweden. 

They allege that Finshark, a financial services company, is enabling money transfers between Swedish consumers and unlicensed gambling operators.

iGaming NEXT understands some licensed operators have urged the Swedish Gambling Authority (SGA) to conduct an investigation. 

They argue that the situation closely resembles a previous directive from the SGA, which recently ordered Zimpler to discontinue a similar service.

Zimpler’s exit

In July, Zimpler was ordered to stop providing payment services using BankID to operators without a Swedish gambling licence. 

“In light of the fact that BankID is an e-identification service that is only used by Swedish customers, the SGA assesses that the gambling companies [in question] are targeting the Swedish market,” the regulator said.

The SGA warned Zimpler of a SEK25m fine if it failed to comply. Despite initiating an appeal process, Zimpler agreed to terminate these agreements with unlicensed operators.

However, Zimpler argued the SGA’s decision has questionable legality and is seeking to address various legal questions through its appeal, including matters related to “illegal promotion” and the relationship between Swedish gambling laws and EU regulations.

A new entrant

iGaming NEXT understands that following Zimpler’s exit, Finshark has quickly risen to prominence. 

Finshark is led by CEO and co-founder Adnan Sporo, with additional board members including Nathan Alexander Medlock, Martin Jesper Kreuger and Kristian Thomas Sternros.

The company was set up in 2019 and maintains offices in Lund, Stockholm, Sarajevo, and Madrid.

It holds a payment institution licence from the Swedish Financial Supervisory Authority (Finansinspektionen).

Nonetheless, industry sources who spoke with iGaming NEXT have pointed out that all the casino websites associated with Finshark are owned by Infiniza Ltd, a Maltese company in possession of an MGA licence since 2018.

One such operator offering Finshark as a payment option is Goldroll Casino. 

Screenshots taken in August, which were reviewed by iGaming NEXT, show Finshark in the URL where players select their preferred Swedish bank for payments.

A source who spoke to iGaming NEXT on the condition of anonymity said: “Swedish customers are accustomed to rapid withdrawals, making this a significant advantage for any grey-market operator. 

“We fail to understand why the SGA has not yet acted.”

The SGA declined to comment, explaining that it refrains from discussing ongoing supervisory activities and individual cases.

iGaming NEXT has also contacted Finshark for comment.

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