White Hat Gaming has relinquished its operating license in Sweden after it decided the country's online gambling market was over-regulated.
The Maltese white-label solution provider received a five-year license in January 2019 from the Swedish Gaming Authority (SGA) but will now exit the market at the end of June 2021.
EGR understands that the prolonged imposition of limits on deposits and bonuses, combined with an ever-decreasing transfer rate to licensed firms, were key factors in the decision to withdraw.
White Hat Gaming operates 33 online gaming domains in Sweden under different brands, including 21 Casinos, Dream Vegas and Jackpot Village.
The provider will now look to operating markets with higher potential and higher ROI, including the US, where it signed a multi-state platform deal with Penn National Gaming.
White Hat Gaming may also be preparing to leave Germany, as it became known EGR Intel.
The final decision will likely depend on whether the country approves the introduction of a 5.3% turnover tax on online casinos, slot machines and online poker.
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