Risks in Kindred Group’s Unibet Nordics exit and regulatory changes

The Norwegian and Swedish regulatory crackdown

The Norwegian Gambling Authority enforces a €117,000 daily fine on Kindred Group subsidiary Trannel for offering Unibet, Mariacasino, Storspiller, and Bingo brands to Norwegian customers without permission. Deputy director Henrik Nordal says that illegal activity in Norway can generate €42.5m in annual revenue for such operators. Kindred argues the Norwegian monopoly does not comply with EEA law and disputes the coercive fine. Surveys in Norway indicate 60% of Norwegians do not know that Kindred’s brands are unlicensed in the country. In Sweden, the Ministry of Finance proposed a regulation to categorize gambling advertising as needing "special moderation" to align with alcohol marketing rules. This change would prevent intrusive outreach or attempts to urge people to use alcohol. The Swedish Trade Association for Online Gambling says advertising from licensed companies has already halved since its peak in 2018-2019. Gustaf Hoffstedt, the Chief Executive of the association, says every fourth gambling krona leaks out of the licensing system when it comes to online casino. Spelinspektionen also targets unlicensed operators, including Liquid Entertainment NV, which used Swedish language and content to target players through Google and the streaming platform Kick. The regulator also launched a campaign called "With your future as a bet" to educate adults aged 18 to 25 about the risks of gambling. This initiative involves the Swedish Public Health Agency and the Swedish Crown Prosecutor. Spelinspektionen also banned WinBet, the operator of Superb.bet, and companies like Rabocse SRL and Solid Software Solutions SRL for targeting Swedish players with localized content without authorization.

Unibet’s compliance hurdles

Unibet’s long-term viability in the Netherlands remains uncertain because the €4m fine issued by the Kansspelautoriteit for failings between July 2022 and July 2024 creates a significant mark against its upcoming license renewal in 2026. This penalty follows a previous £10m fine in the UK for compliance and anti-money laundering failings. Unibet re-entered the Dutch market in July 2022 and held a 24% market share in 2023 and 2024. However, the introduction of deposit limits in October 2024 caused Unibet to lose market share as high rollers migrated to unregulated sites. In Sweden, the government-mandated ban on credit gambling takes effect on April 1, 2026, and forces all licensed operators to implement systems that block credit card payments when they detect borrowed funds. The legislation also prohibits operators from connecting players to third-party credit providers. Finance Minister Niklas Wykman says people should not bet with borrowed money. If an operator sees a player using borrowed funds, they must not accept those wagers. This rule applies to both physical and online sites. Operators must use existing technical equipment to block credit cards without affecting the sale of other goods. The Swedish government also allows for certain exemptions for lotteries that serve public interests, which the Spelinspektionen will manage under strict conditions.

Danish market structure

Denmark requires B2B game suppliers to hold a DGA license to provide games to B2C operators, a rule that began on 1 January 2025. The Danish market imposes a 28% tax on gross gaming revenue, whereas Sweden’s tax rate sits at 22%. Operators must integrate with ROFUS, the central self-exclusion register, to manage player exclusions for terms ranging from one month to permanent status.

The Danish regulator set a 1 September 2026 deadline for complete applications for betting and online-casino licenses expiring on 31 December 2026. To obtain an online casino license, the application fee is DKK 343,300 for 2025 levels, while a combined betting and online casino application costs DKK 458,500. B2B suppliers pay an application fee of approximately EUR 8,645 and an annual fee of approximately EUR 5,765. Any company that is not established in Denmark or another EU/EEA state must appoint a representative living in Denmark. Does the tightening of these rules prevent more players from moving to unlicensed sites?

Market shifts and Kindred’s exit

Kindred reported that its Nordics revenue fell 17.0% to £65.3m in Q3, because of changes to its Norwegian offering. The group’s decision to exit North America aims to save £40 million annually by closing operations in five US states and Ontario. Unibet GGR in Sweden was 41% higher in June than in January, though the FIFA World Cup and sports margins influenced this result. Unibet previously pulled out of Iowa after a $6 million payout to Jim McIngrae regarding a Houston Astros wager. In the Swedish market, Pragmatic Play holds 21.9% of online slot turnover, while Play’n GO follows with 21.1%. Hacksaw Gaming holds 10.9% of the market. Evolution has 77% of the live casino turnover. Most Swedish operators, including Unibet, use Swish or Trustly for payments. Swish is available at 96.5% of brands, while Trustly is available at 90.6%. RTP levels vary between operators. Coolbet recorded the highest average at 96.26%, while others like ATG, bet365, and PAF averaged above 95%. Most Swedish operators use Kambi or Altenar for sportsbook technology. Most players in Sweden play titles such as Book of Dead, Starburst, and Legacy of Dead. Kindred also saw a 55.9% rise in B2B revenue from Relax Gaming in Q3.