Betsson Hit With €520,000 Fine by Swedish Court for Exploiting Gambling Addict

The Swedish Patent and Market Court has ordered Betsson, a gambling company, to pay €520,000 to a former customer who lost a fortune on their platform due to his gambling addiction, as a compensation for his losses and emotional distress, according to Next.io.

The court found that Betsson knew about the customer’s addiction, but did nothing to prevent him from losing more money. Instead, Betsson used aggressive marketing tactics to lure him into playing more.

Adding to Betsson’s woes, the court also found that the company had no legal basis to target Swedish customers, as it did not have a Swedish gambling license at the time of the relationship. The customer’s gambling addiction was confirmed by medical records and testimonies.

This decision has taken a toll on Betsson’s business. The company’s share price plummeted by 8.3% to 104.3 Swedish krona per share (about $10.4), and the company now faces a review of its ads policy.

Betsson, however, is not giving up. The company has announced that it will appeal the court’s decision to a higher authority.