More Resignations From Svenske Spel - 05-04-08

May 4 - A change in direction of the Swedish state-owned gambling company, Svenske Spel has led three executives in the past week to resign from their positions.

Jesper Karrbrink, the CEO of the company, officially resigned last week, and this was followed by an announcement by Mathius Hedland and Annica Axelsson that they, too, were leaving. Hedland led the internet, telephone and retail betting division, while Axelsson was responsible for the bingo, casino and restaurant divisions.

The wave of resignations from Svenske Spel is believed to be due to the increasing level of political interference in the company. In recent months, Svenske Spel has embarked on a new policy with a focus on deterring players from gambling activities - a policy which does not sit well with many of the current staff.

Speaking to Sweden's E24 media channel, Mathius Hedland said: "What is happening at Svenske Spel is a change in ambition. I personally would like to develop the company to be competitive, while at the same time maintaining our social responsibility. But with the new direction, I am not the right person for the job."

The new chairman of Svenske Spel, Margareta Winberg has long been critical of the competitive policies of the company, and has promised to do more to up the social message of Svenske Spel and move away from gambling promotions, as was done under Karrbrink's leadership.

Svenske Spel is one of Europe's most profitable gambling companies, bringing in almost 0.5-billion Euros for the state each year. If sold on the private market, the company could easily be worth as much as 8 billion Euros, according to industry experts.

In recent months, the Swedish government has been visibly moving towards a more open online gambling market, mulling a proposal that would allow foreign operators to compete in the local market.

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