The swedish article on Wikipedia has this to say:
" The rollercoaster is named after 'Balder's paddock', a former paddock which was on the location of this rollercoaster. In 'Balder's paddock', the football team and sports club 'ÖIS' have formed, in 1887. This is why the trains are colored red and blue, the colors of 'ÖIS'.
'Balder's Paddock' is in turn namegiven after the scandinavian god 'Balder', the god of light and beaty."
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