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Posted in Industry September 11, 2018
How the New Regulation Will Help Shape the Online Gaming Environment in Sweden
For years, Sweden has been a leading player in the global gaming industry. With its advanced digital economy and high consumer enthusiasm, online gaming has thrived in this Scandinavian country. Some of the biggest online casino brands, like Betsson and the Kindred Group, have their roots in Sweden. Other companies with Swedish origins, such as Evolution Gaming and NetEnt, have also made significant contributions to the online casino industry. Additionally, there are numerous affiliate sites operating in the country, making Sweden a hub for online gaming.
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From a ‘Grey Market’ to Regulated
Despite its thriving online gambling scene, Sweden’s gambling laws have not been comprehensive or strict enough. This has allowed offshore casino operators to target Swedish players without facing consequences. As a result, Sweden has been known as a ‘grey market’ for online gaming in Europe. However, this is about to change. The Swedish Parliament has unanimously approved new regulations that will transform the market from a grey zone to a fully regulated one.
The introduction of these regulations is expected to have a significant impact on the gaming sector in Sweden and set trends for the future.
How Sweden Moved to a Regulated Space
Prior to regulation, the Swedish gaming market was dominated by two monopolies – Svenska Spel and ATG. These two companies controlled 58% of the market in 2017. Although they expressed concerns about the new regulations, the wheels for change were already in motion. The move towards regulation took several years and was influenced by the success of Denmark’s regulated market. Additionally, the government released a report in April 2017, which paved the way for a regulated market with a tax rate of 18% and minimal administrative burden.
The same report predicted that regulation would lead to 90% of all iGaming customers being channeled into licensed environments, ensuring a safer and more responsible gaming experience.
What Happens Next?
According to the proposal by the Swedish Government, the new regulations will officially come into effect in January 2019. From July 2018, gaming operators can begin submitting license applications. The Minister of Public Administration, Ardalan Shekabi, stated that the new regulations will require applicants to comply with Swedish rules. He also emphasized that the laws will provide authorities with the tools to keep unlicensed operators out of the market and impose stricter penalties for unlawful gambling and fraud.
The introduction of regulation and the opening up of the market through new licenses are expected to bring long-term benefits, as seen in the Danish gambling market. Industry experts anticipate increased spending, marketing activity, innovation, and the development of new products. A fully regulated Swedish gaming environment is also likely to lead to more affiliations, payment solutions, and platform providers.
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