Sweden has been pushing for tighter regulations toward its gambling legislation for months. This week, the government here announced a new set of rules that is sure to affect their gaming market. Gambling ads in Sweden are now banned from anyone that have blocked themselves from the industry.
It remains to be seen what ramifications this will have on both foreign and domestic gaming operators here. One thing is for sure; it’s an interesting time for Sweden’s online gambling industry.
Sweden is, in many ways, a very liberal country. When it comes to gambling, they’ve implemented some pretty strict laws. Technically speaking, both land-based and online gambling sites can legally operate here. Foreign gambling operators must obtain a license in order to offer their services in the country.
The problem is that for many years Sweden only offered one license. The state-run Svenska Spel company had a hold on all online gaming here. That all changed in January of 2019.
That month, Sweden announced that they were implementing a new bill to “re-regulate their online gambling industry.” Foreign gambling sites would finally be able to obtain a license and legally operate here. 66 different online gambling websites now hold licenses to operate in this country.
This week, the Swedish Minister for Public Administration, Ardalan Shekarabi, announced that Sweden was implementing a new set of regulations to their gambling industry. “The Swedish people are tired of the extremely aggressive marketing, the unrestrained advertising,” he told the media last week.
A huge number of companies are now legally operating in Sweden. These companies will almost have free reign to market their services online. Fortunately, Sweden has formulated a plan to protect those who don’t want to take part in gambling.
People here have the option to block themselves from gambling sites. More than 20,000 people have already chosen to do so. As you might expect, not all the gambling sites operating in Sweden are following these new rules.
Sweden is making it very clear that regulations are remaining tight for gambling sites. The gambling regulatory board (Spelinspektionen) recently sent a letter to the gaming operators in the country. This board claims that many of the sites here are not abiding by the rules set by the government earlier this year.
The Spelinspektionen body has received numerous complaints since January. Advertisements are still being sent to those who’ve blocked themselves. A number of the gambling websites here have also failed to feature the country’s link to a responsible gaming page. Gambling ads in Sweden are now facing heavier restrictions as a result.
Spelinspektionen has warned that any sites failing to abide by their laws will suffer the consequences. This can include a 10% penalty fee of the license they received or complete revocation of their gambling license in Sweden. According to many reports, gambling sites spend as much as 45% of their revenue on marketing. These new limitations will make it hard for their advertising efforts in Sweden.
There’s no doubt that gambling is booming in this country. Svenska Spel reported earnings of more than $260.5 million over the last three months of 2018. The massive increase in gambling sites here is sure to bring in even more revenue this year.
Do you think Sweden’s gambling industry will grow to rival the UK’s? How will the new regulations set in place affect the company’s operating here? Let us know what you think in the comment section below!
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