Sweden’s state-run gambling company is making some big changes. According to numerous reports, Svenska Spel is no longer offering betting odds on one of the country’s top football leagues. It’s following a request from the Swedish Football Association, which claims the league is being investigated for suspicious activity.
A lot is happening with this gambling company. Now is the perfect time to look at why the company has stopped offering these odds. We’ll also discuss how much revenue Svenska Spel is earning in 2019.
Not long ago, Sweden’s National Football Association (SvFF) began investigating the Division 2 Sodra Svealand football league. According to this government body, teams in this league are purposely throwing games.
Integrity-monitoring partners found that 13 Svealand football games were rigged during the 2019 spring season. Now, the country’s top gambling company is suspending all betting for this league.
The Swedish Football Association called for a permanent blanket bet on betting odds for this league. Svenska Spel felt this was unnecessary. Instead, they’ve issued a temporary ban on all betting odds for the league.
Hakan Sjostrand, Secretary General of the SvFF, believes that there’s no other option than to cease all betting on this league’s matches.
“The situation that has arisen is so serious that we are unfortunately forced to take action to suspend the betting markets to safeguard the integrity of the league and prevent manipulation for the rest of the season,” he said.
For many years, Svenska Spel was the only gambling company operating in Sweden. Today, there are many Swedish online gambling sites to choose from. Unfortunately, Sweden’s only state-run gambling company is experiencing a significant revenue drop thus far in 2019.
Today, there are many *Swedish online gambling sites* to choose from.
This company currently offers both land-based and online gambling. It was forced to split the land and online user databases to comply with EU gambling laws and ensure fair competition in Sweden’s gambling industry. Interestingly, Svenska Spel’s internet gambling revenue is up right now.
According to figures released this month, this company’s online gambling revenue has increased by 14% this year. Many gamblers here prefer to use the state-run gambling site as it offers more Swedish gambling odds and a wide range of promotional offers. Overall revenue for this company is decreasing, though.
Svenska Spel announced that its net revenue is down by 2% this year. Operating profit dropped by 45% and overall profit fell by a staggering 57%. Most analysts feel increased tax rates are to blame for this revenue dip.
As we mentioned above, Sweden just recently opened up its internet gambling market. For years, this country offered no legal avenue for foreign gaming sites to operate in the country. Now, these companies can run in Sweden after obtaining a license from the government.
Lawmakers in Sweden haven’t made it easy for these companies. There has been a wide range of strict regulations set on the gambling industry.
In February, the government here announced a fresh set of gambling ad restrictions. There is a concern that gambling operators in Sweden will soon be banned from all forms of marketing.
Svenska Spel has voluntarily stopped most forms of marketing. Now, this company is suspending all betting odds for one of Sweden’s top football leagues. Officials will need to decide whether or not to allow odds for this league next year.
Do you think gambling regulations in Sweden are too strict? Let us know in the comment section below!
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