Sweden and Malta Gambling Authorities Team Up
Sweden is finally beginning to open up its online gambling industry. Malta is one of the world’s top countries for gambling oversight. This week, Sweden and Malta gambling authorities are teaming up to provide better oversight of the online gambling industry.
The timing makes sense. Sweden is working hard to ensure that foreign gambling companies operating inside their territory don’t break any rules. Communication with Malta is going to help the oversight of this popular industry.
Let’s take a look at why this partnership is happening, and what to expect for Sweden’s online gambling industry in the future.
Sweden’s Strict Regulations on the Online Gambling Industry
We’ve been covering the news of Sweden’s gambling liberalization for the past few months. The market officially opened up to foreign online gambling companies in January. Online gambling sites based abroad can now apply for a license to operate inside Sweden. There are a number of strict regulations on these sites.
Sweden is giving its citizens the ability to block themselves from any gambling advertisements. In February, Sweden announced that foreign gambling sites targeting these people with ads will be punished. Unfortunately, not all companies are abiding by these new laws.
Officials in Sweden are also heavily restricting the bonuses that online gambling sites in Europe can offer to Swedish citizens. Gambling sites here cannot use traditional marketing tactics that many other European nations allow. These websites can only offer one bonus to new players. Additional bonuses and promotions are completely banned.
This is a tough blow for online gambling companies operating here. Promotions are one of the most effective ways to retain a user base. To ensure that these regulations are being followed, Sweden and Malta gambling authorities are now working together.
Malta Has Been an Online Gambling Hub in Europe for Years
It’s not a huge surprise to see Sweden working with Malta over online gambling regulations. The Malta Gaming Authority was established all the way back in 2001. This group was the first in Europe with legislation to regulate online gambling activities. Today, almost all of the top online gambling sites in the world hold a license in this country. Malta’s online gambling industry now makes up nearly 13% of its GDP.
Recently, Malta implemented some new regulations, as well. The licensing process here is now considerably simpler. Malta is a gold standard for online gambling regulations, and it makes sense for Sweden to work with them moving forward.
Sweden quickly realized that most of the sites applying to operate inside the country also hold a license in Malta, too. With Sweden and Malta gambling authorities working together, they can assist each other to ensure all regulations are met.
Camilla Rosenberg, General Director of Sweden’s Gaming Authority, recently commented on the new partnership.
“Many of the companies that have received a Swedish license also have technical equipment and a license in Malta. By opening the communication channels between the authorities we become stronger in our supervisory activities. This is the beginning of a broad and long-term cooperation, and our plan is to initiate corresponding collaborations with more gambling authorities in Europe,” she told the media.
Will Sweden and Malta Gambling Authorities Working Together Help the Online Gambling Industry?
There’s no doubt that the strict regulations set by Swedish officials have made a few major online gambling companies think twice before entering this market. The ban on additional bonuses, in particular, is a concern for online gambling operators. With that being said, Sweden has a very lucrative market with millions of sports gambling fans.
It’s likely that the partnership will help the Swedish government supervise their online gambling industry better. Malta has years of experience in this field and will give the Swedish government some great insight into regulating their market. Is this actually a good thing for the online gambling industry?
Gaming operators may be wary of entering this market right now. Regulations in Sweden are extremely tight, and companies found breaking the rules may face heavy fines. Hope is high that the partnership with Malta may help to improve the current regulations to make it better for both the government and companies operating inside Sweden.
What do you think comes out of the Sweden and Malta gambling authorities working together? Will more countries’ gambling authorities begin working together? Let us know what you think in the comment section below!
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