Sweden just recently opened its online gambling market to foreign companies. It’s already proving to be massively successful. Sweden’s online gambling revenue is now exceeding land-based revenue by a substantial margin.
Online gambling has never been more popular here. Today, we’re going to look at Sweden’s decision to allow foreign gambling companies to begin operating in the country. We’re also going to talk about how much money internet gambling brought Sweden in 2019’s second quarter.
For many years, Sweden only allowed a state-run gambling company to offer online gambling services in the country. This company, called Svenska Spel, held a monopoly on the regulated gambling industry, yet many people in this state chose to play through unregulated gambling sites in Europe. The government recognized this and decided it was time to make a change.
In January of this year, the government passed new laws to allow foreign gambling sites to operate in the country. These companies much obtain a license from the government before offering services to Swedish players. Today, many of the biggest and best gambling companies in Europe are now legally available here.
Sweden is taking their gambling regulations very seriously. Over the past eight months, lawmakers here have continued to increase restrictions on the gaming industry. In February, a fresh set of advertisement restrictions were set in place. The government also set new restrictions on the bonus offerings at gambling sites.
For a time, it looked like these regulations were getting too severe. Some felt that gaming companies in Sweden may leave the market. Fortunately, this isn’t happening, and gambling revenue here is increasing quickly.
Despite the harsh regulations, internet gambling revenue in this country continues to increase. According to multiple reports, Sweden’s online gambling revenue reached $630 million in the year’s second quarter. It represents a 3.2% increase from 2019’s first quarter.
More than half of the country’s gambling revenue (56.7%) came from online sports betting and casino gambling. This includes money from both the foreign gambling websites operating here and the government-run company, Svenska Spel. Interestingly, land-based gambling revenue here decreased.
Land-based lottery and slot machine gambling brought in $146,778,300 last quarter. Not-for-profit lottery sale revenue actually increased by 10.4%. Finally, Casino Cosmopol, a major land-based casino operator here, saw a revenue increase of 4.7% from the year’s first quarter to the second quarter.
The fact that Sweden’s online gambling revenue is increasing so much is fantastic news. Unregulated gambling is becoming less popular here and as a result, the country is profiting massively. Is Sweden set to become Europe’s next major internet gaming hub?
Things certainly look great for Sweden’s gambling industry. Politicians are keeping a close eye on rates of gambling addiction, yet the regulations they’ve set seem to be working. In time, this country may soon compete with countries like the UK in terms of gambling revenue.
Lawmakers in the United Kingdom are setting new gambling regulations as well. For the past several months, gambling companies here have been hit with major restrictions. The UK government is now working on a “National Strategy” to combat the country’s growing rate of problem gamblers.
There’s no reason to believe that gambling companies in Sweden will leave the market. The government here is working hard to crack down on any companies caught operating in the country illegally. As Sweden’s online gambling revenue increases, more companies may decide to obtain a license to operate here.
We’ll need to wait and see how much revenue increases for the rest of the year. Hopefully, the internet gaming operators here continue to make money.
Do you think Sweden is Europe’s next major gambling hub? What gambling website do you play through here? Let us know in the comments section below!
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