Gaming industry in Sweden will face new legislative conditions, once the draft is approved by the government.
Sweden.- A new framework for the gaming industry in Sweden has been introduced and it could soon end the iGaming monopoly under the control of Svenska Spel. The updated legislation could take effect by 2019 modifying the current regime, although legislators are set to carry out further debates on the issue.
The state-owned gambling operator Svenska Spel accounted 40 percent of the entire market in the first nine months of 2016, and generated more than US$1.7 billion in revenue in the third quarter, 5 percent higher than the previous year. Now the company may share the Swedish market with local and international online gaming operators, as the government would approve the new legislative draft.
Sweden’s Legislature would introduce the proposal as a law within a few months, as revealed by Casino News Daily. According to the news outlet, Svenska Spel CEO Lennart Käll and Chairman Erik Strand commented that the new law should focus on reducing both problem gambling and unauthorised gaming operations. Furthermore, current operators recommended the government to strictly investigate international operator’s proposals.
Swedish gambling authority, Hakan Hallstedt recommended that online gambling operators pay an 18 percent tax on the gross gaming revenue. This way, 90 percent of the Swedish market would be licensed and generating taxes from gambling. The government is trying to bring foreign online gambling companies like Betsson in order to finish the historic monopoly in the country. These firms operate in other European countries and have shown a growing share of revenue from online betting due to good regulations.