Few months into the launch of the newly liberalized gambling online market in Sweden, over seventy gambling operators have already been licensed. Before the implementation of the new laws on the 1st of January, the Swedish Gambling Authority, Spelinspektionen, approved a total of sixty gambling operators, offering them licenses. Since the first set of approval, the authority has licensed an additional thirteen operators, which brings the number of approved operators to a total of 73.
The Liberalized Online Gambling Laws in Sweden now has the Expected Result
Since the beginning of the New Year, the Swedish Gambling Authority has been giving out new licenses to operators at a fast rate. In about ten weeks, Spelinspektionen has handed over more than seventy licenses to gambling operators and at the pace it is going, it is not likely that there will be a reduced speed in the approvals. According to an online casino, a large chunk of approved operators are European’s biggest gambling operators.
Suffice to mention that before the new laws were installed, the Sweden gambling market was significantly controlled by monopoly. Many unlicensed operators opened their platforms to Swedish customers, even though they didn’t use the legal approach. According to report, about 29% of Sweden’s gambling market estimated at about $2.5 billion USD in 2018 was controlled by foreign gambling market. With the new gambling law in place, the Swedish Gambling Authority can now have more control and management of the market. Additionally, the fact that over seventy gambling operators have processed their licenses is significant.
Tax and Responsible Gambling; Responsibilities of Licensed Gambling Operators
As part of the newly instated law, there are a number of rules that have been imposed on gambling operators, which include payment of tax and monitoring of customers activities. Licensed gambling operators are required to pay tax at the rate of 18% of their total income from Swedish players. Additionally, operators have been strictly instructed to monitor and protect their players against excessive gambling. In curbing excessive gambling, operators are required to offer bonus to only first time players on their sites and not to repeat players. The laws also stipulate that the Swedish Gambling Authority, Spelinspektionen has the right to ask an online operator to block players’ payments. In addition, it can also ask unlicensed operator to show a warning message on their sites.
It is believed that everything will take shape in the Swedish online gambling market within the next three years.