The Rigsdagen (Swedish Parliament) is expected to adopt a new gambling bill, as reported by the press service of Lotteriinspektionen (Swedish Gambling Authority).
Once the law is passed, its text and information on the new gambling regulations will be available on the website of Lotteriinspektionen no later than July 24. The new licensing system shall come into force on January 1, 2019.
Lotteriinspektionen intends to open the licensing window from August 1, 2018. The gambling license will be approximately 38 900 EUR (400 000 SEK), and for companies that combine both online gambling and betting, the cost will be increased to 68 000 EUR (700 000 SEK). In doing so, the amount of tax revenue stands at 18% of total income. All the unlicensed operators will be shut out of the market in Sweden.
At the same time, many foreign operators have already expressed interest in obtaining gambling licenses in Sweden.
Moreover, the bill devotes particular attention to responsible gambling, for instance, underage gambling. Thus, gambling companies can act as sponsors, advertise their products and services, add their logos on products, unless intended for minors. All those who fail to meet this requirement shall be punishable by 5 000 SEK fine, or up to 10% of annual turnover.
We recall that gambling activity was officially legalized in Sweden in 1999, which has given a boost to the country’s gambling market development. According to the consulting agency, Mediavision, young Swedes lean toward online gambling over traditional gambling. The Swedes are considered the gambling nation: about 40% of the total population aged 18 to 74 years old are active gamblers.