The Swedes have a long tradition of gambling that goes over to the Vikings.
In general, tradition has been throughout the 11th century; these Swedes settled a property dispute along with Norway for a match of dice.
Swedish Gambling Authority recognized as Lotteriinspektionen throughout Sweden. This body is responsible for “ensuring the safety, legitimacy, and quality of the gaming industry throughout the country.”
Currently, only four land-based casinos belonging to a single federal owner-operator recognized as SvenskaSpel have operated by Swedish games. The central government has created control to reduce illicit betting and protect the consumer.
Private operators have found several barriers to act in the country and also to compete fairly with the government-owned Svenska Spel, which gives rise to the proliferation of internet gambling companies.
The offer of internet services to people residing in Sweden but located in jurisdictions like Malta & Gibraltar encourages the establishment of such companies as well as substantial corporate tax advantages. The players get free spins biz so that more and more people can come up for playing.
Sweden is opening a Gambling for private operators
On 1 Jan 2019, Sweden introduced new legislation that terminated the dominance of the government-run online gambling corporation and opened the sector to private enterprises.
For several years, the government-owned Svenska Spel was the only business permitted to provide online gambling to citizens in Sweden, whether that be casino games, sports bets, or other forms of a gamble.
Of course, most businesses flouted this legislation and that by 2018, private firms had gained a 29 percent share throughout the 2,5 billion dollar gambling market in the Nordic country.
Partially in recognition of such a new paradigm and partly because they required tax money, the Swedish government agreed to introduce new gambling laws. Underneath the new legislation, Spelinspektionen (or, for someone who does not talk Swedish, the Swedish Gambling Authority) does have the Authority to issue private companies. To date, the Authority has allowed about 100 companies to enable Swedish players.
Win-win for the Government of Sweden and the People
The biggest beneficiaries of this new legislation are the Swedish citizens themselves. Due to the internet gambling laws, Sweden can now choose from the most beautiful gambling websites. Swedish gambling portals shows the top internet casino services and incentives for Swedish participants. Casinopro in Sweden recently wrote an article about 8 Swedish gaming companies that are fined over SEK 41 million in fines.
The state is also a massive beneficiary of this. That is no mystery that the legalization of internet gambling is a speedy-fire way to generate more tax income. Throughout the context of Sweden, licensed companies must pay an income tax of 18percet of their income to Swedish consumers.
Such tax payments will come into force this year and that we can hope to see the effects of this additional source of income in Sweden’s upcoming budget.
Latest Swedish law ensures that players are safe
Swedish betting laws have found a balance among giving players freedom of choice and shielding them against awful players. Promotion of betting without a permit has been prohibited, and the Swedish Betting Authority has now been allowed to block transfers between participants and unauthorized operators.
Laws also include strict regulations on ethical gambling. Spelinspektionen does have the power to compel private operators to take such steps in the safety of participants. Also, all operators are needed to give their customers the choice of self-exclusion.
It’s only the initial year for the current Swedish online betting laws, and there is no question that we will see further rules been introduced to allow safe gambling in the future.
The verdict is out on whether successful the Swedish legislation would be in the longer term and also how strong an example they created for other nations. Yet with so many operators signing up, it could be seen that the early indications are very positive.