Online gambling is very popular in Sweden. Two out of three citizens have gambled online during the past 12 months. The Swedes’ interest in gambling doesn’t only show on the consumer side, but also on the business side.
The small entrepreneurial country can also boast with a good amount of gambling companies stemming out of it. Companies such as NetEnt, Evolution and Kindred Group alla came out of Sweden.
However, not everybody appreciates gambling. This is because gambling often comes with problems such as lack of concentration at work, which leads to financial problems, and personal life issues. Consequently, due to these challenges, some countries such as Sweden have set rules and regulations to tackle them in the best ways possible, though some argue that the Swedish government took a far too aggressive stance in the matter when the new gambling regulations were introduced in 2019.
Swedish Gambling Rules
In comparison to other European nations, Sweden has had tough rules concerning gambling activities. Since 1934, the government has regulated gambling in Sweden through monopoly. The reason for this was to ban illegal gambling activities. It was not until 2018 that they had to loosen their regulation a little.
On 1st January 2019, the Swedish Gambling Act was enacted, and it applies to gambling for money. This act applies to any gambling activity in the Swedish market and requires the operators to obtain a Swedish licence, without which it’s illegal to operate a gambling company. Moreover, it is prohibited to aid and abet such gambling through marketing and advertising.
The following are the regulations put in place to curb gambling activities;
- icensing system that requires the operators to acquire a licence in order to operate in the Swedish market.
- Regulation on gambling advertising ? this regulation helps to ensure ethical advertising, which shouldn’t target minors or the vulnerable in society.
- Follow-up and supervision allow the government agencies to evaluate and analyse the impacts of the Act.
- Limitation of bonuses given to new gamblers.
- Introduction of cheating such as match-fixing.
- Introduction of the mandatory deposit limits.
Pros and Cons of Current Gambling Regulation
Imposing rules and regulations on gambling activities lead to both positive and negative impacts on the gambling industry. Some people might support the regulation, while others may oppose it.
Below are the pros and cons of the gambling regulations.
Pros
First and foremost, the regulation on gambling in Sweden ensures that the betting firm (including online gambling websites) operates in a legalized way. Moreover, these regulations will allow the punters to bet without having fear. Secondly, there will be a safer environment for both the players and betting firm operators. Another good thing about these regulations is the improvement of cybersecurity and online safety. Lastly, the current regulations are in place to combat game security and match-fixing.
Cons
Some critics see the new rules on gambling as too harsh on players and gambling firm operators. Gamblers will have less freedom when playing in casinos. This is because the Swedish Gambling Association (SGA) has enacted the following regulations;
- Limits on the bonuses offered. This means that new players can only receive bonus offers once, irrespective of their casino.
- Mandatory deposit limits prevent people from depositing as much as they would like.
- Introduction of pauses between slot machines.
Sustainability of the Gambling Regulation
Although the regulations should protect people while gambling, they are somewhat a bit restrictive. To try to avoid this problem, a lot of gamblers would be forced to look elsewhere to satisfy their gambling needs. In most cases, they will turn towards unregulated online casinos that will expose them to cybercrime and loss of funds. In short, the regulations are just a short-term fix without any consideration for the future.
