News Sweden to Introduce New Gambling Licensing System

Sweden to Introduce New Gambling Licensing System

In an effort to streamline the Casino industry and weed out the unregulated casinos, Sweden Government has proposed a new Gambling Law.

Under this new regime, all the existing casinos will have to apply for a new license by paying a fee of around $83,260 this includes for both Sports betting and online casino. Failing to do so will result in shutting down the operations.

The new legislation will come into effect from Jan 2019 and will and as per the government sources, it will have a stronger consumer protection measures than the current one.

Under the new law, the casinos will be divided into 3 parts including the online casinos, Lotteries and the land-based casinos. One more key takeaway is the fact that all the gambling activities will be taxed 18 percent of the gross gaming revenue and there will no other additional taxes on winnings.

An interesting data about the unregulated casino market in Sweden is that the market has grown from strength to strength over the past few years. As per the data released earlier, the market share for the unregulated casino was around SEK5.5bn ($666.7m) in 2017 (up by 13 percent year on year basis). While the Swedish Gambling market was worth SEK22.6bn ($2.7bn) in December 2017.

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