Swedish citizens can’t wait to say Happy New Year’s 2019. It is the day that the new online gambling legislation in Sweden would be coming into effect!
Updated on 26.02.2018
1st of January 2019 will be the official start of a new gambling era in Sweden. On this day, websites specifically for Swedish punters can be launched by authorised online gambling operators. Licenses will be open for application in July 2018. According to online gambling news in Sweden, there is no limit to the number of applying operators. Everything depends on meeting the criteria and complying with the regulations.
Objectives of the new online gambling legislation in Sweden are to control the Swedish gambling market and provide equal opportunities to all gambling operators. In December 2017, Sweden sent a gambling legislation draft to the European Commission. Following a 3-month review period, this legislation should be approved without a hassle. Only after March 2018 can actions be taken within the country.
Content of the New Online Gambling Legislation in Sweden
A license is required for any online gambling operators to do business in Sweden legally. They will need to pay licensing and supervision fees as well as an 18% tax on revenue. The rate is lower than corporate tax in an effort to attract gambling operators to do the right thing. It is forecasted that many legal Swiss online casinos would emerge in the following year.
The new online gambling legislation in Sweden also contains criteria for consumers’ protection. All bettors must be over 18 years old. There is a deposit limit and only first deposit bonuses allowed. Credit cannot be provided. Otherwise, fines are faced.
The Swedish Gaming Authority Regulates
The gambling laws in Sweden currently do not include regulations of online gambling. With the new online gambling legislation in Sweden, Lotteriinspektionen or Swedish Gambling Authority will be the governing body of online gambling regulations.
Drastic measures will be taken by the Swedish Gambling Authority. The servers of the gambling operators must be based in Sweden for inspection. Apart from this, ISP must warn users of the illegal gambling sites via pop-up messages. Payments from unlicensed gambling operators should also be blocked by financial institutions. If anyone is caught providing or promoting gambling services illegally, that person will be punished. The punishments include fines and up to 2 years of prison sentence.
Aspects That Will Remain the Same
The new online gambling legislation in Sweden won’t change the fact that Svenska Spel has dibs on the non-competitive sector. The state-owned company, Svenska Spel, will still have complete control of the land-based Sweden casinos as well as major lotteries.