The CEO of Sweden State Gambling Monopoly attributed the 9th consecutive quarter drop in revenues to strict rules introduced by the same Monopoly to control addictive gambling behavior.
The head of the monopoly believes that this is a clear indication that people are turning away from gambling to more ‘constructive activities.’ Under strict Swedish gambling laws, only the casino monopoly is permitted to offer games of chance.
The Swedish Players Association, in a released statement expressed – ‘It must be great when you are congratulated for making less money each quarter than the last. If the goal of our country’s casino monopoly is to have 0 people gambling, why not burn all casinos and machines? It is strange that the total number of Swedish citizen who gamble increased by 20% over last year, and 68% over two years ago, but the monopoly keeps losing money.’
According to industry analysts, the vast majority of younger players completely avoid playing at Sweden’s traditional or online casinos.
S.A. explained the mood of the youth in a blog post of a top Swedish casino aggregator – ‘Sweden offers boring games. My grandmother likes them and they remind her of her youth. To me they look terrible and are not fun. I play Poker at big internet rooms where 100,000 players from across the world play at any time, not tiny Swedish poker rooms. I play blackjack where I am not told how much I can wager on each hand, and I play slots where jackpots are many millions not many thousands.’
The Swedish Monopoly whose primary goal is not profitability but according to a recent interview with the CEO – “the firm does not have the ‘maximization of profits’ as an exclusive goal but is instead committed to the implementation of ‘responsible gambling measures’ even if this impacts negatively on revenue.”
In light of a recent $9,000,000+ Progressive Jackpot win by a Swedish woman (not inside a licensed Swedish online casino), perhaps the Swedish monopoly is failing to accomplish either of its goals.
Since the number of Swedish gamblers keeps rising while the monopoly’s revenues keep dropping, perhaps opening the market to foreign competition can ensure more money for treatment and social programs while keeping Swedish internet casino industry competitive.