Sweden has passed a new law that would change how the government deals with online casinos and similar establishments. Lotteriinspektionen, the Swedish Gambling Authority, released a report announcing the dates when the online casino operators could apply for their license. According to the information posted by Lotteriinspektionen, they will start giving out licenses on August 1, 2018.
Online casino operators must need to download a form first before they could apply for a license, and the Swedish Gambling Authority has just uploaded the form. It would also allow foreign gambling companies to enter the Swedish market only by filling out the form.
Its lawmakers ratified the new gambling law, and Lotteriinspektionen stated that the country had already studied the effects of the new law and they found so many advantages for Sweden. Lotteriinspektionen claimed that the license they will be handing out would be on a first come first serve basis. Those who will be submitting their application forms earlier would be the first ones to receive the result of their application.
There is also an application fee, and the application would not proceed without the applicant paying for it. There is a standard charge for those who wanted to apply for a license. Those who would choose either betting or gaming services for their online casino would have to pay SEK 400,000, while those who wanted to provide both services would have to pay a higher amount, at SEK 700,000.
The law would take effect next year, January 1, 2019, and Lotteriinspektionen reported that they are now receiving a lot of applications, mostly coming from private operators. The law enforcers will apprehend those who would be operating within the country without any licenses. The government of Sweden stated that the regulation of the online casino industry would result in more advertisements within the country, and it would also provide more contributions to the country’s economy. Those who were still not registered as advised strongly by the government of Sweden to submit their applications to the Lotteriinspektionen immediately.
Once the law has taken its full effect, the operators would see frequent monitoring initiated by the government. The Swedish government wanted the online casino industry to limit their operations to those who are 18 years old and above, and they are trying to avoid encouraging the younger generation to do gambling. The law also specified that bonuses should strictly be given to those who are playing for the first time.
Sweden is poised to become the largest regulated gambling hun in Europe, and the online casino operators are already showing their influence on the Swedish population. One of the largest online casino operators in Europe called the Kindred Group has even sponsored several football teams in the country, creating influence on the public.
The new gambling laws in Sweden would promote new changes that other countries in Europe should follow. Most experts agree that Sweden’s decision to regulate online gambling would become a role model to other European states to do the same.