Lack of online gambling competition is costing Sweden

STOCKHOLM, Sweden -- (PRESS RELEASE) -- Sweden’s refusal to open up its gambling market means it is missing out on billions in tax revenue and is hindering the growth of its online gambling industry, Casinoonline.se report concludes.

Sweden may be missing out on billions of Krona in tax and licensing revenue, as well as jeopardizing the continued growth of one of its key high tech industries, by not opening up its online gambling market to competition. This is the conclusion reached in an in-depth report conducted by Casinoonline.se, a leading online casino portal.

Despite having a web-savvy population who love to gamble online, at present, only one online operator holds a license to offer such services in Sweden, the state-backed Svenska Spel. This not only limits the choices available to Swedish consumers, it is also holding back Sweden’s gambling industry.

$1.68bn SEK a year in tax

According to Casinoonline.se’s report, a key incentive for opening up Sweden’s online gambling market to competition is the added revenue this is likely to bring in, which Casinoonline.se estimates could be as much as SEK 1.68bn a year within four years.

Additionally, the Swedish state would stand to receive licensing fees. If it adopted a similar model to that of Denmark (which regulated its online gambling market in January 2012), this alone could bring in SEK 86.23 million for the Swedish state.

Safeguarding a booming industry

Another compelling reason for Sweden to open up its online gambling market is to protect its own economic interests. Although unlicensed in their homeland, Sweden has a booming private sector remote gambling industry. This includes many of Europe’s biggest operators and software developers. Allowing these companies to apply for licenses would help them to be more open about their operations in their home country, and reducing the likelihood of them moving abroad. 3,400 people are employed by the gambling industry in Sweden.

The time for change is now

Casinoonline.se’s in-depth report explores many of the other ways Sweden stands to benefit from opening up its online gambling market to competition. These include how it would bring Sweden’s gambling market in line with European competition laws, to the way other industries – such as sports and the media – could profit from it as well.