Around the world, we’re seeing more and more countries opening up their online gambling markets. Sweden is the latest nation to offer online casino games to its players, announcing its plans to regulate the industry. Already, more than 50 companies have submitted applications in hopes of being able to offer their products to online casino players across the country.
A Hectic Period
The application window opened on July 1st and Swedish authorities have stated that they would like to open up the country’s online gambling market by January 2019. Since then, 55 applications have been submitted, and Lotteriinspektionen director general Camilla Rosenberg has described this as a very hectic time.
In addition to the high number of applications, the Lotteriinspektionen is also having trouble with the actual content of the documents. The authority has noted that a number of applicants will have to make “comprehensive additions” to their submissions. It has started sending out requests to the companies from which additional documents are required.
Another issue that the Lotteriinspektionen has experienced with the process is with regards to the wording of the license application document. A number of companies and individuals have sent the authority questions about the language, in order to clarify certain terms.
The regulator has aimed to answer as many questions as possible but is focused mostly on processing applications. Lotteriinspektionen will also endeavour to update its FAQ in order to ensure that anyone who wishes to apply will be able to do so in a straightforward process.
Lotteriinspektionen continues to welcome more applications. There is no limit to the number of licenses that the authority will be handing out.
Bringing Online Gambling to Sweden
There are over a dozen countries across Europe that offer players the chance to play casino games at regulated online gaming sites. Sweden will be joining countries like the UK, Spain and Italy in providing players with the chance to play games like poker, slots and roulette online.
In the United Kingdom, in particular, online gambling accounts for 33% of all activity in the industry. By the end of 2016, the country has generated £4.5 million from online gambling. £2.6 billion was generated by casino games, £1.6 billion came from betting and £153 million was generated by bingo games.
There is certainly huge potential for Sweden to follow the UK’s example. In 2017, Swedish gaming operators reported bringing in SEK 17.1 billion in gross gambling revenue. If online gambling proves to be as popular in Sweden as it is in other European countries, it’s not outside of the realm of possibility for Sweden to generate billions of dollars in online gaming profits.