The Swedish Gambling Authority, or Spelinspektionen as the Swedes call it, is already making its mark on the local gambling industry.
It is the new regulator recently created as part of the new legislation passed in 2018. In the first six months, she has wasted no time. A new and tougher policy has been rolled out.
9 million in fines
The new legislation imposes heavy restrictions on advertising, marketing and sports betting, causing many headaches for operators. Most of the big global players, such as The Star Group, Bet356, Betfair and GVC, have already violated the Swedish government’s new rules. They have been fined a total of 9 million euros. The Swedes are not making friends.
For Global Gaming, 2019 started a little more sourly. It had to close the proverbial doors of the online casinos NinjaCasino.com and Spellandet.com in Sweden – the license was revoked immediately. And that while last year it was placed number one by Deloitte in the list of 50 fastest growing tech firms in Sweden.
The Swedish Gambling Authority speaks of serious deficiencies in the operations, especially in the areas of responsible gambling and money laundering. For example, customers can bet high amounts uncontrollably, even higher than limits set by themselves. This would encourage gambling addiction and depression due to large cash losses.
Too little is also done to prevent money laundering and terrorist group financing. This should normally be prevented by risk analysis and KYC – know your customer. According to the Swedish Gambling Authority, this is not being done properly. Nor was it satisfied with the improvements presented by Global Gambling. GG did not properly understand the seriousness of the case, according to the Swedish Gambling Authority.
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The new regulations came into effect on January 1, 2019. Now, for the first time, foreign gambling companies can obtain local permission to offer online gambling to Swedish citizens. It was the long-awaited opening of the market. Since then, more than 100 licenses have been issued.
The law imposes strict rules regarding advertising, advertisements, bonuses, self-exclusion of players, and sports betting. In doing so, it seeks to protect and further promote the integrity of gambling. Almost immediately, the Spelinspektionen began warning gambling operators regarding possible violations of licensing conditions. In May this year, the first blows fell, and the authority began to impose the first fines. 9 Million so far, and it looks like this amount it will grow even more in the coming months.
More about the Swedish Gambling Authority
The Swedish Gambling Authority is the national regulator that ensures safe and fair gambling. Among other things, it monitors online gambling activities and keeps it free from undesirable practices. Despite its young age, it has already become a responsible and reliable institution in a short period of time. It has the power to issue permits and licenses to casinos and gambling sites.
The rules are designed to promote fair and safe gaming. It is also intended that companies will discourage gambling addiction in their customers. The specific rules focus on reducing the harmful effects of gambling on the social life and mental health of the players.
Casinos, for example, must monitor irrational behavior of players, and take appropriate measures to control that behavior. In addition, they must also offer a personal gambling limit to the customer, so that the customer has the opportunity to gamble more responsibly. And of course, participants must be 18 years of age or older. Ensuring cybersecurity (online safety) is another important criterion for obtaining a license. As is the prohibition of misleading advertising.
The Swedes take gambling very seriously
It is clear that the Swedes take gambling and its safety very seriously. With the Swedish Gambling Authority, they create a transparent and balanced gaming environment for the online casino and for the players. In addition, they focus mainly on the potentially negative social consequences for the players. And that is not a bad thing, although annoying sometimes for the operators.