Sweden is one of those countries which have shown an amazing evolution in the past few years. Aside from the many things that are popular in Sweden, iGaming has seen extensive growth and significant changes in Sweden.
Although the government has put certain strict regulations, iGaming has gained so much popularity in Sweden. Here we highlight the major events in the past five years that show the evolution of the iGaming industry in Sweden. Gaming has been a part of Sweden’s culture and economy for a long period of time.
Sweden has contributed many games and popular gaming sites to the industry. The Swedish Gaming Act that was launched in 2019 regulates the iGaming activities in the country. The Swedish government has always been concerned about the safety and security of players and hence has devised many strict regulations that often seem unfair to players.
Sweden is one of the most popular iGaming markets in Europe and has even attracted many offshore gaming businesses to get licensed and operate in Sweden. Many offshore businesses find Sweden convenient for entering the European iGaming market.
The Current State of iGaming in Sweden
According to historians, the history of iGaming dates back to 200 years ago in Sweden. It was in 1867 when the state legalized a form of gaming, and around 50 years later, almost all forms of gaming were legalized in the country.
Currently, there are plenty of online gaming venues in Sweden that allow Swedish residents to play in a safe gaming environment. From registering on the gaming sites to playing different games, Swedish players are required to go through strict verification processes to avoid any fraudulent activities.
For a long duration of time, the iGaming operations in Sweden were under the monopoly of Svenska Spel. There have been many attempts to transform the market into more competitive and open to offshore gaming businesses. The monopoly ended in 2019 when the government introduced some legislative changes.
As per the latest change, the online gaming market in Sweden can be categorized into state-owned, public, and competitive markets. The Swedish Gaming Authority provides licenses to different types of gaming businesses. Some of the popular licenses offered by the Swedish authority are for state-owned games, commercial online games, commercial land-based games, public purpose games, and cruise ship games.
Growth of Online Gaming in Sweden
The online gaming market in Sweden is extensive and has attracted many foreign providers as well. The offshore gaming providers also generate a huge amount of revenue in the Swedish iGaming market. Despite facing so many restrictions, these gaming companies are thriving to get profit from Swedish gaming enthusiasts.
One can analyze the popularity of online gaming in Sweden as the companies can advertise their products on Swedish television. However, the gaming sites licensed outside Sweden can not advertise their products in the country.
The gaming market in Sweden was under the state monopoly for a long period of time, and hence it may take a few more years to make Sweden a more player-friendly gaming market. Recently Sweden has taken the two most significant steps that can transform online gaming in Sweden.
The first one was when the country announced it would provide licenses to foreign gaming companies. The second and the most important move by the country was recently when it announced to end all the strict temporary restrictions by 2022.
After the end of strict gaming restrictions, the players will stay at the Swedish licensed gaming sites, and we can expect a positive impact on the Swedish iGaming market. The introduction of the latest technological innovations has already brought a revolution in the iGaming market.
In the past few years, the availability of smartphones has become easier, and with the penetration of the internet, more people have started to indulge in online gaming activities.
Unlicensed Gaming Sites Are On The Rise in Sweden
While online gaming is constantly on the rise in Sweden, there has also been a significant rise in casinos without a license in Sweden. Due to the strict gaming regulations, players are shifting to unlicensed gaming sites.
Gaming sites without a Swedish license offer many benefits to the players, such as better gaming collection, multiple bonuses and promotions, convenient payment options, and much more.
The Swedish online gaming market is one of the largest in Europe. The regulated online gaming market in Sweden hosts many gaming suppliers, operators, and providers. Even in terms of the number of players, this Scandinavian nation is second to none.
The popularity of both licensed and unlicensed gaming sites is quite impressive in Sweden. As the government has planned to end the temporary restrictions on online gaming, Swedish gaming sites will be able to offer a better gaming experience to the players. Moreover, we can also expect a rise in licensed gaming sites in the upcoming years.
The licensed gaming sites in Sweden can not offer bonuses more than SEK 100 as they are obligated to follow the gaming regulations set by the Swedish authority. Swedish licensed gaming sites can not even let players deposit more than SEK 5,000 on their gaming platform as it is the weekly deposit limit set by the authority.
Aside from this, players have to wait for 3 seconds when they switch online slot games at licensed gaming sites. These are some of the strict regulations that often frustrate players. This is why many Swedish gamers are moving to unlicensed gaming sites resulting in the rise of illegal gaming sites in Sweden.
For some of you who don’t know, “unlicensed” gaming sites are not actually without a license. Usually, the gaming sites licensed and regulated by offshore gaming regulators such as the Malta Gaming Authority and Curacao eGaming Authority are considered “unlicensed” in Sweden.
Future of Online Gaming in Sweden
The recent announcement of ending temporary gambling restrictions on 14 November 2021 can change the face of online gaming in the country. The government had introduced strict gaming regulations to tackle gaming addiction and provide players with a safer environment.
However, the regulations had many disadvantages, which resulted in the rise of online casinos without a Swedish license. The Swedish gaming market has faced many challenges, such as being questioned from a European Law perspective.
If we take a look at the current situation, the government has set up a gaming regulator to monitor all the related activities in the country. Moreover, the Swedish Gaming Authority has also started licensing foreign gaming sites.
This will give players an opportunity to select the most reliable gaming site from hundreds of options. Furthermore, as more and more offshore businesses get licensed under the Swedish Gaming Authority, the size of the Swedish gaming market will also show impressive growth.
Aside from these, Sweden has also made some developments that could positively impact the gaming market in Sweden. According to a recent study, the country has generated total revenue of SEK 4.1 billion from online gaming in Q2 2020.
From a player’s perspective, the gaming legislation is not too good for enjoying gaming online. As the number of unlicensed gaming sites was constantly increasing, the re-regulation of gaming legislation was the need of the hour. Aside from providing a safer gambling environment to players, the re-regulation can help generate huge revenue in Sweden.
