The Swedish Gambling Authority, Lotteriinspektionen, could have its funding from the government increased as the country is entering the final stages of re-regulating its gambling market. Once the process is complete, the regulatory body will have larger responsibilities, it said in a statement from earlier today, and these will require larger funding.
The Swedish government has recently included a proposal in the country’s budget for granting an additional of SEK19 million (approximately $2.2 million) to the gambling regulator. Lotteriinspektionen currently receives around SEK51 million (more than $6.03 million) every year from the government to finance its gambling regulation activities.
The increased budget, subject to approval from Swedish lawmakers, will help the regulatory body cover the costs related to its expanded tasks and responsibilities.
Sweden is set to re-regulate its gambling market at the turn of 2019. Regulated gambling services are currently provided by several state-run entities, with Svenska Spel holding the largest share of the regulated market.
Once the country’s revised gambling law takes effect on January 1, 2019, foreign gaming and betting companies will be able to obtain online gambling licenses from Lotteriinspektionen and operate in the country’s regulated environment. Svenska Spel will keep its monopoly over land-based gambling.
A Second iGaming Legislation
The Swedish government presented a gambling legalization package for a review by the European Commission in late December 2017. The legislation did not receive any negative comments from the commission, which basically meant that it approved Sweden’s proposal for the regulation of its gambling market.
Earlier this month, the country’s parliament introduced a second legislative piece that contained more comprehensive information about the new rules under which its gaming and betting market would be regulated as from next year. The legislation now needs approval from Swedish lawmakers and will be implemented in the beginning of 2019. It is also important to note that the EC should also approve the piece so that it takes effect as a law.
Sweden plans to tax licensed operators at 18% on gross gambling revenue. Foreign companies will be able to apply for a single online gaming license or for a combined gaming and betting license. They will have to pay SEK400,000 (approx. $47,400) for a gaming license. A combined betting and gaming license will come at a SEK700,000 (approx. $83,000) cost.
Lotteriinspektionen has recently confirmed that the licensing process will begin on August 1. The regulator originally announced that it would begin accepting applications from interested gambling operators from July 1, but the recent introduction of the secondary legislative piece delayed the start of the process.
According to the latest report from Lotteriinspektionen, Sweden’s gambling market was worth SEK22.6 billion (approx. $2.7 billion) in 2017. Of that amount, the country’s regulated market generated SEK17.07 billion (approx. $2.02 billion) last year, while unlicensed operators made SEK5.534 billion (approx. $656.2 million) in revenue from servicing Swedes in 2017.
The post Swedish Gambling Regulator to Receive More Funds as Market Regulation Date Approaches appeared first on Casino News Daily.
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