According to the country’s newspapers, Sweden will introduce provisional rules for online gaming by the end of 2020. Although Covid-19 is not in lockdown, the lack of sports betting has contributed to a rise in the number of online casinos waging. It also emerged that operators in the Scandinavian nation reduced their online advertisement prices.
The majority of this year’s new legislation
Ardalan Shekarabi, Swedish Social Security Minister, spoke at a press conference in Stockholm on Thursday morning. According to him, growth in online casino activities is riskier for customers than usual for the government. The rules for the remainder of this year are as described in the Swedish outlet Breakit.
Players will have their time at their online casino limited. The weekly deposit limit is five thousand Swedish Krona (ca. £400). Online Reward Deals are not able to reach SEK 100 (about £8).
urgent action needed
According to Shekarabi, the uncertainty created by Covid-19 simplified social issues.
Right now, we are facing a growing trend in combination with threats of unemployment, sick leave, and financial uncertainty. The combination of these conditions poses significant gambling risks. The government must promptly protect Swedish customers.
The parties involved in the industry expressed their concern about the potential for more regulations in Sweden earlier this month. “Right now, nobody is going uninfluenced. This also of course applies to Swedish gaming customers.” the President said. They threatened that the country’s black market would be liberated.
Spelinspections also played a more significant role.
Spelinspektionen, the country’s gaming control authority, was given additional tasks to enforce player security. It was proposed that the regulatory body closely monitor the market and increase the public’s awareness of the importance of safe internet like New Zealand. This means that gambling limitations are set. It was also asked to find operators in Sweden who are not licensed to offer their services.
Swedish firms cut their marketing budget to a minimum.
How many significant corporations spent their advertising in Sweden in March was announced in an article on resume.se. Cherry AB’s gambling production was 59% lower than in March 2019. A large investment of SEK 5.21 million. Also, Svenska Spel decreased its investment annually by taking SEK 42.3 million into marketing activities. Halfway in the same month last year.
We govern transparently, responsibly, proportionately, and coherently. Using a risk-based approach, we concentrate our attention on the problems that can pose a significant risk to licensing goals and gambling companies.
All commercial gambling companies operating under the Gambling Act shall comply with this Act and our Licensing and Practice Codes (LCCP).
We are also tracking and challenge Camelot to provide as much money as is possible for good causes and provide a separate license, make sure that it complies with that license.
We are fighting illicit gambling and sports bribery linked to betting. We publish our understanding of the law and facilitate consistent, daily communications in our compliance and enforcement activities. We guide policymakers by collecting and preserving our evidence base. We collaborate closely with other regulators, including licensees, police and HM Revenue & Customs (HMRC), and video slots.
What is conformity in the case of a gambling site?
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How about not complying with license holders?
License holders that do not comply with regulatory risk controls. Likewise, licensees and persons uncooperative or not available to us should expect higher levels of regulatory interference. We exercise our regulatory competencies where appropriate.