The Swedish government has decided to review the country’s Gambling Act shortly after the Spelinspektionen published the industry’s financial report for 2024. This review has been a long-standing request by the Swedish Online Gambling Industry Association (BOS).
2024 Was a Stable Year for Swedish Gambling
The Swedish regulator, Spelinspektionen, reported that licensed gaming companies recorded a total turnover of SEK 27.8 billion ($2.61 billion) in 2024, marking a modest 2.8% increase year-on-year. The authority noted that commercial online gaming and betting generated approximately SEK 18 billion ($1.7 billion) in sales, a 5% increase year-on-year. Meanwhile, sales for state lotteries and slot machines increased by 2%.
In Q4 2024 alone, the industry recorded a turnover of SEK 7.6 billion ($710 million), an 8% year-on-year increase. Of this amount, SEK 4.6 billion ($420 million) came from commercial online gaming and betting, and SEK 1.7 billion ($160 million) was attributed to the state lottery and slot gaming.
Charity and lottery gaming reached SEK 1.1 billion ($100 million) in revenue in Q4. Meanwhile, Casino Cosmopol, Sweden’s state-owned casino operator, reported Q4 revenue of SEK 31 million ($3 million). Land-based gaming reached SEK 63 million ($6 million) in revenue, and revenue from bingo gaming stood at SEK 50 million ($4.7 million) for Q4.
The Spelinspektionen emphasized that these figures are preliminary and based on information from the Swedish Tax Agency. Additionally, by the end of Q4, a total of 120,600 people had excluded themselves from gambling via Spelpaus.se, a 3% increase year-on-year.
BOS Praises Efforts to Criminalize Offshore Gaming
In the meantime, the government has proposed reviewing the Gambling Act to criminalize offshore gambling, aiming to protect Swedish consumers and prevent money from flowing to untaxed foreign companies. A state investigator is set to present the new proposal by September 17.
Currently, unlicensed gambling companies are not strictly illegal and can operate as long as they do not actively target Swedes or offer services in the Swedish currency or language. However, since many Swedes are fluent in English and comfortable using the euro, many choose to play on offshore websites.
The initiative has been welcomed by the BOS, which has requested this review since the reregulation of Swedish gambling in 2019. BOS’ secretary general, Gustaf Hoffstedt, highlighted the importance of banning illegal companies.
“It became apparent fairly immediately after the reregulation that the gambling license market was leaking like a sieve. This was partly because many unlicensed gambling companies were able to continue to accept Swedish gambling customers, as long as they avoided the Swedish language and the use of Swedish currency,” said Hoffstedt.
The review follows a recent letter sent by the BOS to the government. Hoffstedt expressed his satisfaction that his team is finally being listened to.
