EXPERTS LATVIA

Latvia – Gustaf Hoffstedt speaker at Mare Balticum Gaming Summit 2018

Mare Balticum Gaming Summit 2018 is attracting high profiled executives of the online gambling industry from the Baltic and Scandinavian region, but also the international operators are gearing up to be present at the event.

The content of the event promises to bring a high volume of information about the region and also offers a great chance to network with the regulators. Among the hot topics of the event, you will also find the Swedish market update, which will be presented by Gustaf Hoffstedt, who is the Secretary General of BOS, the Swedish Trade Association for Online Gambling since January 2015.

The gambling media has been focusing recently to the updates of the Swedish gambling market and to quote Sweden’s Public Administration Minister, Ardalan Shekarabi:

“Unregulated gambling has taken over and gambling is used in criminal activities. – It is 14 years since the first in a line of gambling inquiries was appointed. It is now time for us to move from words to actions and regain control of the Swedish gambling market.”

Sweden’s officials are hoping to tighten regulations for online gambling for the Scandinavian country as lawmakers have proposed new legislation for the following year. The prospective measures would include a new licensing system, which would establish prohibitions against the illegal operation of online gaming and gambling websites; launching stronger protections for consumers.

An official governmental press release declared that these procedures could come into effect as new legislation as soon as January 1, 2019, with costs for a combined online casino and sports betting license estimated at roughly $84,000 given current currency rates.

The government has declared the new law proposals as a deterrent for any upcoming online casino operators to open business as well as hope that it would essentially halt current online gambling operations without a license from offering their services to players in the country.

Essentially all unlicensed online gambling providers would be required to close their doors. The potential mandate would also directly create more thorough consumer protections particularly in reference to memberships where bonuses are a requirement. Customers would be granted the right to exclude themselves from bonuses, whereas currently they do not have this option.

Prior to the talks of new gaming regulation, Swedish online gambling operators have been able to operate practically unregulated; being able to charge whatever rates on deposits they see fit for returning or fist time players. Many of the online casinos also do not address problem gambling, and essentially have been able to squeeze money out of players who otherwise might not be encouraged to participate if tighter restrictions were in place.

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