Every industry has regulations that ensure that the customers and companies involved always enjoy fairness. For the gambling industry, the case is no different. Gambling has become a trend for young adults and retirees alike. Statistics show that over 4 billion people worldwide gamble every year. 

Over SEK6 Billion was made from this industry in Sweden alone. But how does the Swedish gambling regulation look like?

Swedish Gambling Regulations for Online Casinos

Sweden is one of the liberal countries where online gambling is not illegal.  Furthermore, their gambling industry is regulated in such a manner that addiction is minimized greatly. Until just a few years ago, all online gambling was monopolized by the government. 

However, in 2019, new regulations allowed companies to begin getting licensed for online gambling. 

One of the most interesting things about Swedish online casinos is that they require that bettors sign up with sites and register the time they wish to spend gambling daily. This restriction only allows you to increase the time limit after 1 day, with a specific maximum limit that cannot be exceeded. 

There are also sites that you can register on to restrict you from accessing any gambling site that is licensed by the Swedish government. Gambling sites not licensed by the government tend to offer enticing bonuses to attract new customers. There are various regulations for online casinos. So, let’s have a look at them.

Age Regulations

Age Regulations for gambling are strict. The minimum age of anyone signing up for a gambling site in Sweden is 18 years old. People that are old enough can access various forms of casino games from roulette to pool, to jackpot, and more. 

Sweden’s 2019 Gambling Act

The regulation of online casinos can be seen in the 2019 gambling act, this allowed various private companies to license their gambling organizations which was not possible in the past. Furthermore, it regulated gambling to allow players to be more responsible and to ensure that the economy did not suffer because of unregulated activities.

Online Casino Licensing

The Gambling Act was passed so that unlicensed casinos could be sanctioned in Sweden. The law works so that only properly licensed organizations can function in Sweden. And any casinos found breaking the regulations will be sanctioned. 

How the Regulations Have Affected Online Casinos

The most important thing about these regulations is player protection. They ensure that organizations do not take unfair advantage of bettors. Although gambling is a fun and enjoyable thing, excessive gambling can lead to unhealthy addictions which can result in financial problems. The Gambling Act recognizes this and provides gamblers with regulated fun that allows a maximum deposit and guarantees that they can only bet at specific times and for specific periods. 

Furthermore, if you look into the government’s regulations, you discover that the regulations also allow you to remove yourself from being able to gamble. The system that is used is called Spelpaus. It was set up by the gambling authority to mitigate the problems resulting from gambling. 

Advertising by online casinos is also regulated. Considering the fact that ads may tempt an underaged audience, the regulations prevent casinos from advertising to people below the age of 18. This not only helps the people, but it also ensures that the casinos do not spend unnecessary amounts on paid adverts that do not reach their targeted audience. 

Also, although bonuses are enticing, excessive bonuses have now been curved. The act ensures that welcome bonuses may be used, but betting sites cannot present additional bonuses that do not follow the regulations. Furthermore, credit for gambling has also been curved. This is fair to both gamblers and gambling organizations while ensuring that unresolved debts no longer pose an issue. 

Players need to ensure that the maximum amount they wish to use for gambling is stated before they begin to gamble. The Swedish Agency for Public Management ensures that the casinos are regularly audited to prevent foul play and breach of regulations. As for players, the gambling act ensures that VAT is charged on Casino winnings.

Finally, certain aspects of gambling have been reserved solely for Public organizations and have not yet been open to private organizations for licensing. The growth of the online casino industry in Sweden has spurred a lot of discussions and even some controversies with the EU regarding their regulations. Future regulations and handling of the industry will probably help to manage these disagreements.