...
Business

Turnover slumps at Swedish casinos following regulation changes

21
Sweden's once buoyant online gambling market has been hit my new regulation
sweden flag and casino icons
The once buoyant Swedish online gambling market has been hit with tough new restrictions

A review of turnover at Sweden’s online casino market has revealed a major downturn in fortunes for licensed operators. In particular, new restrictions around deposit limits imposed by the government in July, are hitting gambling firms the hardest.

Swedish law makers introduced a new maximum deposit limit of SEK5,000 (equivalent to $554, €470 or £427) per week from 2nd July, in addition a limit of SEK100 ($11, €9 or £8) on bonuses.

It is estimated that across the board, the major igaming companies in Sweden have seen a fall in turnover of 30% from casino revenue. The general feeling it that the deposit and bonus limits are responsible for nearly all of the decline.

The new regulations were introduced during the current coronavirus pandemic, as authorities considered the implications of people spending more time at home. However, the effect has been far more impactful on operators who are currently counting the cost of the strict limits imposed.

ComeOn Group and Spooniker both reported declining revenues in excess of 30% during July and August this year. This also conisided with the cancelling of major sporting events such as the Euros finals and much of the global racing calendar.

The restrictions on deposits limits will stay in place until the end of 2020. Online gambling organisations in Sweden are hoping that the return of major sporting events will allow them to see them through until the restrictions are lifted.

    Sign up for our mailing list today and get all the latest slots
    delivered to your inbox for free. 18+ Gamble Responsibly

    Related Articles

    888 Holdings plc rebrands to evoke plc

    Evoke plc has officially launched today following its rebrand from 888 Holdings...

    Slots content giant Games Global postpones US IPO

    Games Global has made the decision to postpone its initial public offering...

    UK gambling regulator recommends 30 GBP or lower betting limits on FOBT’s

    The UK Gambling Commission (UKGC) will recommend that the government set betting...

    William Hill handed 6.2m GBP fine for money laundering failures

    UK bookmaker and online gambling operator William Hill has been fined £6.2m...

    Gamingslots Seraphinite AcceleratorOptimized by Seraphinite Accelerator
    Turns on site high speed to be attractive for people and search engines.