A new bill designed to increase consumer protections in gambling is set to enter into Swedish law in April 2024.
The government submitted the proposed Swedish gambling law yesterday to the Riksdag, the country’s parliament.
The bill aims to fight gambling-related crime, as well as protect consumers, according to Spelinspektionen, Sweden’s gambling regulator.
Penalty fees under new Swedish gambling law
Under the proposals, penalty fees will be increased for gambling companies that violate the Money Laundering Act. Currently, penalties for operators that contravene the Money Laundering Act are lower than for violations of the Gambling Act.
Additionally, licensed operators will have the right to access personal financial and health data provided by prospective customers. The aim of this is to counteract problem gambling.
Consumers will also have to provide written confirmation before engaging in telephone gambling.
Last month, Spelinspektionen director-general Camilla Rosenberg welcomed the proposals that are due to enter into law on 1 April.
Legislative changes
The legislative landscape for gambling in Sweden is evolving relatively quickly.
On 1 July, supplier licences came into force while Spelinspektionen was handed new enforcement powers.
Additionally, in September, the government proposed a gambling tax increase from 18% to 22% of gross gaming revenue. However, this will be introduced no earlier than next July.
Stalled growth under Spelinspektionen
The changes are being introduced as growth appears to have stalled in Sweden’s regulated gambling market.
In Q3, gross gaming revenue declined 0.6% year-on-year and was flat versus the second quarter of this year.
Furthermore, a report last month suggested that illegal gambling in Sweden has increased tenfold since 2019.