Sweden will introduce interim online gambling laws until the end of 2020, according to the country’s media.
While the country isn’t in lockdown due to Covid-19, the absence of sports betting has led to a rise in online casino wagering.
It has also been revealed that operators in the Scandinavian nation are cutting their spend in online advertising.
New regulations for the rest of this year
Ardalan Shekarabi, Sweden’s Social Security Minister, spoke at a press conference in Stockholm on Thursday morning. He said that, in the eyes of the government, the rise in online casino activity puts consumers at a bigger risk than usual.
The rules for the remainder of this year, as reported by Swedish outlet Breakit, are as follows.
- It will be mandatory for players to set a limit on their online casino playing time.
- The highest weekly deposit limit will be 5,000 Swedish Krona (roughly £400).
- Online bonus offers cannot exceed SEK 100 (around £8).
A necessity to “act quickly”
According to Shekarabi, the uncertainty that Covid-19 is causing means that social problems could arise easier than usual.
He said the following.
“We are seeing a trend right now with increased risk of unemployment, sick leave and financial uncertainty, combined with a decline in wagers. That mix of circumstances creates major risks in the field of play.
“The government needs to act quickly to protect Swedish consumers.
“Nobody goes unaffected right now. Of course, this also applies to consumers in the Swedish gaming market.”
Industry stakeholders expressed their concerns earlier this month about the possibility of increased restrictions in Sweden. They warned that the country’s black market could open up as a result.
Spelinspektionen also given a bigger role to play
Spelinspektionen, the country’s gaming regulator, has been assigned additional tasks to enforce player safety.
The governing body has been told to keep a closer eye on the market and increase public knowledge on the importance of staying safe online. This includes setting gambling limits.
It has also been told to look out for operators offering their services in Sweden without having a licence to do so.
Swedish operators lower their advertising spend
In an article published on resume.se, it was revealed how much major companies in Sweden spent on their ads in March.
With regards to gambling, Cherry AB reduced its output by 59% compared to March 2019. The total spend figure was SEK 5.21 million.
Svenska Spel also reduced its year-on-year spend, putting SEK 42.3 million into its marketing efforts. This was half of the figure in the same month last year.
