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/ / Swedish Net Gambling Revenue Released for Q1 2019

Swedish Net Gambling Revenue Released for Q1 2019

May 30, 2019 7904 0
Swedish Net Gambling Revenue Released for Q1 2019

The Swedish gaming regulator and tax authority have released new figures reading the revenues of the newly regulated market. According to these figures, the net gaming revenue resulting from the land-based and online gambling market in Sweden reached a huge amount of SEK 6 Billion. It is the equivalent of 626 million US dollars. These numbers represent the revenue from Q1 of 2019. These figures depend on the returns of the licensed operators in the market. Most likely, the numbers will witness a small adjustment, as these are just preliminary numbers. They will change as more information and data become available. The Spelinspektionen also stated and made it clear that they are not comparable directly with the net revenues of Q1 of last year.

The Net Revenue in the Newly Regulated Swedish Market

The net revenue of the newly regulated online gaming and betting market contributes to almost half of the revenue. It provided a total of 3.5 billion SEK.  It is higher than the 3.3 billion SEK that the Spelinspektionen reported in April, which included gambling operations on cruise ships. The land-based betting achiness and the state lottery of Svenska Spel generated revenue of 1.4 billion SEK in Q1 of 2019. It also made 234 million SEK from its land-based gaming and casino operations in Sweden. When it comes to games for charitable purposes as well as other national lotteries, they contributed 838 million SEK. As for commercial games, including restaurant casinos, they generated 46 million SEK in the first quarter. The regulator did not release any figures for the charitable bingo venues, as well as unlicensed operators. While the comparison between the net revenue form this year and 2018 is not possible. The numbers by the regulator indicate that Sweden is successfully channeling the players to their newly regulated and legal offerings. The figures for Q1 of 2019 are higher than the total revenue for Q1 2018, which includes unlicensed and licensed offerings.

Swedish Regulator Enters an MoU with Gibraltar

The Spelinspektionen, the Swedish gaming regulator, has entered an MoU (Memorandum of Understanding), with the GGD (Ministry of Commerce’s Gambling Division) of Gibraltar. The MoU aims to formalize the agreements and cooperation between the two entities. They are going to work side by side in different areas. The MoU is going to set out the information sharing’s provisions on matters of policy areas and mutual interest. The two authorities also agreed to offer operational assistance to one another regularly.

The Director General of the Spelinspektionen, Camilla Rosenberg, stated that the agreement makes sense for both entities. The reason is that there are plenty of suppliers/operators in Sweden that have a license and technical equipment in Gibraltar. Camilla Rosenberg added that opening channels of communications between the two authorities would make them both more effective in their supervisory activities. She also added that this is only the beginning of a long term and broad cooperation between the two authorities.

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