Connect with us
SIS

Latest News

Sweden’s new gaming law

George Miller

Published

on

new gaming law Sweden
Reading Time: 1 minute

Gaming industry in Sweden will face new legislative conditions, once the draft is approved by the government.

 

A new framework for the gaming industry in Sweden has been introduced and it could soon end the iGaming monopoly under the control of Svenska Spel. The updated legislation could take effect by 2019 modifying the current regime, although legislators are set to carry out further debates on the issue.

The state-owned gambling operator Svenska Spel accounted 40 percent of the entire market in the first nine months of 2016, and generated more than US$1.7 billion in revenue in the third quarter, 5 percent higher than the previous year. Now the company may share the Swedish market with local and international online gaming operators, as the government would approve the new legislative draft.

Sweden’s Legislature would introduce the proposal as a law within a few months, as revealed by Casino News Daily. According to the news outlet, Svenska Spel CEO Lennart Käll and Chairman Erik Strand commented that the new law should focus on reducing both problem gambling and unauthorised gaming operations. Furthermore, current operators recommended the government to strictly investigate international operator’s proposals.

Swedish gambling authority, Hakan Hallstedt recommended that online gambling operators pay an 18 percent tax on the gross gaming revenue. This way, 90 percent of the Swedish market would be licensed and generating taxes from gambling. The government is trying to bring foreign online gambling companies like Betsson in order to finish the historic monopoly in the country. These firms operate in other European countries and have shown a growing share of revenue from online betting due to good regulations.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Continue Reading
Advertisement
Comments

Gambling in the USA

New Jersey Gambling Regulators Imposes a Fine of $10K on PokerStars

Niji Narayan

Published

on

New Jersey Gambling Regulators Imposes a Fine of $10K on PokerStars
Reading Time: 1 minute

 

New Jersey gambling regulators have imposed a fine of $10,000 on PokerStars for taking bets on New Jersey college basketball teams in violation of the state’s sports betting law.

According to the documents filed by the state, PokerStars accepted 216 wagers on a game involving Rutgers and Eastern Michigan University totalling more than $2,700.

The company also took a single bet on a game involving Monmouth University and the University of Pennsylvania, whose value was not disclosed.

The fine comes as New Jersey lawmakers are considering a bill that would set fines starting at $20,000 and ranging up to $100,000 for companies that take prohibited bets on New Jersey college teams.

Continue Reading

Eastern Europe

Romanian Investors to Relaunch and Turn Lebada Luxury Resort & Spa into Casino

Niji Narayan

Published

on

Romanian Investors to Relaunch and Turn Lebada Luxury Resort & Spa into Casino
Photo Source: getica.ro
Reading Time: 1 minute

 

Two Romanian entrepreneurs are going to relaunch the Lebada Luxury Resort & Spa in the Danube Delta. They have invested EUR 20 million in the complex, purchased in 2017 for EUR 3 million from the tax agency ANAF. ANAF sold the complex to recover damages owed to the state by convicted businessman Sorin Ovidiu Vantu.

The re-opening comes at a time when the lawmakers discuss a law that extends special fiscal regime to gambling operations located on islands “including in the bioreserve Danube Delta.”

“We have a casino building, but we are waiting for the regulations in place,” said Laurentiu Niculae, general manager Lebada Luxury Resort & SPA.

Lebada Luxury Resort & Spa is located in the heart of the Danube Delta, on the Sulina branch. The complex has a land of almost four hectares. The complex has over 200 accommodation rooms, of which 140 are for the guests and the rest of the employees.

Continue Reading

Latest News

Swedish iGaming Market Posts a Turnover of €313.8 Million in Q1

Niji Narayan

Published

on

Swedish iGaming Market Posts a Turnover of €313.8 Million in Q1
Photo Source: thedenlingers.blogspot.com
Reading Time: 1 minute

 

Swedish iGaming market has revealed its first financial report for the first quarter and posts a total turnover of €313.8 million. ATG, the former horse racing monopoly, led the market with a turnover of €102 million.

In January, online gaming turnover reached €106 million, slightly declined to €104 million in February and was flat in March.

The Svenska Spel Sport & Casino reported turnover of €55 million for the three months, €18 million in January, €18.3 million in February and repeated in March.

The newly-regulated Swedish iGaming market was launched on January 1, introducing major changes for the local industry, such as the rebrand of the local regulator and the introduction of new iGaming companies.

Continue Reading
Advertisement
NSoft

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.