Svenska Spel, a Sweden state owned gaming company, is attempting to enter the online casino market alongside Boss Media. Previously in competition with privately owned companies, Svenska Spel gained the approval of the Swedish government to run an online casino. The Swedish government believes that because the company is state-owned it will choose to keep its base within Sweden. And not be lured by higher profit margins, which could be gained by expanding into markets which allow tax cuts for an online casino.
Svenska Spel estimates that they will have the ability to gain at least a third of the current Swedish online casino market within a year. Approximate profits of Sweden-based online casinos are at 1 billion kronor; this translates into $124 million US dollars. In conjunction with Boss Media, a Sweden-based e-gaming software design corporation, the online casino has a high probability of success, as Boss Media software is highly regarded world wide.
Approval by the Swedish government came in the form of a 2 year contract with specific stipulations. These include only allowing Swedish residents to play on the online casino, and these players must be at least 18 years of age. In addition, players must state a monetary gambling limit per online casino gaming session. The current allowable maximum per session will be 79,400 kronor, or $10,000. Although Svenska Spel will have to keep their online casino strictly Sweden-based, their profits will still be quite exceptional.
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