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Sweden Urged to Legalize Online Casino Sites

In a move that could follow the United Kingdom’s approach toward online casino sites, several countries have been focusing on the ongoing legality issues facing online casino sites operators in Europe. While Italy has recently come out in opposition to the online casino industry, countries such as Sweden and the Netherlands are revisiting existing legislation on online gambling.

In Sweden, an official report presented to the government by a special committee has concluded that the country has no means of preventing offshore based online casino sites from targeting Swedish casino players. The report goes further to propose the government adopt a new framework to license foreign online casinos, enabling them to operate legally in Sweden. The committee cited the United Kingdom’s approach toward online casino sites as an example, stating the Swedish government could gain further control over gaming firms if regulation was permitted, as well as earning itself a valuable new source of taxation revenue.

The report also stated that approximately 80 per cent of the Swedish gambling market is currently controlled by offshore online casino operators. Several gambling operators, including UK betting agent Ladbrokes, have commended the Swedish government for its open-minded approach and will be following developments closely.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.