BOS Agrees with Proposed Tighter Credit Rules in Sweden

BOS, the Swedish Trade Association for Online Gambling, an organization that represents 20 licensed gambling operators in Sweden, showed support for a proposal that seeks to reduce over-indebtedness and risky lending, effectively protecting the customers in the country. The proposal, submitted by the Ministry of Justice, called for the implementation of a debt register and stricter rules related to gambling credits.

The inquiry, called “Strengthened consumer protection against risky lending and over-indebtedness” received a green light from BOS on Monday. In a written position, the Association confirmed that it agrees with all proposals of the investigation that seek to overhaul the gambling sector in the country, providing vital protection for customers.

“BOS is positive about all proposals in the investigation with bearing on the gambling market,“

reads a statement released by BOS

According to the investigation prior to the new proposal, there are insufficient reasons for the gambling sector to implement a ban on credit card use for gambling. This point was approved by BOS that warned such a ban can have dire consequences for the market in the country. The Association said that the implementation of such a ban may push consumers to the unregulated gambling sector, a place where credit cards are accepted.

Notably, BOS showed support for the part of the proposal that included expanding the prohibition of the Gambling Act that involves credit services offered by third parties. This part of the proposal calls for extending credit prohibition, prohibiting gambling operators or licensees from promoting third parties that offer credit for gambling.

Gambling Should Remain a Leisure Activity

Another important part of the proposal that was greenlighted by BOS involves the creation of a credit and debit register. Labeled as Skri register, the new system seeks to ensure that bettors are only spending as much money as they can afford. “Not a single consumer penny should be spent on the entertainment industry until all the basic expenses of life are paid, such as food and housing costs. Only after these expenses are paid should funds be set aside for the entertainment account,” explained BOS. According to the Association, this register can help reduce the number of cases that are directed to debt collection.

“It is in the interest of the licensed gambling companies that gambling consumers do not spend more money than they can afford. Gambling shall offer excitement, joy and entertainment in safe and secure forms. Gambling should not lead to financial worry or vulnerability.“

Gustaf Hoffstedt, secretary general of BOS

Gustaf Hoffstedt, BOS’ secretary general, said that it is incredibly important for gambling operators to ensure that their customers do not spend more than they can afford. He added that gambling should be a leisure activity that is secure and safe.

Additionally, Hoffstedt said that participating in gambling activities shouldn’t result in gambling harm or financial hardships. He added that BOS’ members do not support the promotion of gambling on credit. Finally, Hoffstedt said that the Association supports the proposed changes to the gambling sector.