Swedish Financial Ministry Asks for Bigger Fees and More Industry Accountability

The Swedish Ministry of Finance is coming up with a set of changes that will apply to the way the gambling industry in the country is regulated. Essentially, the changes will apply to the supplier licenses which will now cost SEK 120,000 or $12,000 per the new changes put forth by the Ministry of Finance.

Sweden Wants to Revise Licenses for Gambling Companies

The proposal is not finalized though and it would be open to debate until May 9 when the public consultation on the matter shall end. Another proposal concerns the renewal fee for gambling companies that have online operations. The current rate of the fee is set at SEK 300,000 and the Ministry of Finance wants to see it double to SEK 600,000 or from $30,000 to $60,000 approximately.

The Ministry also wants to improve the oversight the Spelinspektionen has on the software used to conduct games. One of the suggestions is for suppliers to save data for as long as it’s needed for the regulator to ensure supervision. Given that some cases of infringement of gambling rules date back years, this could pose a problem to suppliers who are committed to protecting their customer data.

The Ministry also proposes a new fee that the Spelinspektionen will charge any licensee that requires supervision. This fee is set at SEK 30,000 or $3,000. One of the more adequate proposals is for licensees to be represented in the European Economic Area (EEA).

Bringing Businesses Under Scrutiny in EEA or Sweden

If a licensed entity is not a member of an EEA state, then they would have to open a physical presence in Sweden instead. Spelinspektionen is at the same time looking to double down on its efforts and restrict access to the Swedish gambling market by unauthorized entities that have been continuously targeting the market.

To this end, the Ministry of Finance stated: “The exclusion of unlicensed gambling is a prerequisite for being able to ensure a high level of consumer protection and that gambling takes place with responsible actors.” How many of these proposals would be approved is another matter altogether. They could be implemented on March 1, 2023, at the earliest.