Although the European gambling market has been nothing but vibrant over the last few years, the Nordic countries have decided to abstain or heavily regulate the industry. Although the markets are quite large within the countries, they still believe that the profits are not worth it.
However, Sweden recently had a change of heart and has decided to open up their gambling market to a bunch of online gambling operators (follow this link to find out more). It is already decided that it will open up on January 2019, which means that there will be a lot of applications and paperwork to go through and register all of the applicants.
Lotteriinspektionen has been reporting nothing but paperwork and application filing over the last few days as 22 companies have already applied and filed no less than 1,500 documents to process. It was quite refreshing for the government to see that most of the applicants were local-based popular companies like Svenska Spel, Global Gaming and Betsson.
All of these applications are indicating only one thing. That the industry will become a lot more vibrant, diverse and profitable for both the companies and the government. Sweden and Norway heavily influenced each other on the gambling regulations front, but it looks like the Swedes took the bait and gave the green light. Norwegians are still trying to hold on to their standards, but as everyone around them crumbles it is only a matter of time before their regulations get weaker as well.
What’s important to note is that both of these countries have in a sense monopolized the industry by only allowing one or two state-owned companies offer gambling services.
Happy locals and hopeful foreigners
The legal gambling operators are elected for the opportunity to work in a more free environment. Betsson even announced that new possibilities for marketing, PR, and operations have just been opened up and can’t wait to start exploring all of them.
In terms of the regulators, Lotteriinspektionen, it has urged all of the operators wanting to apply, to hurry up. Because the deadline will be the beginning of January and it is important to be the first to get the foot out the door. However, not everyone will be receiving licenses as the regulator has retained its jurisdiction to set standards. Only the ones with sufficient operational experience of the business will be given licenses.
A hard market for beginners
Beginners will most likely not be welcome, because of the qualifications and monster competition. Svenska Spel has already announced its plans to enhance its technology and content in order to come out on top once again. Figures are not yet known as how much the government will be making through the taxes, but since they took off the regulations it should be a substantial amount.
Gambling Dapps on the Ethereum Blockchain: Their potential
Gambling and Blockchain Technology. The End of Corruption
Is Buying Cryptocurrency More Akin To Gambling Than Investing?
Bitcoin Casinos are taking over the Online Gambling Industry
The post Swedish gambling regulator has received 22 applications on the first day appeared first on CoinStaker | Bitcoin News.