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Tuesday, June 5, 2018

Swedish Parliamentary Committee Approves Proposed Gambling Bill

Casino News Daily
Swedish Parliamentary Committee Approves Proposed Gambling Bill

Sweden’s Committee on Cultural Affairs has backed the proposed gambling bill. The approval of the Swedish parliamentary committee was the latest hurdle to be overcome by the draft gambling legislation before the bill becomes a law.

The final vote on the Swedish gambling bill is now expected to take place on June 7th. The Committee on Cultural Affairs, which includes members of parliament from the local political parties, has been reviewing and considering the proposed piece of legislation over the last month. Now, it greenlighted the bill and rejected the six proposals looking for amendments to the existing gambling legislation.

Previously, the Government has revealed its willingness to update the existing regulation for online gambling operations, so it has proposed a bill on the matter. The proposed changes in the national gambling legislation are expected to be brought into action on January 1st, 2019. The licensing process regarding the new regulation is set to be given a start on August 1st, 2018.

The Committee itself described the bill as a piece of legislation which is to bring a long-awaited change in the gambling legislation of the country. Turning the bill into law would end up replacing the state monopoly with a legislation which is much more up-to-date and which takes into account the expansion of the gambling market. The authorities are focused on creating a gambling market which also features excellent customer protection, which runs under a special licensing system. The latter, on the other hand, would eventually open up the local gambling sector to large international operators that meet the Swedish regulatory rules and provide safe services and responsible gambling.

Sweden to Open Online Gambling Market for Foreign Companies

The beginning of April 2018 saw a proposal made by the Swedish Government, seeking to replace the existing state gambling monopoly with a special licensing system. For some time now, the growth generated by online gambling operations has been hurting the monopoly, as overseas companies were actually able to operate in the country, offering web-based services to local players.

The state gambling monopoly was established in 1934. Now, the Swedish Government is aimed at bringing overseas online gambling operators to the country, with such companies being put under its control and regulation. The authorities are focused on creating a gambling market which also features excellent customer protection, which runs under a special licensing system. The latter, on the other hand, would eventually open up the local gambling sector to large international operators that meet the Swedish regulatory rules and provide safe services and responsible gambling.

Sweden’s Government revealed in a statement posted at the beginning of April that online gambling operators are set to pay an 18% tax on their gross gaming revenue in case that the proposed bill passes the local Parliament. Previously, a number of large international gambling companies which operate online have revealed they were very positive about the future regulatory changes which could be brought to Sweden’s gambling landscape.

Despite the new piece of legislation which is expected to be officially passed in a few days, some types of gambling like the state-run casinos would remain monopolies.

The post Swedish Parliamentary Committee Approves Proposed Gambling Bill appeared first on Casino News Daily.

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