Sweden's liberalized online gambling market exceeds expectations
Early indications are that new online gambling regulations have proved a success in Sweden.
The Swedish tax authority has disclosed that online gambling yielded two times as much tax revenue as was forecasted. This is incredible considering that the market has really only been liberalized since the 1st of January, 2019.
Tax Revenue of €172 Million
To date, Sweden has issued a total of 86 online gambling licenses to operators who are subject to 18% income tax. For the first quarter of 2019, the Skatteverket (STA) collected €172 million which amounts to twice the projected amount.
In the first quarter, the tax authorities collected €172 million in revenue.
Self-exclusion list grows to 29,975 in Q1
In addition to the positive figures on tax revenue, the Swedish regulatory authority (Spelinspektionen) provided an update on some other figures. They disclosed that the local gambling market has grown to €560 million for the first quarter. In this same period, the national self-exclusion list grew to 29,975 people. By the time the start of May rolled around, the number of people taking responsibility for their gambling habit increased to 33,000.
In short, the newly regulated Swedish market seems to have had a generally positive effect.