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The Swedish Gaming Authority Addressed Payment Processors

13 September 2019, 12:07
Votes: 1

The Swedish government has addressed payment service providers (PSP) and cautioned them against dealing with gambling operators who do not have licenses.

The Swedish Gaming Authority Addressed Payment Processors

The regulator states they have been trying to defend the players and make them use the legal forms of gambling. For example, they implemented the Gaming Act so the market became available for private online operators in January.

Therefore, those payment processors that collaborate with unlicensed companies derail the regulators’ efforts and violate the Gaming Act. This can lead to unlawful competition and then reduction of the tax proceeding from the regulated market.

The Swedish authorities also added some of unlicensed businesses might be used with the purpose of laundering the country's money and financing terrorists.

Thus, the new regulation of the Swedish market has succeeded in considerably reducing the unlicensed gambling companies’ income. During the second part of this year, revenue from such operators decreased by 15.4% compared with the previous period. In respect of the licensed operators, they brought around 91% of income.

As mentioned earlier, the Swedish government has received a bigger size of gaming tax revenues than it had been previously expected.

Read more: Gambling in Bulgaria: Overview for 2019

Read more: Online Gambling Licenses in the European Union

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