In a move that signifies the power of international cooperation, the British and Swedish gambling regulators have reinforced their commitment to work side by side. Their collaboration, which took root in November 2019, has been renewed under an expanded Memorandum of Understanding (MoU).
At the heart of this MoU lies the shared objective to enhance gambling regulation through collaborative efforts. Both parties are setting their sights on making strides in areas that include formulating a united stance on legitimate gambling pursuits and engaging in meaningful exchanges on policy and operational interests. The ongoing support they provide each other with operational assistance is a testament to their dedication.
“The gambling industry operates on a global scale, and maintaining strong international relationships is crucial for effective regulation,” remarked Camilla Rosenberg, Spelinspektionen’s director general. She reflected on the value of collaborative insights, saying, “Our gambling markets may be unique, but there’s a wealth of knowledge to gain through mutual learning and experience sharing. It’s through these partnerships that we can nurture a gambling environment that’s both sound and secure.”
Spelinspektionen’s approach to building a robust regulatory framework doesn’t stop here; the agency has nurtured similar MoUs with counterparts in the Netherlands, Malta, and Gibraltar, showcasing a strategic network of alliances. See also the updated list of Quality Casinos for UK Players.
Swedish Gambling Revenue Faces Downward Trend in 2023
The decision to extend the MoU arrives at a critical juncture, as Spelinspektionen has just disclosed the latest performance figures for Sweden’s gambling industry in 2023. It’s a mixed bag, with an overall revenue decrease of 1.2%, totaling SEK27.13bn—a figure that underscores the volatile nature of the industry.
Despite a modest 0.7% dip, online gambling continues to dominate the market, pulling in SEK17.03bn. The year wasn’t kind to state lottery and slot revenues either, which suffered a 3.6% setback, amounting to SEK5.60bn. Even the state-owned Casino Cosmopol’s land-based establishments weren’t spared, seeing an 11.4% revenue decline.
Conversely, it’s not all doom and gloom; the national lotteries experienced a slight upturn of 1.4%, and public games and land-based commercial gambling also saw a revenue rise, painting a picture of resilience and adaptability within certain gambling sectors.
British Gambling Sector Remains Unfazed by Challenges
Moving our gaze to Great Britain, the full annual picture for 2023 is still under wraps. However, a glimpse into the online sector’s third-quarter performance reveals an industry defying odds, with gross gambling yield (GGY) climbing by 4% to an impressive £1.30bn.
Online slots are hitting all-time highs, boasting a 6% increase to £618m, setting a record for the quarter. The buoyancy continues across other online betting categories, including real-event betting and online casinos, all of which have reported increases in their GGY. It’s a performance that speaks to the robustness and dynamism of the British online gambling scene. Best British Gambling.
While the land-based sector faces some headwinds with a slight dip in machine-generated GGY, there’s a silver lining as self-service betting terminals buck the trend with a remarkable 17% surge. It’s a narrative of perseverance and the constant evolution of the gambling landscape in Britain.