Betsson CEO buoyed by Swedish re-regulation
Magnus Silfverberg says he would welcome liberalised model with benefits likely to outstrip tax costs
Betsson AB chief executive Magnus Silfverberg said the Swedish government’s hastily announced liberalisation of the online Swedish gambling market is “positive news” so long as a sensible tax rate can be established.
Speaking to eGaming Review, Silfverberg said he welcomed the European Commission’s (EC) decision earlier this month to refer Sweden to the European Court of Justice for its perceived failure to address its “non-compliant” online gambling laws.
Following the EC’s decision, the Swedish government revealed it would fast-track plans to introduce a fully-licensed liberalised framework, opening up current monopoly Svenska Spel to outside competition.
“They [the Swedish government] actually for the first time, in conjunction with the EC suing Sweden in European Court of Justice, said they were looking at implementing a licensing system,” Silfverberg said.
“Previously they had been saying they would strengthen the monopoly or go for a licensing model, however, they never made the choice but now they have said the latter and that’s positive news,” he added.
If regulated, Sweden would become a much sought after licence with a tech-savvy population approaching 10 million and an active egaming market currently served by the likes of Betsson, Unibet, Mr Green and Cherry.
Silfverberg said that as long as the gaming levy was commercially viable, operators could benefit in areas such as greater public awareness of online gambling products and increased marketing opportunities.
“We expect it to be taxed if it comes to a licensing system but there are many other advantages from being regulated and licensed in Sweden, and they would outweigh the potential tax as long it wasn’t too high,” Silfverberg said.
“I think the Swedish politicians understand it can’t be too high a tax as operators won’t apply for a licence and they won’t get the control over the market they want,” he added.
Earlier this week the Swedish regulator revealed turnover for the regulated online and offline gambling market was down 7% after the first nine months of the year while at the same time pointed to growth in the unlicensed market.