UK and Swedish Regulators Extend Gambling MoU

In a bid to bolster their collaborative efforts in regulating the gambling industry, the Great Britain Gambling Commission and Sweden’s Spelinspektionen have announced the extension of their Memorandum of Understanding (MoU) on information exchange. Initiated in November 2019, this agreement seeks to strengthen collaboration between the two regulatory agencies and encourage best practices.

The Swedish Gambling Authority is the legal agency that has the authority to regulate the gambling sector in Sweden. When it comes to the gaming sector, the regulating body has the authority to oversee operations to make sure everyone plays by the rules and that no one gets in trouble for being a responsible gambler. The regulator’s focus on consumer interests informs Spelinspektionen’s approach to the Swedish market. As a result, the authority lays forth rules and regulations for the gaming industry to follow to reduce the potential negative societal impact of gambling.

The parties have agreed to maintain their close cooperation in several important areas as outlined in the extended MoU. These include talking about shared policy goals, helping each other out when we’re in a jam, and making sure everyone knows that everyone’s interests in the gaming industry are valid.

In light of the constantly shifting environment of gambling regulation, Camilla Rosenberg, who serves as the director general of Spelinspektionen, emphasizes the need for international cooperation. Rosenberg stressed the significance of learning from one another’s mistakes and establishing a more controlled gambling environment for everyone, regardless of the specifics of their markets.

Rapidly Growing Markets

The decision to extend the MoU comes on the heels of Spelinspektionen’s report on the performance of Sweden’s gambling market in 2023. Official statistics show that gaming income, which amounts to SEK27.13 billion (£2.07bn/€2.43bn/$2.66bn), fell by a small margin of 1.2% in the market.

Though online gambling is still the largest source of income, there were some noticeable shifts in other areas. income from national lotteries increased slightly by 1.4%, but income from state lotteries and slots fell by 3.6%.

Meanwhile, comprehensive data for the British gambling market in 2023 is still pending release. But initial estimates for the internet industry for the third quarter showed gross gambling yield (GGY) increasing 4% year-on-year to £1.30 billion.

Segments of the online gambling business that have seen substantial development include online casinos, poker, real-event betting, and slots, according to the research. In contrast, the land-based sector had a range of outcomes, with machines and self-service betting terminals displaying different GGY patterns.