Gambling Tax Income Boosts The Swedish Economy

Gambling Tax Income Boosts The Swedish Economy

Swedish gambling licenses are notoriously strict; however, this is for a very good reason, and the state has taken care to ensure that all applicants and licenses follow the rules carefully. One of the rules? All gambling companies registered with the Swedish government in order to offer online gambling must pay taxes on their income in Sweden. But how has this benefited the Swedish economy since then?

This tax revenue is essential to ensure a steady stream of revenue for the country, as some states in the US use tax revenue to better fill the treasury or to create funds for social projects. Over the course of 2019 and up to 2020, game companies had paid a total of SEK 923 million, a huge amount given the length of time the law has been in place.

However, the actual figures may be even higher, with figures of up to SEK 1.8 billion being touted by professionals at the regulatory body. This is double the initial estimates, and we can only assume that it will increase further as time goes on, through a combined income of taxes, application fees, renewal fees, and other administrative funds to be paid to the Swedish government. .

According to Norskespilleautomater, Swedish regulations have had a major impact on licensing in the country. Although the use of online gambling has increased throughout 2020, we have seen operators report a drop in player revenue. This is most likely due to the new deposit limit laws and possibly the bonus limits that don’t appeal to players as much.

However, as changes in regulations are slowly implemented across Europe, notably Germany’s upcoming gambling laws, Portugal’s laws against bonuses, and various anti-gambling laws quickly implemented over the course of the pandemic in Europe, we can only hope that Sweden’s strict but flexible approach helps more operators to operate in the legal market. This makes gambling safer, more fun and ultimately more profitable for the Swedish government as time goes on.

SOURCE: Norskespilleautomater.com

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