Europe's Online Gambling Industry Booming

Published Thursday, June 21, 2018 - Online-Casinos.com
Europe's Online Gambling Industry Booming

The online gambling industry has become a global phenomenon worth billions of dollars which Is exhibiting no signs of slowing down. The need for regulation has never been greater even though there is some regulation there is still a huge illegal market for online gambling services all over the world. As technology keeps up with the growth of online gambling  regulators are constantly updating the rules for safe access to online gambling services.

According to reputable sources the European online gambling market which is believed to account for more than a half of the global Internet gambling sector in 2017 was estimated to be between €38 billion and €40 billion last year. These numbers do not take into account the unfathomable amount of money that is involved in the underground gambling industry.

One of the best examples of the fast expanding regulated internet betting is Sweden, The liberalization of Sweden’s internet gambling market is finally opening the local market to international operators. Sweden’s gray market has been thriving for several years it has been suggested the new regulatory regime, set to take effect on January 1, 2019 may result in the formation of one of Europe’s largest regulated markets.

Sweden’s entire gambling market totaled SEK22.6 billion about €2.2 billion) last year. Illegal operations accounted for nearly twenty five percent of that market with reported gross gambling revenue of SEK5.5 billion (approximately €533 million).

Sweden’s gambling regulator, Lotteriinspektionen, is now responsible for reviewing and granting the licenses under the new regime and for overseeing the open market. Sweden is just several months away from removing the government’s Svenska Spel’s monopoly providing most of the gambling services that are legal under the country’s regulations, in hopes that the Swedish gambler will feel safer at regulated web locations.

 

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