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Foreign Online Casinos Affect Swedish Company

The European Gambling Commission has spent extensive efforts with the Swedish government related to a need for new online casino gambling legislation in the country. Operating a gambling monopoly in the EU flies in the face of the EU founding principles yet there are several countries that are striving to hold on to their profitable state-owned monopolies. Sweden is one of the countries firmly resisting making changes, but that doesn’t mean that the foreign online casinos are willing to wait. Financial results from the first half the year for the Svenske Spel Swedish gambling monopoly have dropped thanks to a fair amount of foreign competition.

European online casino gambling companies are increasingly looking to fully penetrate the potential within the European market, and to a large extent this includes a the closed European markets that have restrictions and legislation in place to ban and block foreign operators. As for Svenske Spel’s half-year financial results, they were nothing to write home about really. The disappointing results came as a surprise to some considering the surges in the global online casinos industry.

On the other hand, Svenske Spel has undergone some very major management changes, faced intense competition in the land and online casino gambling and betting industry. The only area that actually showed a decline in revenues came from sportbetting and is primarily due to the new competition that has forced its way into the Swedish gambling market. Poker and online gambling revenues remained profitable but only saw small increases in revenue from the previous half-year results.