UK and Sweden strengthen gambling regulation through information exchange
In a move that reflects the increasingly global nature of the gambling market, the British Gambling Commission and its Swedish counterpart, Spelinspektionen, have reaffirmed their commitment to collaboration by renewing their Memorandum of Understanding (MoU) on the exchange of information. This agreement, initially forged in 2019, serves as a testament to the shared vision of both regulatory bodies to foster a gambling environment characterized by safety and integrity.
The MoU facilitates operational assistance between the two entities, allowing them to share insights and strategies that address common regulatory challenges. By promoting a mutual understanding of each other’s legitimate interests, the UK and Swedish regulators aim to engage constructively on policy and operational matters that transcend national borders.
Camilla Rosenberg, the Director General of Spelinspektionen, emphasized the importance of maintaining robust relationships with international regulatory partners. “The gambling market is global, and it is crucial to cooperate with other gambling authorities,” she stated. Despite the differences in their respective markets, Rosenberg highlighted the numerous areas where the UK and Sweden can learn from one another and share valuable experiences.
Collaboration will impact gambling industry shifts
The collaboration is not limited to these two nations; Spelinspektionen has also established similar agreements with regulators in the Netherlands, Malta, and Gibraltar. These partnerships reflect a collective endeavour to achieve a healthy and secure gambling market for all stakeholders.
The extension of the MoU comes at a time when the Swedish gambling industry is experiencing a slight downturn. Preliminary data released by Spelinspektionen indicates a 1.2 percent decrease in gambling revenue for the year 2023, amounting to SEK 27.13 billion (€2.42 billion). The most significant decline was observed in Svenska Spel’s land-based Casino Cosmopol, which saw an 11.4 percent drop in revenue. This has prompted Svenska Spel to announce the closure of two of its three casinos. Additionally, the state lottery and slots segment experienced a 3.6 percent revenue decrease, totalling SEK 5.60 billion.
The ongoing partnership between the British and Swedish gambling regulators exemplifies the proactive steps being taken to adapt to the evolving landscape of the gambling industry. By sharing information and working together, these regulators are setting a standard for international cooperation that not only addresses the challenges of today but also lays the groundwork for a more responsible and sustainable future for gambling regulation.
