The online casino industry, and especially foreign casinos, is primarily about money. Online gambling brings in a lot of capital each year for both players and the global treasury. The Swedish gambling economy is affected by both domestic gambling sites and platforms licensed abroad. Below we have listed four aspects of gambling on foreign sites that affect the Swedish gambling market.
Foreign influence on gambling in Sweden
The foreign gambling market is expanding every year. Today, it is inevitable that even Swedish gambling, which takes place in our domestic gambling market, is influenced by international players. The fact that Swedes play in foreign casinos has led to changes in both our gambling economy and gambling-related policies. Below we have listed four aspects of gambling on foreign casino sites that affect the Swedish gambling economy. You can read, among other things, about how online payments have changed, how the Swedish state is now investing more money in gambling prevention funds and how income tax benefits us.
The impact of foreign casinos on the Swedish gambling economy
- Taxation of profits
- Transaction fees
- Bank transfers
- Increasing costs for gambling prevention
Taxation of profits
Swedes' gambling on foreign casinos usually takes place within the EU. There are a number of gambling sites to choose from where a Swedish gambling license is not required, but instead a license issued by an EU member state is valid. The two most common gambling certificates that exist in the intra-European gambling market come from Malta and Estonia.
They are provided to sites that are safe and reliable, and also offer a large selection of different games. Foreign casinos that exist in the EU also have another big advantage for Swedish customers. This is that we, the Scandinavian countries, play without additional tax on winnings on platforms with an EU license. However, if you were a customer of a gaming site that does not have a gaming license within the Union, you will have to pay tax on all your winnings exceeding 100:-.
This is 30%. This tax exists to protect the interests of gambling that exist in our country. However, it also helps to finance state budgets. The tax on the profits of foreign casinos does not constitute a particularly large part of the state's income, but still contributes a certain amount of money to the state treasury every year.
Transaction fees
Every time you make a payment online, there is a possibility that you will have to pay a transaction fee. This is especially true for payments made from Swedish banks to recipients abroad. These fees are usually not very high, and in some cases they are even difficult to notice. However, they have an important function, as these transaction fees finance the administrative part of the transfer for the bank. Paying at foreign casinos using certain methods will result in a transaction fee being charged.
This is difficult to avoid, especially if you pay with, say, a bank card. Even deposits to an online wallet, which is then used to make transfers to a casino without a Swedish license, may be subject to a certain fee. However, as mentioned, this is a certain necessity and allows, among other things, to make more or less transaction-free transfers in the Swedish gaming market. This way, customers who play in Sweden can make their transfers without additional costs. Find out how to outsmart the dealer and beat him at his own game by clicking on this website.
Bank Transfers
There is another aspect of bank transfers that affects the Swedish gaming economy when customers visit foreign casinos. These are the available transaction methods that we use for online payments. The foreign casino industry is a leader in funding the development of new, better payment methods.
This includes everything from more traditional transaction methods to cryptocurrencies. Many of the new services that process payments to foreign casinos also benefit other sectors of the commercial sphere. Many Swedish companies and financial companies, among others, have taken advantage of the payment methods that have become available as the foreign gambling market has expanded. Check also: Live dealer casinos - everything you need to know to get started
This also includes the normalization of direct bank transaction services. Among others, services such as Trustly (especially for casinos with payment and play without a license) and Zimpler are becoming an increasingly common part of everyday life in Sweden. Therefore, they are not only part of payments on foreign gaming sites. Volt , a relatively new direct online payment service, also had the casino industry as one of its early adopters.
