Kindred Applies for Gambling License in Sweden

Kindred Applies for Gambling License in Sweden

A company headquartered in Malta has a desire to enter the Swedish gambling market, and has, therefore, applied for a gambling license in Sweden for online gambling and betting services. The group, which already has online licenses in other European countries, hopes to begin offering online gaming in the country soon.

Kindred Group

The Kindred Group already operates in Belgium, Denmark, Estonia, France, Gibraltar, Italy, and the United Kingdom. The company focuses on online gaming and online casino play. Kindred has online poker, blackjack, slots, and bingo. Kindred has estimated that nearly 50 percent of the revenue from its online gaming operations will come from Sweden. The company also does a significant amount of business in Sweden. Swedish companies, such as banks and other gaming production companies, are getting a revenue boost from the latest Kindred offering.

The Swedish Gaming Laws

The Swedish Gaming LawsSwedish gaming laws were recently overhauled by the country’s Riksdag in June and will take effect in January. The laws open the country up for online casinos, as well as sports betting and sports sponsorship. Kindred has already signed a sponsorship deal with the Swedish Elite Football Association, which allows it to place its logo on the company’s equipment and in football stadiums across the country.

While many countries operate casinos, in Sweden, the emphasis has been on online play. Research has speculated the emphasis on online play might be because of the harsh winter climate in Sweden. Few tourists tend to play in the country’s casinos at that time and some areas of the country are quite remote.

Sweden’s Burgeoning Gaming Possibilities

While Sweden has had legal gaming for decades, the gambling industry was monopolized by a single Swedish company, which made it nearly impossible for other gaming companies to get into the market. When a new party took over the government in 2014, however, it started looking for ways to increase revenue for the country to offset the cost of social programs. In addition, the gaming company did not have the ability to offer a large majority of the games online that Sweden’s citizens want to play, such as poker. In the last five years, online poker has exploded in the country, and more and more citizens are clamoring for mobile gaming and online gaming.

The laws in Sweden needed to change before Kindred became interested because the old tax structure and business structure made it difficult for any business that was gaming related to gain a foothold. In addition, the tax structure in Sweden made it difficult for businesses that were gaming related to make a profit.

The company is hoping to take the online gaming offerings live by January, which is when the new changes in gaming go into effect. Kindred is hoping to continue its expansion into other European countries. It also hopes to expand into other countries in Asia, as well as North America, such as the United States and Canada, because it feels the online gaming market could expand rapidly in the coming years.

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