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OnlineLegal & RegulatoryIndustry

BOS supports tightened credit regulations in Sweden

The regulatory proposal focuses on consumer protection in the gambling market.

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The Swedish trade association for online gambling (BOS) is backing the Ministry of Justice's proposal to reinforce consumer protection against risky lending and over-indebtedness.

BOS, representing approximately 20 gambling companies licensed by Spelinspektionen, stands as Sweden's largest trade association within the industry.

The proposed regulatory changes aim to establish a more stringent framework for consumer protection, with particular relevance to the gambling market.

This includes a ban on third parties promoting credit for gambling and the introduction of a debt register in Sweden.

Gustaf Hoffstedt, Secretary General of BOS, expressed support for all the proposals within the inquiry, especially those directly affecting the gambling sector.

One of the key proposals is to extend the credit prohibition in the Gambling Act to encompass third parties.

Additionally, the investigation considers whether credit card gambling should be banned. BOS concurs with the proposal to reject such a ban, considering it impractical and a potential boon to unlicensed operators.

The introduction of a debt and credit register, known as the Skri register, is another proposal, with the aim of improving lenders' assessment of borrowers' financial situations.

Hoffstedt also noted that BOS supports the idea that licensed gambling companies should have the ability to access information in the Skri register.

While backing these proposals, BOS also stressed the need for a thorough integrity review before expanding access to the Skri register, to ensure a balance between consumer protection and individual privacy.

In previous comments on the proposed changes to the Money Laundering Act, BOS supported elevating anti-money laundering violations to the same level as gambling violations.

BOS also called for penalty charges for AML breaches to be based on gross gaming revenue.

Moreover, BOS has reported on Sweden's channelisation rate in online gambling, highlighting that it stands at 77% —falling short of the Government's 90% target.

The association believes that the proposed increase in gambling tax, from 18% to 22% of gross gaming revenue, could negatively impact channelisation and potentially lead to challenges similar to those faced before the 2019 re-regulation.

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