In readiness for changes to Swedish gambling laws that come into effect at the start of 2019, LeoVegas has applied for a license to operate in this lucrative market. It's part of their strategy to reach revenue of 600 million by 2020 by expanding in regulated countries.
New Markets For LeoVegas
The Swedish market was previously dominated by state-operated sites, but since the laws changed earlier this year, the country will become a regulated market from January 1st, 2019. Several multi-national casinos have now applied for licenses in the country, with LeoVegas looking to become one of the first to offer their service to Swedish residents.
It's the first time that gambling sites have been able to complete on a level playing field with existing operators and is seen as a milestone for the whole online casino business in Sweden.
The advantages of operating in regulated markets include the chance to localise content and offers, attracting players from each individual country. Around 39% of Net Gaming Revenue for LeoVegas came from such markets in the second quarter of 2018. Operators will also be able to offer a service specifically tailored to the rules and regulations of each territory, providing a safe and legal gaming environment for their players.
The company's responsible gambling service, LeoSafePlay will ensure that Swedish players get a top-quality service, should the license application be successful.
"While it has been known for some time that Sweden is introducing a local licence system, it is very exciting to formally submit an application and is something we have been looking forward to for a long time.Gustaf Hagman, Group CEO
Press Release, LeoVegas applies for Swedish gambling license www.leovegas.com 20th August 2018