- Sweden’s online gambling sector to hit €2bn/yr by 2027, driven by growing adoption of cryptocurrencies
- Riksbank is wary of crypto’s role despite market growth
- Cryptocurrencies are increasingly popular in Swedish online gambling sites
The online gambling sector in Sweden is poised for significant growth in the coming years, with projections indicating revenue reaching €2 billion annually by 2027.
This forecast underscores the robust expansion of the Swedish online gambling market, driven by evolving customer preferences and market dynamics.
Riksbank’s stance on cryptocurrencies
Despite the optimistic outlook for the online gambling sector, the Swedish central bank’s skepticism towards cryptocurrencies remains evident.
Riksbank Governor Erik Thedeen has expressed reluctance towards incorporating Bitcoin (BTC) and other cryptocurrencies into the country’s financial system.
Thedeen emphasizes the speculative nature of cryptocurrencies and the risks associated with their volatility, aligning with Sweden’s cautious regulatory approach in the crypto space.
Growing popularity of cryptocurrencies in online gambling
Despite the Riksbank’s stance, cryptocurrencies like Bitcoin are increasingly gaining traction as preferred methods of deposit and withdrawal among users of online gambling sites in Sweden.
This trend reflects the broader global adoption of crypto within the online gambling industry, offering users greater anonymity, security, and efficiency in transactions.
The Swedish gambling landscape
In Sweden, online gambling has become increasingly popular, with customers favoring the convenience and accessibility offered by digital platforms. The rise of smartphones and improved internet connectivity has facilitated this shift, allowing users to enjoy a wide range of casino games and betting options from the comfort of their homes or on the go.
Key trends in the Swedish online gambling market include the rising popularity of mobile gambling and the demand for live dealer games. Mobile gambling, in particular, has witnessed significant growth, driven by the widespread adoption of smartphones and mobile-friendly gambling platforms.
Additionally, live dealer games provide users with a more immersive and interactive experience, further enhancing the appeal of online gambling.
The Swedish gambling landscape is characterized by a well-regulated market overseen by the Swedish Gambling Authority (Spelinspektionen). This regulatory framework ensures consumer protection and responsible gambling practices, contributing to the market’s growth and stability.
Despite regulatory challenges and the Riksbank’s reservations about cryptocurrencies, an overview of the online casino sector in Sweden shows a projected expansion, driven by evolving consumer preferences and market dynamics.
According to recent data from Statista, revenue in the online gambling market is expected to reach €1.69 billion in 2024, with an annual growth rate of 6.20%. By 2028, the market volume is forecasted to surpass €2.15 billion, driven by the increasing number of users and their growing average revenue per user (ARPU).
The projected revenue growth of the Swedish online gambling sector underscores its significant contribution to the country’s economy.
Conclusion
The Swedish online gambling sector is experiencing robust growth, with revenue projections indicating substantial expansion in the coming years.
Despite regulatory challenges and the central bank’s skepticism towards cryptocurrencies, online gambling remains a thriving industry in Sweden, offering consumers a diverse range of gaming experiences and opportunities.