Plans have been put forward in Sweden for a “more comprehensive” ban on paying with credit when gambling.
A memorandum submitted by the Minstry of Finance is proposed to come into force in April next year after plans for the Swedish Gambling Authority to begin setting out the terms of the ban in September.
“Gambling for money on credit can lead to great financial difficulties. Therefore, we are now stopping that possibility,” said Niklas Wykman, Minister of Financial Markets.
“It is not reasonable for gambling companies or gambling agents to contribute to individuals taking such large risks.”
The ban would stop licensees from accepting payments financed with credit “regardless of how and when the credit has been provided.”
The Ministry of Finance said it wants to stop players getting into debt by using credit to pay for gambling.
However, Swedish gambling trade body BOS opposed the plans and said the government is going against its own investigation into the matter, citing the Over-indebtedness investigation of 2023.
Gustaf Hoffstedt of BOS said: “It is sad that the government does not listen to its own expertise and instead proposes a ban on credit cards when gambling, contrary to what the government investigation has concluded.
“Interestingly, the government does not propose a corresponding credit card ban on the purchase of alcoholic beverages, which as is known is only offered by a retail monopoly owned and operated by the government itself.”
Hoffstedt said the government is handing “yet another competitive advantage” to unlicensed companies who will “continue to offer games with credit cards.”
“The risk is great that unlicensed gambling will overtake and gain a larger total market share than licensed gambling in 2024. The government needs to change its footing and show that it is on the side of the licensed gambling companies and consumer protection,” he added.
