Branschföreiningen för Onlinespel is a gambling industry trade association in Sweden. It wants the Government to rethink its proposal for a complete ban on credit card payments for online betting.
A total ban on all forms of credit for gambling transactions is being provided by The Ministry of Finance’s proposal.
As stated in the 2018 Gambling Act, current legislation forbids licensed operators from processing credit card transactions. It relaunched the gambling market in Sweden. Nonetheless, the new changes go further, banning all forms of credit-financed payments to the gaming sector.
For that reason, licensed operators will not be able to process any credit-based funds other than credit card transactions. Personal loans, adjourned payments and overdrafts would include personal loans.
To enforce this ban, the government intends to move forward with the legislative process. However, until May 23, a memorandum has been issued for comments. Moreover, later this year, a vote in the Riksdag is expected. Then, on April 1, the changes will come into effect.
By trying to convince the government to reconsider its proposed ban, the BOS responds to these developments. Secretary General of the BOS, Gustaf Hoffstedt argues that the responsibility for preventing payment for games with credit card lies with credit card companies and not operators like sportsbooks and online casinos.
The new restrictions should not burden players who bet on the legal market as emphasized by Hoffstedt. As a result, the entity manifests itself in an attempt to maintain a balanced environment that projects the interests of consumers without encouraging illegal gambling.