Sweden could ban online casino advertising (updated)

Betsson AB

24/04/2019 14:14

(Adds minister comment)
    STOCKHOLM, April 24 (Reuters) - Sweden's government said on
Wednesday it would look at whether to ban advertising by online
casinos and other forms of gambling as it seeks to tackle a rise
in addiction, sending shares in the sector lower.
    Sweden, which has seen a surge in online gambling from
overseas-based casinos in recent years, tightened rules for
gambling firms at the start of the year and called on the
industry to put in place a code of conduct to protect vulnerable
consumers.
    But measures have not gone far enough, according to Minister
for Public Administration Ardalan Shekarabi who said a
commission would put forward its own recommendations.
    "There is scope for the commissioner to recommend a total or
partial ban on gambling advertising," Shekarabi said. 
    The commission's remit will include looking at whether to
treat advertising of online gambling in the same way as adverts
for alcohol and tobacco, limits on advertising bonuses, jackpots
and free-plays and whether to limit advertising during live
sporting events, such as football matches.
    Shares in Swedish betting group Betsson  BETSb.ST  were down
4.7 percent at 1218 GMT. Rival LeoVegas  LEOV.ST  was down 7.7
percent.
    Last year, Italy banned the advertising of all forms of
gambling.
    The European Betting and Gaming Association estimated that
online gambling firms in Europe had gross profits of 19.6
billion euros ($21.96 billion)in 2017.  
    

($1 = 0.8924 euros)

 (Reporting by Simon Johnson, editing by Johannes Hellstrom and
Emelia Sithole-Matarise)
 ((simon.c.johnson@thomsonreuters.com; +46 8 700 1045; Reuters
Messaging: simon.c.johnson.reuters.com@reuters.net))