The Swedish Casino market is projected to reach an estimated €1.69 billion in revenue in 2024. This growth has been fueled by consumer preferences shifting toward digital services in the recent past, making online gambling a favorite for many. In 2023, the online casino market was reported to have approximately 176 million users globally. That said, while a majority of these users are avid lovers of the art of gambling, a significant percentage of them are looking to take advantage of the system to benefit themselves illegally; hence the need for casino regulation and verification of users.
In Sweden, the Swedish Gambling Authority (SGA), also known as the Spelinspektionen, has regulated the casino market since January 2019. Five years after the liberalization of the Swedish gaming industry, the SGA has worked to create a more competitive, more secure, and safer casino environment for Swedish players.
Swedish Casino Market Unique Solutions For Safe Verification
In a bid to become one of the largest and most preferred casino markets in Europe, Sweden has revolutionized user verification on online gambling platforms by offering players a safe, easy, and unique verification option through BankID. BankID is an electronic ID verification service that allows anyone to prove their identity in digital environments in Sweden. Numerous casinos in Sweden offer registration services for players through Casino-bankid.org.
The platform is highly preferred by players because:
- Limited personal information is required
Exposing your personal information on the internet is risky; therefore, any solution that allows users to safeguard such information more is highly appreciated. When signing up to online casinos in Sweden that offer registration through BankID, the only other information you will be required to submit is your social security number.
Traditionally, you would have been required to share your name, email address, and phone number and submit identification documents, among other personal details. This was risky because a security breach on the online platform could have exposed users to potential identity theft. The Swedish casino market adopting registering at a casino with BankID has gone a long way in guaranteeing safe verification to users.
- Quick sign-up process
It will take you less than a minute to sign up and begin playing on an online casino for the first time with the BankID app. Once you click “register” on a Swedish online gambling site and key in your social security number, you will receive a personal code that you will need to type into your BankID app to verify your identity. From then on, it’s up to you to deposit money into your gaming account and start playing whenever you want to.
- Fast Withdrawals for casino winnings
Registering with your BankID on Swedish casinos guarantees a secure connection to transact safely on the Internet. Additionally, because of the link to your bank, withdrawing your winnings is no longer a complicated process. You can expect your winnings to reflect in your bank account in two to 15 minutes, depending on your payment method, with the click of a button.
The adoption of BankID in the Swedish casino space means that casinos no longer have to check, verify, and approve withdrawals manually.
The Importance of User Verification in the Casino Market
User verification plays a crucial role in the online casino market because it ensures:
- Compliance with Regulations For Casino Operators
The Swedish Gambling Authority and other legislative bodies in different jurisdictions require online casino operators to comply with Anti-Money Laundering (AML) regulations. One way to ensure this is by verifying the identity of all users. By complying with user verifications, casino operators save themselves from having their licenses revoked or being subjected to lesser punishments such as being fined or engaging in other legal controversies.
- Player Protection For Casino Users
The safety and security of casino users, their identity, and their information is a priority for any Swedish casino. The adherence to user verification ensures that all players accessing online gambling services are assured that they are entering and engaging in a secure environment, as all other users are legitimate. Furthermore, user verification allows casino operators to put in measures to protect those who are vulnerable when it comes to gambling, such as minors and those susceptible to gambling addiction.
- Money Laundering & Fraud Prevention For the Casino Industry
The verification of every player’s identity on online gambling sites makes it challenging to be involved in fraudulent activities since they can be easily flagged. Additionally, because of verification measures put in place, identity theft and account takeover on gambling platforms have been eradicated and are quickly resolved in the event they occur.
Casino operators regulated by the Swedish Gambling Authority understand that to be top-rated and reputable, they must provide safe and easy verification for players. That is why most offer registering with BankID to attract new and retain returnee players.
