I have to admit that if my pockets were getting as fat as the Swedish gambling
monopoly Svenske Spel's pockets, I think I might put up a fight against any
outside forces trying to take away my dough. You know its funny how we often
automatically get critical against anything that might be compared to a monopoly
or is resistant to liberalizing anything that would benefit others. Ahh, and
there's the rub.
Who, I pray, is doing all the benefiting?
Now, I have
always been pretty outspoken when it comes to dismantling European casino
gambling monopolies - most notably France, Italy and Sweden. Yes, I still think
their monopolistic holds should be dismantled so that other online casinos and
gaming operators from EU member states can get in on the action. However, after
recently hearing how much profit Svenske Spel pulled in for the third quarter, I
caught myself saying "Ohhhh, so that's why they are so adamant about defending
their gambling monopoly".
Yes indeed, Svenske Spel recently reported third quarter earnings for 2007
surpassing SEK 1.4 billion. If you're like me and your jaw has now dropped to
the floor, remember that SEK is not USD. That's right. Not $1.4 billion, but SEK
1.4 billion, which converts into $215 million. Still, that's a lot of money.
Even the richest online casinos would be happy with earnings like that.
Anyways, I know the EU is wanting more European countries to liberalize their
online gambling operations. But I have a feeling Sweden is going to be a tough
nut to crack. Their business is up in every sectors imaginable, including 32%
growth in online bingo this year, and 15% growth in casino gambling activities.
Svenka Spel's overall profit grew by 19% from the same time last year, with a
third of this rise attributed to online gambling.
Of course, Svenske Spel, thinks this growth is due to a preference by gamers
- or at least that's what they want others to believe. Their claim is much like
France, in that they believe they are the only gaming operation suited to safely
handle and process online bets in Sweden. They're doing a grand service for the
people, right?