In Sweden, reforms to the regulated iGaming market are expected in 2026 to reshape the sector that first went live in 2019.
But there is something of a civil war taking place between Svenska Spel – the state-owned lottery operator – and BOS, the regulated sector trade body. Svenska Spel has put forward 19 proposals to help curb offshore operators illegally targeting Swedish players. While BOS is also in favour of limiting the black market, there are disagreements over the methodology.
In light of this, SBC News caught up with Jacob Ljunggren, Product Director of Leadstar Media – an affiliate marketing firm founded and headquartered in Stockholm. Ljunggren offers his thoughts on the incoming Swedish reforms and how to curb the black market, and also assesses Sweden’s role as an innovative hub for the iGaming sector.
SBC: Sweden is Leadstar’s home market and a market of key strategic importance. Talk us through your brands and how you position them for Swedish users?
Jacob Ljunggren: Sweden is where it all started for us, so we’ve naturally built a diverse portfolio tailored to different kinds of Swedish players and interests, from sports and trotting to betting and casino.
Our Bettingstugan and Travstugan brands are positioned as “Sweden’s home for betting” and “Sweden’s home for trotting.” They are the go-to destinations for users who want expert betting tips or to participate in Sweden’s beloved trotting culture. Trotting is a big part of Swedish life, and through Travstugan we help users both with their own tips and with buying shares in the popular ATG pool games.
Bettingkollen and Oddsbonusar cater more to users who are exploring their options. Bettingkollen helps users discover what and where to bet, while Oddsbonusar focuses specifically on comparing the best bonus offers from licensed operators.
On the casino side, Casinodealen is our specialist product, built for those who are genuinely nerdy about playing casino in Sweden. It focuses on what truly matters to Swedish players when it comes to what is new in the market.
Finally, Sportbloggare.com is a sports portal bringing together passionate sports bloggers, mainly covering ice hockey and football. It provides readers with authentic sports commentary from people who live and breathe Swedish sport.
Together, these brands reflect our goal in Sweden — to serve every type of player with local expertise, trusted information, and products that genuinely understand the Swedish market.
SBC: What are the main content demands in Sweden – is it sports or online casino primarily driving the market?
JL: For us, sports betting clearly drives the highest ongoing content demand. Sports have a natural frequency, new games, new odds, new tips, which keeps our audience coming back daily. That rhythm fits well with our content model, where updates and expert insights are what users expect.
We don’t have casino streams or daily casino events in the same way, so the interaction level around sports is naturally higher.
That said, the casino market remains larger in Sweden as a whole. However, casino players are usually looking for advice on where to play rather than what to play, and they tend to move between brands more often.
So while both verticals are important for us, sports content is what truly drives our daily engagement, whereas casino content plays a different, more acquisition based, role.
SBC: There appears to be agreement that channelisation rates in Sweden remain too low, but there are divisions on the best ways to solve the challenges. Do you foresee industry reforms in 2026? Will Svenska Spel’s proposals be taken onboard, or will BOS pushback be listened to?
JL: I think further reforms are likely in 2026. The government has already indicated plans to strengthen enforcement against unlicensed gambling, things like payment blocking, DNS blocking, and stricter rules on promoting unlicensed operators.
In general, I think the Svenska Spel proposals aimed at blocking unlicensed activity are very positive. But the suggestions that further limit licensed operators, even if well-intended, could have the opposite effect, especially since enforcement online is never guaranteed to work perfectly. It’s the internet, after all.
So ideally, the next round of reforms should focus on making the licensed market stronger and more visible, rather than weaker.
SBC: Why do you think channelisation rates in Sweden are so low and how can the sector battle back against the unlicensed market?
JL: I think there are a few different player groups behind the numbers. Some people knowingly choose unlicensed sites for higher bonuses or different games and that group will probably always exist. But others either don’t realise the operator isn’t licensed, or they’ve self-excluded through Spelpaus and are trying to bypass it.
For the latter groups, it’s still too easy to find unlicensed casinos online. Payment and DNS blocking will help, both in a direct sense and, hopefully, by raising awareness when players try to access a familiar site and realise it’s actually unlicensed. That kind of friction can make people reflect on what’s legal and what isn’t.
Another key is to reduce the demand through better awareness of what licensed play offers, and by keeping the licensed market attractive enough so players don’t feel a need to look elsewhere.
SBC: What does Leadstar Media do to ensure that your users are only being referred to licensed entities?
JL: We only promote licensed operators throughout our Swedish sites.
SBC: While Sweden continues to be a key market for Leadstar, next door in Finland the final touches are being prepared ahead of the licensed market opening next year. Do you have brands in Finland and what similarities do you see between Swedish and Finnish players?
JL: Finland is a tricky proposition. We have had some small presence in the market, anticipating regulation and, by extension, expansion from our side, but the legislation proposed is not very promising. The latest I am aware of is a ban on affiliation all together, and as I understand it is not likely to change before the market opens.
For us, it makes little difference at the moment, but I think it will likely have poor consequences for the Finnish market. Blocking affiliation for licensed brands will undoubtedly lead to more visibility for unlicensed brands.
SBC: Sweden is home to lots of iGaming brands, from operators, suppliers and affiliates. What makes Stockholm an ideal place for basing iGaming companies and do you think this innovative streak can continue amid more stringent regulation?
JL: Stockholm has always been at the forefront of technology and digital innovation. Many successful global tech companies have started here, so it’s no surprise that a lot of iGaming innovation also comes from Sweden. Whether that is operators, affiliates, or some of the most popular game studios.
The city has a strong ecosystem for talent. It’s an attractive place to live and work for highly skilled professionals, and the mix of tech expertise, product mindset, and creativity makes it a logical base for companies in iGaming.
I don’t think stricter regulation will change that. Regulation affects how products are built and marketed, but not the underlying drive to innovate. Stockholm will stay strong!
In Sweden, reforms to the regulated iGaming market are expected in 2026 to reshape the sector that first went live in 2019. But there is something of a civil war taking place between Svenska Spel – the state-owned lottery operator – and BOS, the regulated sector trade body. Svenska Spel has put forward 19 proposals …