Leadstar Media Product Director Jacob Ljunggren chats to iGaming Expert about the Swedish iGaming market and how affiliates can maximise the opportunities it holds. Despite reaching maturity in the last few years and having stringent regulation, affiliates and operators can still maximise the market if they localise properly.
iGaming Expert: Online casino gaming is driving growth in the Swedish market – six years into the market’s regulation, how do you assess the opportunities in Sweden for operators and affiliates?
Jacob Ljunggren: There are definitely opportunities in Sweden, but they depend a lot on how you enter the market. The regulations have created a fairly level playing field, everyone has the same rules to follow, like only offering one welcome bonus per license. And since almost all operators use Swish and BankID, it’s hard to stand out with things like payments or sign-up flow. But Swish, in particular, is a must if you want to compete here.
From an operator’s point of view, the market felt kind of settled about 18 months ago. Back then, new brands could get some attention by just being “new” and maybe offering a decent welcome bonus. But since then, a lot more operators have entered, and it’s gotten much more competitive. There’s also a high cost just to get started, license fees, tech setup, getting Swish onboard, and really understanding the local market. And on top of that, the regulations have gotten stricter around things like income verification.
So how do you succeed here? I think it comes down to growing slowly and smartly. The companies that really understand the Swedish market, often smaller, more focused ones, seem to be doing better than big international brands that think they can just throw money at it and expect results.
For affiliates, the rise in new casinos is obviously an opportunity. When operators are investing in launching new brands, that also creates a need for affiliates to help them get noticed. But the affiliate space is also very crowded. The ones that have been around the longest still dominate the top spots, and it’s not easy for a newcomer to break through.
iGX: What type of content works best for Swedish players, and how does Leadstar Media use its content to drive conversion?
JL: Swedish players are, in general, pretty experienced when it comes to online gambling. We’ve had access to it for a long time, and the systems here, BankID and Swish, make it super easy to get started. So the entry barrier is low, and players usually already know how it works.
That also means we don’t need to spend a lot of time convincing users that the site is safe or showing them how to register. Instead, we can focus on what actually makes one casino better than another, things like RTP, bonus value, fast withdrawals, or the selection of slots.
On our main casino website – Casinodealen.se, we try to make our content reflect that. We want it to be helpful, and give users something they’re really looking for, not just filler or generic comparisons. That’s how we build trust and help users find a casino that suits them.
iGX: As Leadstar Media’s home jurisdiction, Sweden must be an important market for you. With your vast experience, how has Leadstar built a trusted brand that players keep coming back to?
JL: It’s all about giving players a reason to come back. When someone finds us for the first time, that’s not just a chance to make a conversion, it’s a chance to build a relationship. We want to offer something so useful and easy to use that next time, they don’t even feel the need to look elsewhere.
How do we do that? It’s not easy, of course, but we think it’s about having the best possible resources, being clear about what makes us different, and showing that clearly in our design and identity. Over time, if you consistently deliver something helpful and trustworthy, people start to remember you.
iGX: Do you think the closure of land-based gambling in Sweden will be a help or hindrance to the online sector moving forward?
JL: To be honest, I don’t think it’ll make a huge difference. Sweden only ever had four land-based casinos, and recently it’s just been Casino Cosmopol in Stockholm. So it’s not like there was a big land-based scene here to begin with.
Some of the people who went to Cosmopol regularly will probably move over to online casinos, but the number of those players is quite small compared to the overall market. Online gambling has already been the main way people play in Sweden for a long time, thanks to how easy and familiar the systems are.
So the closure is more symbolic than anything. The online market is already strong and will continue growing and changing regardless.
iGX: Affiliates have big responsibilities under the regulatory framework regarding Responsible Gaming. How does Leadstar ensure that consumers play responsibly when they are converted through your sites?
JL: It’s definitely something we take seriously. Of course, we don’t have access to what players do after they leave our site, so we can’t see their behavior at the casino itself. But we do have a big responsibility in who we recommend and how we present those options.
We only promote casinos that are licensed by the Swedish Gambling Authority. That’s rule number one. Licensed casinos are the ones that follow all the responsible gambling rules, like deposit limits, time tracking, and access to Spelpaus.
We’re also seeing more and more unlicensed operators and affiliates out there, which is worrying. It’s a hard problem to solve, and I understand that it takes time, but it’s something regulators have to stay focused on if we want this industry to survive long-term.
On our side, we try to make it clear that gambling is entertainment, not a way to make money. We always want to give users the info they need to make informed decisions.
iGX: What are the biggest challenges of operating in Sweden, and how has Leadstar Media overcome these challenges?
JL: One of the biggest challenges is that even though Swedish players are experienced, many of them still don’t know how to tell if a casino is licensed or not. According to Spelinspektionen, around 72% of players can’t say whether an operator is licensed in Sweden. That’s a big problem, especially with the increase in black market operators.
This is something we take seriously at Leadstar. We do everything we can to make it clear which casinos are safe and licensed, and we try to educate users on why that matters. It’s not always easy, changing habits takes time, but the more people are exposed to this kind of information, the more likely they are to make better choices.
And in the long run, that’s good for everyone, players, affiliates, and licensed operators alike.
iGX: How would you assess the Swedish market’s overall long-term outlook? Is this still a growing market or do you think it’s ready for innovation?
I wouldn’t say Sweden is a fast-growing market anymore, but I also don’t think it’s standing still. It’s a mature market now, one that’s ready for smarter innovation.
When the market first opened up after regulation, there was a big rush. Lots of new operators, lots of new affiliates. Now things have calmed down a bit, and it’s more about long-term strategy than fast wins. With around 100 active, licensed online casinos, competition is strong, and old tricks like big bonuses don’t work like they used to, especially with the regulations in place.
What we’re seeing now is a focus on sustainability, user experience, and building stronger brands. The companies that will succeed going forward are the ones that find ways to innovate within the rules, whether that’s through better design, clearer messaging, or more personalized experiences.
So no, it’s not a booming growth market anymore, but it’s absolutely a place where smart innovation can still make a big impact.
