Last Call for Chips: Sweden Cashes Out Land-Based Casino Industry by 2026

By comparison, smaller token-operated machines across restaurants in Sweden saw a modest 4% uptick, reaching €21.2 million. Meanwhile, the nation’s broader online casino market jumped 5% to €1.6 billion, now commanding a hefty 64% share of the total gambling revenue.

Sweden’s move shows the harsh reality: Land-based casinos are a rounding error in the country’s gambling economy. In 2024, physical cash casinos made up just 0.17% of Europe’s total revenue from land-based establishments. This highlights how quickly players have shifted to online bet platforms to get their betting fix.

Svenska Spel, the state-owned operator, said the decision was due to sustained losses and changing consumer habits. Almost 240 employees will be affected by this closure.

A Tale of Two Europes

Sweden’s decision is the opposite of bigger markets like the UK, Italy, and Germany where land-based casinos rake in billions:

• United Kingdom: Boasts £4.6 billion (€5.4 billion) in land-based casino revenue, driven by luxury venues in London and regional hubs.
• Italy: Earns around €2.3 billion from iconic spots like Venice and Sanremo, boosted by cultural tourism.
• Germany: Lands roughly €1.2 billion (estimated) in casino revenue, though it battles strict advertising rules and a 5.3% turnover tax.

Europe’s total land-based casino revenue was €8.5 billion in 2024. Meanwhile, online gambling regulations across Europe have led to a rise in digital play to €47.9 billion, 39% of Europe’s total gaming win.

However, Sweden ranks far above that, clocking in at 61%. The contrast underscores Sweden’s decision to go all-in on digital, leaving behind the classic in-person gaming model.

JUST IN: Sweden’s online casino revenue per user highest in Europe at $1,820 forecast for 2024. Norway, Denmark, and Finland trail with $1,070-$1,080. France and Germany much lower at around $300. Swedish online gambling remains a standout.

— Nifty (@nifty0x) July 30, 2024

Why the House Edge Disappeared

1. Shifting Consumer Preferences

Swedish players prefer mobile gambling apps or online casino sessions at home. Instant access to digital platforms and a wider variety of stakes suit modern lifestyles better than a single, centralized casino.

2. Regulatory Landscape

Gambling regulations encourage a strong oversight of online operators, leaving the physical model behind. Tax structures and licensing requirements have made it increasingly difficult for land-based properties to stay profitable.

🔍 𝟳𝟭% 𝗼𝗳 𝗦𝘄𝗲𝗱𝗲𝘀 𝗚𝗮𝗺𝗯𝗹𝗲𝗱 𝗟𝗮𝘀𝘁 𝗬𝗲𝗮𝗿 – 𝗪𝗵𝗮𝘁’𝘀 𝘁𝗵𝗲 𝗜𝗺𝗽𝗮𝗰𝘁?

A new Spelinspektionen survey shows that nearly 3 in 4 Swedish adults gambled in 2024. While lotteries remain the most popular form of gambling, the data raises key questions about… pic.twitter.com/Ks4Z5TTWxU

— iGaming.com (@iGamingcom) April 4, 2025

End of an Era, Uncertain Aftermath

Across much of Europe, land-based and online operators coexist in a dual-track system. Italy, for instance, welcomes 2.1 million annual visitors to its historic casinos while also enjoying strong digital growth. The United Kingdom invests heavily in modernizing physical venues, even as online casino platforms thrive.

In stark contrast, Sweden’s decision effectively ends any local chance to hit the roulette wheel in person. Though a few last spins of the roulette wheel remain, stakeholders already worry about potential repercussions.

Whether this risk pays off or leads to new challenges remains to be seen. But come January 2026, Sweden will have permanently folded its land-based casino hand, confirming its all-digital strategy for the future of European gambling.