Swedish Government’s Plan to Shut Down Casino Cosmopol

Swedish Government’s Plan to Shut Down Casino Cosmopol

Sweden has ordered the last remaining land-based casino in the country to shut down, ending an industry that once generated hundreds of millions of euros in annual revenues.

Svenska Spel, the state-owned company responsible for regulating gambling in Sweden, must close Casino Cosmopol in Stockholm by January 2026, 25 years after it opened.

Cosmopol will be Svenska Spel’s fourth casino to cease operations. The organisation closed its first casino, Sundsvall, in 2020. Earlier this year, it shut down its casinos in Gothenburg and Malmö permanently.

The government blames declining profits as the reason for closing Casino Cosmopol. The casino recorded a 32% drop in revenues in the first quarter of 2024. This follows an 11% decline in profits last year.

Whilst Casino Cosmopol has been suffering financially, online gambling has skyrocketed in Sweden. In 2019, the government introduced new online gambling laws to take advantage of the growing industry.

Svenska Spel admits struggles

Erik Strand, CEO of Svenska Spel, says his organisation agrees with the government’s decision to shut down Casino Cosmopol.

Our review of Casino Cosmopol has taken place in close dialogue with our owner,” he said. “We share the assessment that it is no longer possible to run Casino Cosmopol profitably.

Casino Cosmopol opened in 2001 to provide a state-of-the-art gambling experience to Swedish casino fans. For a while, the casino was booming, generating billions of euros annually.

  • The casino’s financial woes coincided with the rise of online gambling in 2010. The number of revelers reduced, with many opting to gamble at offshore casinos.
  • Things got worse for Svenska Spel after the government introduced reregulation in the online gambling space in 2019. Svenska was forced to close its first casino in the middle of the COVID-19 pandemic.
  • As its financial woes continued, it became clear the land-based casino model in Sweden was in its final days.

When Casino Cosmopol closes its doors in 2026, more than 200 people will lose their jobs. Ola Enquist, the casino’s CEO, says her company will provide support to her employees and patrons until the end.

As an employer, we will do everything we can to support our employees,” she said. “We will also stay open as usual and continue to take care of our guests.

New casinos providing quality gaming in Sweden

New casinos keep cropping up in Sweden, some of which provide outstanding services. It is estimated that more than 100 online casinos accept players in the country.

👉 Unfortunately, with the increasing number of websites, players encounter challenges in selecting the right casino. To address this issue, online casino comparison portals have emerged, providing valuable support through the evaluation and ranking of online casinos.

Gambling comparison platforms do the hard work for you. They evaluate casinos for legitimacy by checking licences and website details. They check every operator's payment options, games, software providers, and contact methods.

The best review sites rank casinos based on the quality of their services. All you need to do is choose a platform with features you love. For example, you can select a casino with fast payouts if this is your most important feature. Or you can prioritise bonus promotions.

Online gambling’s growth in Sweden

Online gambling is one of the fastest-growing industries in Sweden. Statista estimates the sector will generate $1.85 billion in 2024. It also expects the industry to grow by 5.69% in the next five years.

The quick rise of online gaming has a lot to do with the closure of land-based casinos in the country. Whilst addressing reporters, Svenska Spel’s CEO said Casino Cosmopol took a big hit when online gambling started taking off in Sweden.

Online Gambling And Sports Betting Chart From Statista For The Swedish Market

The movement from gambling in land-based casinos to gambling online accelerated after the reregulation of the gambling market in 2019 and the subsequent pandemic when Casino Cosmopol remained closed.

To be fair, online casinos have disrupted the gambling industry in every country where they’ve been legalised. Gambling online is convenient. You just need a smartphone and a payment app to help fund your account.

The economic impact of iGaming in Sweden

Just because land-based casinos are closing doesn’t mean Sweden’s gambling revenues will go down. Last year, online gambling was the best-performing gambling vertical in the country:

Gambling Vertical Revenues in % Year
Online Gambling +7.2% 2023
Land-based casinos -12% 2023
Tur Lottery +0.6% 2023
Sports betting +4.6% 2023
Casinos -32% ¼ 2024

Sweden created a new gambling act to suppress illegal gambling sites in 2019. With this Act, the government also restructured its taxes, player protection policies, and data privacy policies.

The new measures have worked incredibly well for the government. In 2023, Sweden collected SEK 17bn (€1.5bn) from local online casinos. This was a 6% decline compared to 2022.

The industry slightly recovered earlier this year after the closure of casinos in Malmö and Gothenburg. The sector might increase drastically as Casino Cosmopol prepares to shut down permanently.

However, this growth could be impacted by the government’s decision to ban credit cards in the iGaming sector. Sweden has also asked casinos to provide comprehensive tools to reduce problem gambling.

These new measures could hurt revenues for online casinos. But then again, they will make online gaming safer for players.

Reasons online gambling is growing in Sweden

Online gambling is taking over Sweden by storm, forcing brick-and-mortar casinos to shut down left, right, and centre. What do online casinos offer that makes them stand out?


Perhaps the biggest reason people choose online casinos is that they’re convenient. They allow you to gamble whether you're at home, on vacation, or taking the bus to work.

You don't need to dress up or fuel your car to access slots and card games. You just need to have Internet access. You can use your iPhone, laptop, or iPad to play slots.

With a small budget of SEK 10, you can deposit and play your favourite slots for real money. You can always increase your budget. However, you don’t need to break the bank to gamble online in Sweden.

A wide variety of games

Some of the most popular online casinos are created by Swedish companies. NetEnt and Play’n GO are excellent examples. These companies create slots inspired by Swedish celebrities, mythological gods, culture, and sports.

At the best casinos, there’s a game for everyone. You can play slots inspired by Norse gods, ancient Egypt, sports, or celebrities. You can also play table games like blackjack, poker, baccarat, and roulette.

Live casino games provide table games in a live, video-based format. You can see and talk to your opponents, providing a realistic experience.

Bonuses and promotions

Almost every online casino in Sweden gives you a bonus when you sign up for an account. Some sites ask you to make a deposit before you can receive your promotion. Others give you a no-deposit freebie.

Bonuses boost your account balance. More money to spend increases the fun, reduces your risks, and makes online gambling generally more enjoyable. That being said, bonuses have terms. Read the terms before you engage with any promotion.

In conclusion

Sweden has ordered Casino Cosmopol to shut down. This is the end for land-based casinos in the country. The government believes the growth of online gambling has made casinos like Cosmopol unprofitable.

Now, the future of gambling in Sweden lies online. The country permits all forms of iGaming, including slots, sports betting, lotteries, and bingo. Swedish players love betting online, and this trend is likely to continue in the future.

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