The case of NetEnt will set the tone for gaming investors in the next year or two. What happens with NetEnt’s stock this year will be very telling for how other gambling companies will perform in times of financial turmoil. This is because NetEnt is situated on two extremes. On the one hand, it is one of the most impressive gaming suppliers out there. Growth is spectacular, efficiency is top notch, its balance sheet is a model for financial responsibility for any company be it in the gaming sector or any other. Its products look like a lot of fun. They are colorful, they look exciting, and their games are tuned in to cultural trends.

On the other hand, NetEnt is in Sweden, where interest rates are negative, making asset prices there skewed. NetEnt will be a test case as to how funny money can affect good stocks. When monetary conditions in Sweden normalize, gaming investors should watch how NetEnt’s stock reacts to see how the value of fundamentally strong companies respond to stressful monetary environments.

The other disconcerting thing about Sweden is that it is progressing quickly towards a cashless society. Swedish banks have already begun systematically removing ATMs, and the use of notes and coin is down 20% since 2009. This may seem inconsequential and a trivial point, but it is a direct consequence of negative interest rates. Some Swedish banks don’t even accept cash deposits anymore. This will probably spread.

Negative interest rates mean that bank deposits shrink over time, which would prompt people to take them out and hold them as cash. That would prevent the central bank from lowering interest rates any further into negative territory, so cash is basically the people’s last weapon against inflationary policy. A run on the banks is the final defense against hyperinflation. Take away cash and central banks have literally no check on their policies.