Sport and social entrepreneurship are concepts that must be understood in relation to their specific societal context. Hence, this chapter looks at the broad characteristics of sport in Sweden with a focus on societal and political levels, comprising the extent of voluntary sport, its organization and financing involving the state, the market and civil society. The development of social entrepreneurship within Swedish sport is analysed. Even though the ideal of the social benefits of sport is firmly rooted in the Swedish sports movement, the argument is that the concept of social entrepreneurship must be reserved for clubs and activities that swim against the stream and set social goals before sport’s own core logics.