Svenska Spel reports Q3 results
The gambling monopoly from Sweden is getting ready for the new market that will open in January.
Sweden.- Svenska Spel’s third quarter of the year (Q3) was characterised by a high rate of online gambling sales and an increase in mobile phone sales. However, online gaming revenues decreased 2.3% when compared to the same period in 2017.
The gambling monopoly from Sweden reported that online gaming revenues were reduced to €204 million, which is 2.3% lower than the same quarter last year. Quarterly net gaming revenue was in line with the previous year. The firm also said that there was a decrease in Vegas VLT’s, and that is why there was a 2.2% decrease in profits to €106 million and an operating margin of 23.1%, down from the 23.4% reported for the third quarter in 2017.
On the other hand, online sales grew 22%, of which mobile phone sales increased by 42% compared to the same quarter last year. The World Cup was a big success for Svenska Spel’s sports games and the company’s goals were achieved and surpassed in both terms of sales and customer recruitment.
Marie Loob, chief executive officer of Svenska Spel, said: “We show that we are still strong in the tough competition, and that it is possible to combine game joy with clear gaming responsibility. As the whole of Sweden’s gaming company, we look forward to finally playing on equal terms to the new gaming market after the turn of the year, and to offer games that we and our customers have missed for a long time.”
“I am proud that approximately five million customers or 52% of the Swedish people have positive views of Svenska Spel. But there is a clear downward trend in the industry’s reputation. Our most important challenge is to work to enhance image and reputation. Everyone has to take responsibility here,” added Loob.
