Svenska Spel reports steady revenue for 2023

The Swedish gambling operator reported a very slight drop in revenue to €712.1m.

Sweden.- The state-controlled gambling operator Svenska Spel has reported revenue of SEK8.03bn (€712.1m) for 2023. The figure represents a slight drop from 2022 but is better than had been feared. Online revenue was up 7.2 per cent to SEK4.20bn but retail revenue fell 5 per cent, restaurant and bingo hall revenue fell 12.7% and casino revenue dropped 11.4 per cent.

The lottery division, Tur, saw a 0.6 per cent rise in revenue to SEK4.92bn, boosted by Eurojackpot sales. Sport & Casino revenue rose 4.6% to SEK2.17bn on the back of pool betting and online casino performance and the take up of poker after the launch of a new platform.

The land-based gaming brands Casino Cosmopol and Vegas saw revenue fall 12 per cent year-on-year to SEK942m. Svenska Spel has said previously that the number of casino visitors had fallen due to the increase in online gaming. Group net profit was down 2.7 per cent at SEK1.94bn.

Interim CEO and president Erik Strand said the results were positive considering the challenges faced by land-based gambling brands Casino Cosmopol and Vegas. Svenska Spel has recently announced that it would close two of its three Casino Cosmopol land-based casinos due to a lack of profitability.

He said: “We continue to be a successful business despite the challenges we face in the outside world, which is slowing down growth in the gaming market, and increased inflation. In 2024, we will continue to create sustainable gaming experiences that contribute to a better Sweden.”

Strand has been serving as interim CEO after Patrik Hofbauer departed last week. Anna Johnson is to take over as permanent CEO in June.