Svenska Spel reports steady revenue for Q3

Svenska Spel saw a decline in land-based revenue.
Svenska Spel saw a decline in land-based revenue.

The Swedish gambling operator reported revenue of SEK 1.97bn.

Sweden.- The Swedish gambling operator Svenska Spel has reported revenue of SEK 1.97bn (€167m) for Q3. That’s a rise of 1 per cent year-on-year. The levelling off of revenue comes as the Swedish gambling market saw growth stall for the first time since 2020 in the first half of this year.

Tur, Svenska Spel’s lottery division, saw net gaming revenue rise 2 per cent year-on-year to SEK 1.2bn thanks to performance of the Eurojackpot game. Sport and casino revenue rose by 4 per cent year-on-year to SEK 510m thanks to an increase in the number of active customers and the launch of new poker games.

However, net gaming revenue from the land-based gaming operations of Casino Cosmopol and Vegas gaming halls fell by 11 per cent to SEK 247m. Svenska Spel attributed this to the increase in competition from online gaming and restaurant casinos. 

The operator said it has adapted its operations with new opening times at Casino Cosmopol properties as of the start of October. Online net gaming revenue rose by 6 per cent to SEK 1.0bn, representing 53 per cent of all revenue. Of this, 44 per cent came via mobile.

Q3 operating profit was SEK 686m, up by 1 per cent year-on-year. Operating costs remained steady at SEK 724m.

Svenska Spel’s president and chief executive, Patrik Hofbauer, said: “In a time of zero growth, revenues for two out of three business areas grew in the third quarter. Our customer base is growing, and the share of healthy revenue is increasing. We therefore have more customers who also play more sustainably.

“We have improved results, high and consistent customer satisfaction, and also high availability of our services.”

Last month, Hofbauer announced that he would leave Svenska Spel on January 31 to become CEO of the telecommunications company Telia Company. Svenska Spel said it was seeking a replacement.

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