Svenska Spel reports 18% increase in revenue for Q2

Svenska Spel
Svenska Spel

The Swedish operator Svenska Spel has reported revenue of SEK1.94bn (€189.2m) for the first quarter.

Sweden.- The gaming operator Svenska Spel has reported that revenue for Q1 rose 18 per cent year-on-year to SEK1.94bn (€189.2m).

The operator’s Tur lottery division remained the largest contributor, bringing in SEK1.19bn, an increase of just 0.8 per cent on Q1 2020. However, revenue from the betting and gaming brand Sport and Casino grew by 105 per cent to SEK598m, although that growth was largely due to the cancellation of sports events in 2020.

Vegas slot halls and Casino Cosmopol’s land-based casinos, which finally reopened after 15 months on July 7, generated just SEK147m of revenue, a drop of 13.5 per cent.

See also: Svenska Spel’s Casino Cosmopol receives new five-year licence

Stakes in H1 were SEK4.83bn, up 37.2 per cent year-on-year. Players won SEK2.89bn, up 53.7 per cent.

Svenska Spel paid SEK364m in gambling taxes in the quarter, up from SEK283m. Business costs hit SEK270m, leaving net sales of SEK1.35bn. Operating profit was up 21.4 per cent to SEK574m, which meant an operating margin of 30 per cent. Net profit was up 33.2 per cent at SEK453m.

Revenue for the first half was SEK3.94bn, up from SEK3.70bn in H1 2020. Operating profit was SEK1.17bn and net profits stand at SEK929m.

Svenska Spel CEO and president Patrik Hofbauer said: “We are making a financially strong quarter and have a positive customer development. Our focus on improving the customer experience yields results. 

“We have the highest image in the gaming industry and high satisfaction among both customers and employees. Customers choose us because we offer entertaining games in a safe and responsible way.”

Earlier in the year, Hofbauer called for the introduction of a national system to ensure transparency in the reporting of revenue from harmful gambling. He praised the initiative taken by Kindred Group to report how much business came from problem gambling, but said a standardised national system was needed.

See also: Sweden extends online casino deposit limit

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