Svenska Spel’s Profit Increased By SEK 4m In Q2’2023

Svenska Spel reports SEK 4 million ($390,000) in annual net gaming revenue in the second quarter of 2023.

For the period ending June, Svenska Spel’s total net gaming revenue was SEK 1.97 billion, while operating income rose 3% to SEK 550 million, an increase of SEK 18 million.

Svenska Spel sees a 6% increase in net gaming revenue (NGR) in sports and casinos, driven by the popularity of pool games, good margins in sports betting, growth in online casinos and an increase in the customer base in the business area.

However, the company has faced some setbacks in its Casino Cosmopol and Vegas business lines. Revenues from these destinations decreased by SEK 29 million, a 13% decrease from the previous year. Operating profit also worsened, amounting to -52 million SEK.

Patrick Hofbauer, President and CEO of Svenska Spel, commented: “ We continue to simplify and improve the gaming experience for customers and our focus on sustainable gaming has a positive effect. The share of healthy revenues and the number of sustainable customers is increasing, while risky gambling is decreasing.”

Last year (H1) Svenska Spel’s net sales amounted to SEK 3.94 billion, up 1% (SEK 45 million) from last year. Meanwhile, operating profit rose to SEK 1.1 billion, up 3% overall, and operating margin was 29%.

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