Svenska Spel operating profit skyrockets 96% during Q1 

Svenska Spel has recorded net gaming revenue (NGR) of SEK1.9bn (£150m) for Q1 2025, representing a 4% decrease when compared to the corresponding period last year.  

The Swedish state-owned operator attributed the revenue hit to a consequence of reduced land-based operations, following the closure of two of its casinos in January.  

Earlier this year, it was announced by the Swedish government that all of the country’s land-based casinos will close by 2026, with the Stockholm Casino Cosmopol, the last of the original four state-run casinos, the final one left standing until it shutters in January next year. The closure will impact around 240 staff.

Revenue from the company’s lottery arm, Tur, decreased 1% year on year (YoY), with the division generating SEK1.2bn.

Svenska Spel chalked up this slight decline to the later-than-usual Easter period, which is notoriously good for lottery ticket sales.

The quarter also saw the successful launch of Svenska Spel’s new lottery product Lyckoplatsen, in addition to a record Eurojackpot lottery payout of SEK1.25bn. 

Sports and casino revenue also remained consistent with Q1 2024, coming in at SEK551m, up by SEK2m.

Total online revenue amounted to SEK1.2bn, up 6.9% from the previous year.  

Revenue for Svenska Spel’s land-based slots brand Vegas fell 26% YoY to SEK75m, largely due to “strengthened responsible gaming measures and the challenging economic situation for business partners”. 

After accounting for gaming taxes of SEK423m and operational costs of SEK206m, net turnover for the quarter came to SEK1.3bn. 

In terms of operating profit, Svenska Spel generated SEK609m, representing a sharp 96% YoY rise, attributed to a lack of “significant non-recurring costs” that the operator endured in 2024. 

After final taxes, overall profit for the quarter totalled SEK509m, up from SEK294m a year prior. 

Svenska Spel CEO Anna Johnson said: “Through last year’s major changes, including reorganisation, we have created space for investments in our focus areas – growth, sustainable gaming and transformation.  

“The fact that we have space for investments is also proof that we are doing the right things and part of our strategy to create long-term sustainable value.” 

The quarter also saw the company appoint a new CFO in the form of Amäni Radwan, whose tenure will officially start in July 2025.

The post Svenska Spel operating profit skyrockets 96% during Q1  first appeared on EGR Intel.

 Swedish operator attributes lack of “significant non-recurring costs” for this year’s spike, while revenue takes a 4% hit
The post Svenska Spel operating profit skyrockets 96% during Q1  first appeared on EGR Intel.