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Svenska Spel Q1 saw 3% decrease in net gaming revenue

Svenska Spel has published its interim financial report for Q1 of 2022. Details show that the start of 2022 was more challenging than expected, with both revenue and earnings having been affected by the pandemic. In addition, strengthened gaming responsibility measures have meant a decreased possibility for net revenue. 

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Overall, Svenska Spel’s net gaming revenue for Q1 totalled SEK 1,935m ($196m) which is a 3% decrease from the same quarter last year. Operating profit reached SEK 595m, which is again a decrease of 0.4%. Operating margins amounted to 31%; however comparing this to last year is hindered by the voluntary repayment of support for short-term work given in Q1 of 2021. 

Total net gaming revenue for the sport and casino business area decreased by 14% against Q1 2021.

The Tur business area has seen net gaming revenue decrease by 6% for Q1 2022. However, the Casino Cosmopol and Vegas business area increased its net gaming revenue by 77% against last year’s comparable quarter. It is worth noting that casinos were closed during this time and the start of the year was still challenging for both land-based casinos and slot machines due to pandemic restrictions.  

Since restrictions have been lifted, Casino Cosmopol has extended its opening hours and returned to a larger range of available games. 

Operationally in Q1 2022, the company has extended its agreement with the Swedish Football Association until 2028 and received Swedish Championship gold for this year’s most complete work with Employer Branding. 

Patrik Hofbauer, President and CEO of Svenska Spel, commented: “Despite challenges during the first quarter, I look forward with confidence to the rest of 2022. We continue to provide our customers with entertaining gaming experiences in a responsible way, as we want gaming to be a joy for everyone.”

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