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Svenska Spel reports 7% decrease in Q2 2022 operating profit

Svenska Spel has recorded mixed financial results in its Q2 2022 interim report, with the group seeing revenue increases despite dips in earnings and operating margin.

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Svenska Spel has recorded mixed financial results in its Q2 2022 interim report, with the group seeing revenue increases despite dips in earnings and operating margin.

Net gaming revenue amounted to SEK$1,963m (US$190m), representing a marginal increase of 1%. This increase can be attributed to the suspension of casino operations in Q2 2021. 

The total operating profit stood at SEK$531m, representing a 7% decrease from the previous year. A rise in costs for technology and product development explains this fall in profit.

Svenska Spel’s result came to SEK$425m, a decrease of 6%, with an operating margin of 27% and an image value amounting to 51%.

Additionally, the company detailed a three-year partnership it secured with Svensk Travsport, as well as a renewal of the agreement with Svenska Spel’s independent research council for a further five years.

Svenska Spel President and CEO Patrik Hofbauer said: “We see a positive development in the share of healthy income as a result of our strengthened gaming responsibility measures. We continue to provide our customers with entertaining gaming experiences in a responsible way, as we want gaming to be a joy for everyone.”

In a summary of the period from January to June, the company reported net gaming revenue of SEK$3,898m, representing a 1% decrease year-on-year. Svenska Spel attributes this decrease to the impact of Covid-19 at the beginning of 2022, as well as the introduction of new deposit limits as responsible gaming regulations tightened.

Operating profit for the period saw a 4% decrease to SEK$1,127m, with an operating margin of 29%.

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