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Svenska Spel reports disappointing Q3 report, with revenue down 1%

Svenska Spel has posted its Q3 results, which show a net gaming revenue (NGR) drop of 1% – totalling SEK 1,954m ($178m).

Svenska Spel
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In its Q3 report, Svenska Spel also revealed its operating profit hit SEK 681m, a SEK 15m drop on the same period last year, while its operating margin makes up 35% of total revenue.

One of the biggest areas of the business that saw a significant fall was its sport & casino arm, which dropped by 7% when compared to Q3 2021.

However, there was some good news for Svenska Spel, with its online operations running 5% higher than last year. Other highlights included the launch of a new "high-win game" and Casino Cosmopol in Gothenburg celebrating its 20th anniversary.

Patrik Hofbauer, President and CEO of Svenska Spel, commented: “We had a good performance in challenging times. Both our strong operating margin and our investment in new gaming experiences in all business areas are positive. This goes hand in hand with a continued focus on sustainable gaming, where the share of healthy revenue during the quarter reaches the highest level ever.”

Looking at the broader picture for the year so far, Svenska’s NGR totals SEK 5,852m – which is currently running 1% down year-on-year. This is a fact Svenska attributes to new safety gambling measures, particularly through new deposit limits.

The results posted by Svenska must have disappointed the board, but the comments of the CEO show that the operator was expecting losses for 2022 – especially since the focus on responsible gambling put the spotlight on Swedish operators.

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