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NEWS 13 February 2020

Svenska Spel revenue drops 2% in its "most tumultuous year" in history

By Owain Flanders

Svenska Spel generated Q4 2019 revenue of SEK 2.48bn ($256.7m), a rise of 4% year-on-year.

However, operating profit was SEK 667m, a drop of 46%, which was primarily attributed to gaming tax introduced in the re-regulated Swedish market.

Svenska Spel’s digital segment saw an 8% increase for the quarter, accounting for 34% of total group revenue.

For the full year, the former Swedish monopoly operator generated revenue of SEK 8.58bn, a drop of 2%. Operating profit amounted to SEK 2.7bn, a fall of 66%.

Svenska Spel labelled the year as the "most tumultuous year in the group and the gaming industry’s history."

Patrick Hofbauer, President and CEO of Svenska Spel, said: "The Swedish gaming market as a whole experienced negative growth during 2019.

"Our results for the quarter are in line with expectations, although the ambition ahead is higher. 

"Most importantly, this year has been to stabilise the business after the major transition to a new gaming market, which we have done, and that means we are well positioned for the future."

In November last year, Hofbauer urged the Swedish Gambling Authority to investigate operators offering lottery betting on other companies’ products, arguing that these operators were taking revenue away from Sweden’s lottery market.

RELATED TAGS: Industry | Financial | Lottery | Casino
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