Svenska Spel has posted its Q1 report, showing a 2% annual increase in revenue.

Its revenue totalled SEK 1.9bn ($180m), representing a SEK 41m increase – with its online business growing by 8% during Q1 2023.

The report further revealed that the group’s operating profit stood at SEK 612m, a SEK 17m rise annually; meanwhile, its operating margin increased by 31%.

Patrik Hofbauer, President and CEO of Svenska Spel, said of the results: “Even in an uncertain time, we continue to create long-term value for customers, owners and employees, as well as for Swedish sports and society in general.

"We do this by our surplus going to the treasury and by our support for Swedish sports. But also, by offering sustainable and fun gaming experiences.”

Last year, Svenska Spel recorded SEK 1.92bn in revenue, with operating profit reaching SEK 595m, a slight decrease on 2021.

For 2022, it made over SEK 8bn in revenue, a 1% increase annually.

The report comes soon after the company was found guilty of breaking the advertising law in Sweden.

BOS (The Swedish Trade Association for Online Gambling) filed a complaint with the regulator after Svenska Spel’s recurring segment on TV4 – which is free in Sweden – saw guests play the company’s Keno and scratchcard products.

By showing people playing its games on TV, the regulator agreed with BOS that Svenska Spel had violated the law by not offering any consumer protection; and because the segment should be considered advertising and not free programming.