Casino revenue also fell by 10%, while sportsbook revenue dropped by 9%.

The operator's full-year revenue for 2019 was SEK 5.16bn, down 5% from 2018, while operating income was SEK 865m, a decrease of 38%.

Net income fell 27% at SEK 787.1m, and operating cash flow amounted to SEK 1.15bn, a drop of 10%.

Betsson attributed the decline in revenue to its development in Sweden, Norway and the Netherlands, which “continued to be weak.”

Despite this, the operator was pleased with its sportsbook gross turnover, which it said “had developed strongly both during the fourth quarter and the full year 2019.”

Pontus Lindwall, President and CEO of Betsson AB, said: “The operating profit shows Betsson’s ability to deliver profitability, also during the challenges that 2019 entailed.

“We had expected some recovery in the closing fourth quarter, above all in the Swedish market, but we did not reach our objectives there.

“Up until now, one year after the Swedish re-regulation, we have still not seen the market consolidation that we expect due to the great number of operators, many of them showing no profitability.”

Despite the results themselves, Betsson's share price rose from SEK 45.00 SEK to SEK 48.18 on the morning of its financial update.