Svenska Spel digital revenues up 14%
Online and mobile revenues grow by double-digits thanks to advent of online casino
Former Swedish monopoly operator Svenska Spel has revealed a 14% rise in digital revenues in Q2 revenues thanks to the addition of online casino in the reregulated Swedish market.
Digital revenues came in at SEK 714m, equal to 35% of the operators Q2 revenues SEK2,039m (£174m).
Tax data suggests the firm’s online sports and casino site, has just under 10% market share in Sweden, while its online lottery and scratch games site has around 28% share.
Mobile revenues grew by 21%, Svenska Spel said.
Overall the group saw revenues fall 2% with operating profits down 45% y-o-y to SEK534m (£45.5m) during the quarter, thanks to an increase in Swedish taxes.
“Svenska Spel’s operations have stabilized after the transition to the new gaming market and we see a recovery in customer growth and revenues,” said group CEO Patrik Hofbauer.
“The customers we lost at the end of the year with the division of the Group and the transition to separate gaming accounts are now coming back to us. We are pleased that customers choose Svenska Spel because they appreciate our products and because it is safe and secure to play with us,” Hofbauer added.
The biggest decline during the period was in Svenska Spel’s Casino Cosmopol & Vegas business, where revenues fell 12% y-o-y to SEK433m during the second quarter of 2019.
Hoffbauer said it had been an “intensive quarter” for the new Swedish gaming market, citing the frequent regulatory action by the Swedish Gambling Authority as being a positive development for Swedish consumers.
“As the entire Swedish peoples’ gaming company, our vision is that games should be for everyone’s pleasure. This means that our focus ahead is offensive, but with continued consideration of our customers,” Hofbauer added.