Svenska Spel reaps rewards of retail return amid Q3 revenue uptick

Svenska Spel has recorded a 7% year-on-year (YoY) upturn in net gaming revenue (NGR) for Q3 2021 to SEK1.97bn (£166.7m) as retail operations opened for the first time in more than a year. The Swedish operator posted an increase of SEK126m NGR from the SEK1.84bn posted in Q3 2020. Svenska Spel also recorded a 31% jump in EBITDA to SEK696m in Q3 2021, with an operating margin of 35% compared to 29% last year. The operator revealed net gaming revenue from its sports and casino business grew 7% YoY and that its digital business now accounted for 47% of total revenue. Thanks to the reopening of retail operations in Sweden following the lifting of Covid-19 restrictions in the country, Svenska Spel’s Casino Cosmopol brand was able to make a considerable contribution to revenue for the first time in nearly 18 months. Casino Cosmopol and Vegas (Svenska Spel’s land-based slot machines) posted combined revenue of SEK292m, up from the SEK177m posted in Q3 2020. Patrik Hofbauer, Svenska Spel CEO, said: “We continue to provide our customers with entertaining gaming experiences in a responsible manner, and we report growth in terms of revenue as well as customer bases and online gaming. “With all our operations finally open again, more employees back in our offices and high energy in the organisation, it looks positive going forward for the entire Swedish gaming company,” he added.