Svenska Spel reveals 19% Q2 revenue drop amid “major impact” of Covid-19
Former Swedish monopoly operator hit by casino closures and sports event cancellations
Svenska Spel has reported a 19% year-on-year drop in Q2 net gaming revenue (NGR) to SEK1,643m (£144m).
The former Swedish monopoly operator revealed operating profits dropped by SEK60m during Q2 to SEK473m (£41.7m) following the “major impact” of closures to its land-based casino operations and suspension of Swedish sport due to Covid-19.
At a divisional level, revenue from Svenska Spel’s digital operations fell by 36% year-on-year during Q2 to SEK291m (£25.6m) from SEK459m.
This decrease was mirrored in the firm’s land-based Casino Cosmopol operations, where revenue fell by 60% year-on-year to just SEK170m (£15m).
Svenska Spel’s lottery division was the only department to register an increase in revenue during Q2 2020, rising by 3% to SEK1,182m (£104m).
During the period, the lottery division launched Svenska Spel’s first digital scratchcard, with the firm reporting positive engagement from Swedish players.
Svenska Spel CEO Patrik Hofbauer outlined the effects of the pandemic on the firm, which saw more than 90% of its 900 strong land-based casino staff furloughed.
Hofbauer claimed Covid-19 had left “deep impacts” within the firm’s operations, which were still not fully dealt with, but cited a brighter future for the company going forward following the resumption of Swedish sport.
“Above all, we know that we have coped with the big and unexpected changes during spring. I want to highlight our fantastic employees who have tirelessly worked on during the lockdown period,” said Hofbauer.
“The quarter is proof that we can adapt to rapid changes without losing focus on customers.
“We continue to offer the Swedish people entertaining and responsible gaming experiences. We do this with an offensive focus and with continued caring for our customers,” he concluded.