Svenska Spel revenue increased by 2% in Q1 2023

Svenska Spel revenue increased by 2% in Q1 2023

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Svenska Spel revenue increased by 2% in Q1 2023

In its most recent financial analysis covering the first quarter of the year, Svenska Spel has recorded a slight increase in its total revenue.

The operator’s total revenue in the period was recorded at 1.97 billion Swedish krona (190 million dollars), which was up by 2% from the 1.93 billion krona figure recorded in the same period of the prior year.

This led to a slightly higher increase of 3% in the company’s operating profit, which went up from the prior year’s 595 million krona to 612 million krona. The group’s total profits grew by an even higher ratio at 9%, going from 467 million krona to 507 million krona. Its operating margin, however, remained the same at just over 30%.

Breaking down the figures, Svenska Spel’s wagering and gambling operations saw an increase of 2% in terms of revenue. Its number games and other similar offerings saw a similar amount of growth in revenue at 2%, while the company’s retail operations, including the Casino Cosmopol subsidiary, experienced an increase of 3%.

One of the main drivers of growth for the latter category was the absence of pandemic-related restrictions. However, the company mentioned that it continues to struggle due to the worsening global economic climate.

Svenska Spel added that its retail lottery machines in particular are experiencing further negative effects because of stricter responsible gambling measures, however, those efforts are having a much greater positive impact in terms of decreasing the firm’s revenues from problem gamblers.

Lastly, the group added that in the period it has given out over 291 million krona in player winnings, with number games and other similar offerings accounting for just over one-sixth of the total at 52 million krona. It also mentioned that the largest jackpot won in the quarter was worth 32 million krona, which is about 3 million dollars.

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