Svenska Spel fined 100M SEK for Gambling Act violations
Swedish gambling operator fined for regulatory failures.Svenska Spel Sport & Casino AB, a gambling operator in Sweden, was warned and fined one hundred million SEK...
Svenska Spel to close two of its establishments
Svenska Spel has recently announced that it will be shutting down the operations of its Casino Cosmopol properties in Gothenburg and Malmo.
The operator mentioned in its latest announcement that its Casino Cosmopol subsidiary has been struggling in terms of performance and achieving profitability, with one of the key reasons for this being the growing demand for online gambling experiences across Sweden. Svenska Spel stated that this decision to close its two land-based establishments will enable it to reduce its operational losses.
This announcement followed the initiation of a program by the operator to reduce the operating costs of its land-based establishments to achieve profitability. The firm carried out steps such as restructuring its operations, reducing the operating hours of its establishments by opening them for only four days per week, and reducing its staff working in Casino Cosmopol gambling venues.
The operator’s decision is not yet final, as it needs to finalize union negotiations first. However, upon the completion of this strategic move, Svenska Spel’s property in Stockholm will become the only retail gambling venue across the entirety of Sweden.
Lastly, the firm mentioned that this move will affect approximately 200 employees, 120 of whom currently work in Gothenburg while 80 work in Malmo.
Svenska Spel reports steady revenue in 2023
Svenska Spel’s latest annual report covers the company’s performance throughout the past year.The first of the new report’s key figures was a net revenue of 8.03 billion...
