SBC News Svenska Spel maintains stable H1 ahead of full unit comeback

Svenska Spel maintains stable H1 ahead of full unit comeback

Svenska Spel has recorded positive Q2 trading, as Sweden’s state-owned gambling operator prepares to reopen all Casino Cosmopol and Vegas arcade venues from lockdown. 

Buoyed by strong sports betting activity (+106%), Q2 trading saw Svenska Spel register group net revenues of SEK 1,94 billion (€188m), up 18% on corresponding 2020 results of SEK 1.64 billion – a period heavily disrupted by pandemic interruptions.

During the Q2 period, Svenska Spel recorded a 35% increase in ‘sports and casino’ online player accounts, helping the operator achieve operating revenues of SEK 574 million (€55m), up 18% on 2020’s SEK 473 million.

Sports betting and online growth helped Svenska Spel maintain its performance, as the operator continues to be hindered by the enforced closure of its Casino Cosmopol and Vegas arcade halls.

Positive Q2 trading saw Svenska Spel improve its underlying year-to-date corporate metrics as interim H2 group net revenues registered at SEK 3.93 billion (H12020: 3.65bn).

Further positives saw Svenska Spel rebalance its interim group operating profits to SEK 1,17 billion (€114m), despite the company registering significant venue closure costs and voluntary redundancy payouts.

The H2 period saw Svenska Spel execute its additional SEK 3.2 billion (€315m) dividend to the Swedish government to help fund COVID-19 recovery programmes.

Further to reopening its Cosmopol and Vegas venues, Svenska Spel enters a critical H2 trading period in which the company will execute the full roll-out of its new online sportsbook powered by DraftKings.

“We are making a financially strong quarter and have a positive customer development,” said Patrik Hofbauer, President and CEO of Svenska Spel. “Our focus on improving the customer experience yields results. We have the highest image in the gaming industry and high satisfaction among both customers and employees.

“Customers choose us because we offer entertaining games in a safe and responsible way. Now, in addition, all our operations are up and running again when our three Casino Cosmopol opened on July 7 after having been closed for over fifteen months.”

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