SBC News Svenska Spel reports stable H1 despite negative Cosmopol & Vegas results  

Svenska Spel reports stable H1 despite negative Cosmopol & Vegas results  

Svenska Spel has declared that its H1 2023 business activities have solidified its position as the most sustainable operator in the Swedish market.

In its interim trading report, Sweden’s gambling monopoly operator highlighted a ‘stable quarter’, despite challenges faced by the Casino Cosmopol and Vegas Slots units.

Q2 trading saw Svenska Spel’s net gaming revenue (NGR) increase slightly to SEK 1,967bn (€172m), compared to 2022’s results of SEK 1,963bn (€170.7m).

Despite recording nearly flat headline revenues, the company achieved a 3% increase in operating profits to SEK 550m (€47m), primarily attributed to a 9% sales increase recorded by its online channels.

A challenging Q2 trading period for the land-based properties of Cosmopol and Vegas led Svenska Spel to absorb unit losses of SEK 52m (€4.7m), due to heightened competition from the online gambling market and the implementation of new anti-money laundering measures.

In its year-to-date (YTD) update, Svenska Spel’s group NGR stands at SEK 3,943bn (€342m), a 1% increase on the corresponding 2022 results of SEK 3,898bn (€339m).

H1 trading saw Svenska Spel distribute a total of SEK 268m (€23m), a figure that included a Swedish Eurojackpot win of SEK 63m (€5.5m).

Accounting for rewards and expenses, the group’s operating profit amounted to SEK 1,162bn (€101m), a 3% increase on 2022 results, or an increase of SEK 35m (€3m).

2023 has seen Svenska Spel significantly expand its customer intervention with at-risk players, reporting that 70% of customers reduced their gambling activity following contact about potential risks.

In conclusion, Group CEO Patrik Hofbauer, explained: “We continue to simplify and improve the gaming experience for customers and our focus on sustainable gaming has a positive effect. The share of healthy revenues and the number of sustainable customers is increasing, while risky gambling is decreasing.”

SBC News Svenska Spel reports stable H1 despite negative Cosmopol & Vegas results  

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