Svenska Spel has revealed that the remainder of 2020 ‘looks brighter going forward’, after the operator confirmed that COVID-19 had affected group revenues.
Publishing its interim results for the period January – June 2020, Svenska Spel reported a 10% drop in net gaming revenues compared to 2019, having fallen by SEK 394 million to SEK 3.7 billion (€356m).
Operating profit during the first half of the year amounted to SEK 1.2 billion (€121m), reflecting an increase of SEK 121 million.
The increase in profits, according to Svenska Spel, ‘is primarily due to higher net gaming revenues for the Tur (interactive) business area, reduced operating costs and a positive effect on the gaming tax due to lower net gaming revenues and large profit payments’.
Commenting on the results, Patrik Hofbauer, President and CEO of Svenska Spel said: “We show innovative power and perseverance during a tough time by continuing to launch new games and improve the gaming experience for our customers.
“Despite the fact that COVID-19 has had significant impacts in many ways, and despite the fact that it is not over yet, it looks brighter going forward. We are on the way up again after having managed the rapid transition to the big and unexpected changes during the spring.”
In a bid to offset the suspension of live sporting events, Svenska Spel grew its online casino offering, with more than 1,000 games available on its casino site by the end of June.
While there was an increased number of players accessing its online casino site, the operator highlighted that there were little signs of an increase to problem gambling rates.
During the six month period, Svenska Spel underscored its commitment to supporting its partners, having made an advance payment of Gräsroten (grass root programs), which meant that 3,600 associations in the country were allowed to share a combined SEK 20 million payment in May.