Svenska Spel Net Gaming Revenue Down 9% In Q3
The percentage of healthy revenue was set at 94%.
Key points:
- Casino Cosmopol closures affected net gaming revenue
- “Healthy” revenue at a high level
- Rise in gaming tax in Sweden has impacted operating profit
Svenska Spel has released financial figures covering both the third quarter and the period between January and September.
Q3 2024
In the third quarter of 2024, the operator recorded SEK 1.78bn ($0.17bn) in net gaming revenue, a decrease of 9% year-on-year. Much of this has been put down to the decline in Casino Cosmopol business, with only one casino operating this quarter compared to three this time last year.
The Sport & Casino business area also saw a decline in net gaming revenue, while the Tur business area saw an increase of 1%. Svenska Spel have stated that 94% of its total net gaming revenue was ‘healthy.’
Operating profit also went down by 9% during Q3, to SEK 627m, much of which was put down to the impact of the rise in gaming tax back in July.
Nine-Month Period
Looking at the nine-month period between January and September of this year, net gaming revenue was down 5% to SEK 5.61bn. The developments regarding Casino Cosmopol have played a part here, but also due to the group’s “strengthened gaming responsibility.”
Operating profit was valued at SEK 1.58bn during the period, representing a decrease of 15%. This has come about owing to non-recurring costs for “winding down two casinos”, provision for penalty fees and a reorganisation of the business.
Comments
Svenska Spel President and CEO Anna Johnson said: “The percentage of healthy income continues to increase to 94 percent during the third quarter. The reason is that our concern for customers with a focus on sustainable gaming is effective.
“But it also affects the group’s income negatively, and it will continue to do so as we plan for more measures going forward. It is a conscious priority because we want sustainable growth – a balance between growth and responsibility.”
In other financial news today, Kindred Group has revealed that its share of revenue from high-risk players is up to 3.2% in the third quarter, ahead of releasing the full set of results later this week.
