Svenska Spel, the Swedish gambling operator, reported nearly 2 billion SEK in revenue for the third quarter

Swedish gambling operator Svenska Spel reported revenues of 1.97 billion Swedish kronor (approximately 16.76 billion rubles) for the third quarter of 2023. This marks a 1% increase compared to the same period last year, as the operator's earnings stabilize despite a general slowdown in the Swedish gambling market during the first half of 2023.
The largest share of total revenue came from Svenska Spel's lottery division, Tur, which saw its net income rise by 2% year-on-year to 1.2 billion kronor (10.2 billion rubles). Meanwhile, profits from sports betting and casino operations increased by 4% to 510 million kronor (4.3 billion rubles), driven by the launch of new poker games and a growing number of active customers.
In contrast, the land-based gambling segment experienced an 11% decline in net income for the third quarter, falling to 247 million kronor (2.1 billion rubles). This decline pertains to the Cosmopol venues and Vegas gaming halls. Svenska Spel attributed the drop to intensified competition from online entertainment and restaurant casinos.
Operating profit for the third quarter reached 686 million kronor (5.8 billion rubles), a 1% increase from the previous year. Operating expenses remained stable at 724 million kronor (6.3 billion rubles). During the quarter, the operator paid out approximately 45 million kronor (382.9 million rubles) in winnings to customers.
Svenska Spel's President and CEO, Patrik Hofbauer, commented on the operator's achievements: "In a period of zero growth, revenues in two out of three business segments increased in the third quarter. Our customer base is growing, and the share of healthy revenues is rising. As a result, we have more customers who also play more responsibly. We have improved our results, maintained a high and stable level of audience satisfaction, and enhanced the accessibility of our services."
Notably, the Philippine gaming regulator PAGCOR is projecting revenues of 61.5 billion Philippine pesos for 2024.