Svenksa Spel Interim report January – March 2025
Svenska Spel has had an eventful first quarter with the launch of the new game Lyckoplatsen, high participation in Tips-SM, and Sweden's highest gaming win ever. Despite many positive events during the quarter, the group's revenue is decreasing – strongly affected by lower revenue for Casino Cosmopol and Vegas, as well as a later Easter this year. At the same time, last year's major changes provide opportunities for new investments for the future.
– Through last year's major changes, including reorganization, we have created space for investments in our focus areas – growth, sustainable gaming and transformation. The fact that we have space for investments is also proof that we are doing the right things and part of our strategy to create long-term sustainable value, says Anna Johnson, President and CEO of Svenska Spel.
The Group's net gaming revenue for the quarter was SEK 1,876 million (1,956), a decrease of 4 percent compared to the same quarter last year. The decrease is primarily due to challenging comparative figures for land-based casino and slot machines, as well as strengthened responsible gaming measures.
Net gaming revenue for the Luck business area decreased by 1 percent compared to the same quarter last year. This is mainly due to the fact that Easter, which is usually an important sales period for lottery tickets, does not fall until April this year. Eurojackpot continues to be the growth engine in the lottery portfolio.
For the Sport & Casino business area, net gaming revenue is in line with the same quarter last year. The sports betting offering continues to drive growth under the Oddset brand and has been updated during the quarter for an even better gaming experience.
The Vegas business area's net gaming revenue decreased by 26 percent and continues to be negatively affected by strengthened responsible gaming measures and the challenging economic situation for business partners.
Net gaming revenue for the Casino Cosmopol business area decreased by 61 percent. This is mainly due to only one casino being open during the quarter, compared to three casinos during parts of the quarter last year. On April 2, the Riksdag decided on a legislative change that means that state-owned land-based casinos will no longer be offered from the turn of the year. This means that the last casino, Casino Cosmopol in Stockholm, will be closed down and that part of Svenska Spel's social mission will cease from 2026.
The Group's operating profit increased by 96 percent to SEK 609 million (310) and the operating margin amounted to 32 percent (16). The increase in operating profit and operating margin is due to the fact that the corresponding quarter last year included non-recurring costs of approximately SEK 375 million.
The Group's online business continues to grow, this quarter by 7 percent compared to the same quarter last year. Online accounts for 62 percent (56) of the Group's revenue during the quarter.
The quarter's major product innovation is the launch of Lyckoplatsen, a new game in the lottery portfolio. It has the whole of Sweden as its playing field and is played by the customer choosing their own lucky spot on the map. When playing on Lyckoplatsen, customers can also choose to contribute to a good cause by supporting a non-profit organization. In this case, 10 percent of the bet goes to the organization the customer chooses.
During the quarter, the 28th edition of Stryktipset's Tips-SM championship was held. More than 58,000 people and 3,800 teams registered, which is more than the previous year and the highest number of participants since 2019. The three best tipsters individually and in teams were given prize money through the Gräsroten sponsorship initiative. A total of half a million kronor was awarded to sports clubs in Sweden.
On March 25, the billion-stakes jackpot was won on a Eurojackpot draw played in Sweden, and one of Svenska Spel's customers became 1,254,052,648 kronor richer. This is the ninth time that the Eurojackpot jackpot has gone to Sweden, but the prize of 1.25 billion is Sweden's highest ever. In total, Svenska Spel has, in addition to the billion-stakes, awarded 57 million-stakes on lotteries and 27 million-stakes on sports betting during the quarter.
First quarter summary
- Net gaming revenue for the Group amounted to SEK 1,876 million (1,956), a decrease of SEK 80 million or 4%. The decrease is mainly explained by only one land-based casino being open during the quarter compared to three casinos during parts of the corresponding period last year.
- The Group's operating profit amounted to SEK 609 million (310), an increase of SEK 299 million or 96%. The improvement is attributable to the fact that last year's profit was burdened by significant non-recurring costs 1 .
- The operating margin amounted to 32% (16).
- Adjusted for one-time costs 1 last year, operating profit is SEK 75 million lower than last year and the operating margin decreases by 2 percentage points.
- We have launched the new lottery Lyckoplatsen where the whole of Sweden serves as the playing field and the customer can win by choosing their own lucky spot on the map.
- The Tips-SM has been held where the top three tipsters get to donate half a million to sports clubs through our sponsorship initiative Gräsroten.
- Sweden's and Svenska Spel's highest win of 1.25 billion kronor has been won on Eurojackpot.
- On April 2, the Riksdag decided on a legislative amendment that means that land-based casinos in Sweden will be closed. Casino Cosmopol will therefore close no later than January 1, 2026. 2
1 For definition and reporting see pages 17–18 of Interim Report January – March 2025.
2 For more information see Note 8 page 15 of Interim Report January – March 2025.
Here you can read the Interim Report January - March 2025 in its entirety.