Key Figures
- Net gaming revenue (NGR) hovered around SEK 1.84 billion, largely flat compared to Q2 2024
- Operating profit fell by approximately 17% YoY, to SEK 545 million, slipping from a 36% margin to 30%
- Net profit from continuing operations dropped nearly 31% YoY, landing at SEK 345 million
Causes of Profit Decline
🔹 Tax Increase
From July 1, 2024, Sweden raised its gaming tax from 18% to 22%. Svenska Spel preemptively accrued the impact in Q2, amounting to roughly SEK 100–170 million in additional tax burden—closely aligning with the SEK 113 million profit reduction
🔹 Regulatory Pressures
Stricter responsible gaming rules have hit physical slot operations hard, driving down revenues by around 13% from the Vegas division . Simultaneously, the phased shutdown of Casino Cosmopol—culminating with Stockholm’s closure in April—eliminated legacy revenue but also reduced operating costs
Segment Performance Snapshot
| Segment | Q2 Revenue Change | Notes |
|---|---|---|
| Sport & Casino | –1.2% YoY | Weaker performance due to absence of a major football event |
| Vegas (Slots) | –12 to –13% | Impacted by responsible gaming rules and macroeconomic factors |
| Tur (Lottery) | +1.5 to +2% | Bolstered by Eurojackpot and timing of Easter |
| Online (~Digital) | +5% YoY | Now makes up 62% of total revenue |
Strategic Digital Shift
Svenska Spel’s digital revenue grew by ~5%, now constituting 62% of total NGR. The company is actively reallocating resources into its online lottery, sports betting (Oddset), and jackpot products The exit from all physical casinos reinforces this long-term digital strategy.
CEO Perspective
CEO Anna Johnson described Q2 as “stable” despite turbulent conditions, noting strong customer satisfaction and commitment to responsible play and sustainable growth
Looking Ahead
Svenska Spel is navigating a structural transformation catalyzed by regulatory changes and tax hikes. Its future depends on three critical areas: digital innovation, retaining customers in a regulated market, and clarity in enforcement—especially against offshore competition.
Final Take
Q2 2025 marked a turning point: flat revenue and shrinking profits signal the cost of transitioning to a fully digital, compliant gaming operator. Svenska Spel remains solvent, but the next chapters will test its ability to balance integrity, growth—and profitability—under increasing regulatory scrutiny.
