For the 12 months to 31 December 2023, Svenska Spel generated SEK8.03bn (£607.0m/€712.1m/$766.9m) in revenue, which was only slightly lower than the previous year. Despite facing challenges such as wider economic concerns, stagnant growth in the gaming market, and issues with Casino Cosmopol and Vegas, Svenska Spel managed to maintain stable revenue. The operator is optimistic about its future due to growth in other areas of the business. Svenska Spel aims to continue creating sustainable gaming experiences that contribute to Sweden’s betterment in 2024.
Additionally, Svenska Spel will soon have a new CEO, Anna Johnson, who will take over from interim CEO Patrick Strand in June. Strand expressed gratitude towards Patrik Hofbauer, who successfully led Svenska Spel for over five years before leaving the company in January. Strand also thanked the employees for their exceptional efforts during the past year.
An area of concern for Svenska Spel in 2023 was the Casino Cosmopol and Vegas segment, which saw a 12.0% decline in revenue to SEK942m. This decrease was attributed to fewer visitors due to the rising popularity of online casino gaming. Revenue from the Tur lottery division, on the other hand, increased by 0.6% to SEK4.92bn, boosted by Eurojackpot game sales. The Sport & Casino arm experienced a 4.6% revenue growth to SEK2.17bn, driven by expansion in the pool betting and online casino segments, as well as positive developments in poker after the launch of a new gaming platform.
In terms of revenue by sales channel, the online sector performed well with a 7.2% increase to SEK4.20bn, while retail revenue declined by 5.0% to SEK2.86bn. Restaurant and bingo hall revenue also dropped by 12.7% to SEK469m, and casino revenue fell by 11.4% to SEK473m.
Regarding expenses, Svenska Spel’s main outgoing cost was external expenses at SEK1.87bn. Other notable expenses included direct costs of SEK1.50bn, gaming operation expenses of SEK1.00bn, and staff costs of SEK1.22bn. The company’s pre-tax profit for the year was SEK2.45bn, down 2.5% compared to the previous year. After paying SEK509m in tax, Svenska Spel achieved a net profit of SEK1.94bn, marking a 2.7% decrease from 2022.
In the fourth quarter of 2023, Svenska Spel’s revenue dropped by 2.9% to SEK2.12bn. The Sport & Casino segment had a standout performance with a 6.9% increase in revenue to SEK576m. However, Tur’s revenue declined by 2.4% to SEK1.35bn. The Casino Cosmopol & Vegas segment experienced a significant 25.2% decline in revenue to SEK199m due to reduced casino visitors. Net gaming revenue in the fourth quarter reached SEK1.11bn for the online sector, SEK815m for retail, SEK108m for restaurant and bingo, and SEK90m for the casino. After accounting for operational and finance costs, the pre-tax profit for the quarter was SEK486m, down 31.0% compared to the previous year. Svenska Spel paid SEK103m in tax, resulting in a net profit of SEK383m, representing a decrease of 31.5%.
