Svenska Spel reported that the company’s land-based Casino Cosmopol and Vegas slot offerings were negatively affected by a “deteriorating financial situation” in Q1, related to tightened consumer budgets and strengthened responsible gambling measures. Despite these twin pressures, the division experienced a 3% increase in revenue for the three-month period ending 31 March.
The retail and land-based casino segments operated at full capacity during this period, compared to shortened opening times the previous year due to the effects of the Covid-19 pandemic. Svenska Spel President and CEO Patrik Hofbauer stated, “Even in an uncertain time, we continue to create long-term value for customers, owners, and employees, as well as for Swedish sports and society in general. We do this by our surplus going to the treasury and by our support for Swedish sports. But also by offering sustainable and fun gaming experiences.”
In the first quarter of 2023, Svenska Spel reported an operating profit of SEK612m, a 3% rise from the previous year. The company’s online revenue increased 8% compared to the same period the previous year, now comprising 52% of total revenue for the year. The Sports & Casino division experienced 2% revenue growth year-on-year, attributed to progress in pool games such as Stryktipset and Powerplay.
During the quarter, the business saw personnel costs rise 10.8% year-on-year, while other expenses fell 4.2% year-on-year. The Swedish gaming sector is preparing for the introduction of B2B supplier licenses, with 48 licenses already issued by the Swedish Gambling Authority. Among the licensed suppliers are 888 Sweden, Elk Studios, Tipwin, BeyondPlay, Entain Operations, Blueprint Gaming, and Wazdan.
“We’re delighted to have been granted a B2B supplier permit by the Swedish Gambling Authority,” said Wazdan CEO Michal Imiolek. “This new approval allows us to continue our growth and development of content that Swedish players will continue to enjoy and return to,” added Blueprint director of operations Thomas O’Halleran.
