Svenska Spel has shared its financial results for the second quarter and first half of 2025, painting a picture of mixed performance for Sweden’s state-owned gambling operator. Despite consistent revenue figures in Q2, profits took a noticeable hit, driven by several external and internal developments.
For Q2 2025, net gaming revenue (NGR) in Sweden totaled SEK 1.83 billion ($190 million), remaining roughly unchanged from the same quarter in 2024. However, profit for the quarter dropped sharply by 17% year-on-year to SEK 545 million. According to Svenska Spel, this reduction can be largely attributed to a hike in Sweden’s gaming tax rate. Though the new rate came into effect on July 1 — technically after Q2 concluded — the operator has still cited it as a key factor in the profit downturn.
The company also reported a drop in its operating margin, falling to 30% from 36% in Q2 2024. On a more positive note, revenue from online operations grew by 5% year-on-year, now accounting for 62% of total revenue — up from 60% a year ago.
First-Half Performance More Resilient
Looking at the broader picture for H1 2025, Svenska Spel recorded steadier results. Profits climbed 2% year-on-year, reaching SEK 1.18 billion. The operating margin also improved, ticking up one percentage point to 32%. However, overall NGR for the first half saw a slight decline of 1% to SEK 3.69 billion.
The company attributed this dip to reduced income from its Vegas Video Lottery Terminals (VLTs) segment. Still, profit from ongoing operations rose to SEK 952 million from SEK 944 million in H1 2024. Additionally, digital channels continued to grow, with online sales up by 6% in the first half of the year.
Investment Activity Hits New Highs
A standout trend from the report is Svenska Spel’s marked increase in investment activity. During Q2 2025, the group carried out 49 investments — more than double the 21 made in the same quarter the year before. For the entire first half, investments rose to 68, up from 41 in H1 2024, highlighting the company’s focus on development and future readiness.
Notably, the SEK 1.83 billion NGR in Q2 was a slight decrease from Q1 2025, when NGR stood at SEK 1.88 billion.
Casino Closure and Social Initiatives
One significant event during the quarter was the permanent shutdown of the last remaining Casino Cosmopol venue in Stockholm. With this closure, Svenska Spel has fully exited the physical casino market, and the company is reportedly engaged in legal discussions concerning the potential sale of the property.
In a show of corporate responsibility, Svenska Spel contributed to a SEK 17 million initiative led by the Swedish Football Association aimed at supporting vulnerable communities. However, the quarter also included a regulatory setback, as the company received a formal warning and a penalty fee from a Swedish court for shortcomings related to its duty of care obligations.
CEO Highlights Strategic Focus
Reflecting on the financial update, Svenska Spel President and CEO Anna Johnson emphasized the group’s long-term objectives: “We have a clear focus on the Group’s strategic goals; to have the most satisfied customers in the gaming market, to ensure that our customers play healthily with us and to drive long-term sustainable growth. Within the first two target areas, the customer satisfaction index and the share of healthy revenues are at a stable and high level. In terms of sustainable growth, net gaming revenues for both Eurojackpot and Oddset increased during the quarter.”
While short-term challenges — such as the drop in Q2 profit and regulatory pressures — have left their mark, Svenska Spel’s efforts to invest in future growth, expand its online footprint, and support social initiatives suggest a continued commitment to stability and sustainability in Sweden’s gambling landscape.
Source:
‘’Svenska Spel Q2: NGR remains flat while profits fall 17%’’, gamblinginsider.com, July 16, 2025.
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