Swedish gambling operators Svenska Spel and ATG both posted year-on-year growth in revenue and profit during the third quarter of 2025, despite ongoing challenges in land-based operations.
For Svenska Spel, net gaming revenue reached SEK1.87 billion ($199.4 million) in the three months ending 30 September, up 7% compared with the same period last year. Growth was driven by the Tur lottery and Sport & Casino segments, while revenue from the Vegas gaming machine business declined, and the gradual closure of the Casino Cosmopol network continued to have a minor impact.
“Svenska Spel reports a third quarter with increased net gaming revenue, driven by strong product brands such as Eurojackpot and Oddset,” said President and CEO Anna Johnson.
Lottery and Online Gaming Lead Revenue Growth
Breaking down the quarter, the Tur lottery generated SEK1.31 billion, a 7% increase fueled by high Eurojackpot jackpots and a successful relaunch of Lotto. Revenue from Sport & Casino rose 9% to SEK489 million, supported by positive developments in online casino and sports betting through the Oddset brand.
In contrast, the Vegas segment saw a 10% decline to SEK78 million, affected by fewer partner locations and economic pressures on the restaurant sector. Svenska Spel also highlighted that online channels accounted for SEK1.22 billion—or 65% of total revenue—up from 60% in the same period last year.
On the profitability front, stable operating costs combined with revenue growth helped operating profit climb 18% to SEK718 million, while pre-tax profit increased 22.8% to SEK739 million. After paying SEK155 million in taxes, net profit rose 18.5% to SEK584 million. Year-to-date figures for the nine months ended September showed net gaming revenue of SEK5.56 billion, up 2%, with net profit of SEK1.54 billion, an 8.3% increase.
ATG Sees Turnaround in Q3
For ATG, the third quarter marked a recovery following a challenging first half of 2025. Net gaming revenue rose 1% year-on-year to SEK1.30 billion, led by growth in horse racing and sports betting. CEO Hasse Lord Skarplöth said, “It has been a challenging first half of the year for us, but the third quarter marks a small turnaround for ATG. The group’s net gaming revenue increased by 1% compared to the same quarter last year.”
Horse racing contributed SEK958 million, while sports betting grew 6% to SEK171 million, representing 13% of total revenue. Casino revenue, however, declined 1% to SEK167 million. Digital channels delivered SEK1.19 billion, a 2% increase, while retail revenue fell 8% to SEK109 million.
Reduced spending across operations, including gambling taxes, enabled operating profit to rise 9% to SEK434 million. Pre-tax profit reached SEK441 million, and net profit after tax climbed 7% to SEK428 million. Year-to-date, ATG reported net gaming revenue of SEK3.86 billion, down 3% from last year, with net profit totaling SEK1.08 billion, a 12% decline.
Svenska Spel’s performance contrasts with its Q2 2025 results, when net gaming revenue remained stable at SEK1.83 billion, but profit fell 17% to SEK545 million, partly due to higher gaming taxes. Online operations in Q2 had grown 5%, accounting for 62% of total revenue.
Source:
“Svenska Spel and ATG grow Q3 profit and revenue despite land-based drags”, igamingbusiness.com, October 23, 2025
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