Svenska Spel has backed the simplification of its business structure and focus on core brands as it fulfils its remit as Sweden’s state-owned gambling operator.
Q3 trading broadly reflected management’s expectations, with commercial efforts centred on Oddset, Lotto and Triss. Higher spending on branding and technology weighed on quarterly earnings, but year-to-date profitability remained steady.
The group reported third-quarter net gaming revenue of SEK1.898bn (€170m), up 1% year on year, supported by growth across sports betting, online casino and lotteries.
Operating profit fell 9% to SEK656m (€59m), due to a period reduction in operating margin from 38% to 35%. Management attributed the decline primarily to strategic spending, including the development of Svenska Spel’s brand and a group-wide IT migration to new cloud-based systems.
The expenditure is intended to improve customer experience, increase operational efficiency and support longer-term growth.
Chief Executive Officer Anna Johnson said the business continued to deliver against a competitive market backdrop.
“During the third quarter, the positive development continued with growth and good profitability. This shows that our focus on sustainable growth is delivering results,”
Despite the quarterly earnings decline, Svenska Spel entered the final quarter with year-to-date operating profit ahead of the previous year.
Net gaming revenue for January–September increased 3% to SEK5.741bn (€516m), while operating profit rose 2% to SEK1.932bn (€173m). The operating margin remained unchanged at 34%.
Summer Vibes
The Sport & Casino division delivered the strongest revenue growth, increasing 6% to SEK516m (€46m) in Q3. Year-to-date revenue also rose 6%, reaching SEK1.633bn (€147m).
Oddset benefited from the closing stages of the football World Cup, which “exceeded internal targets during the tournament’s final weeks in July”.
Tur, Svenska Spel’s lottery division, quarterly revenue increased 1% to SEK1.316bn (€118m). Lotto and Triss supported growth, with greater visibility in grocery stores and a special Triss anniversary ticket helping sales. Lower jackpot levels, however, reduced Eurojackpot activity against the previous year.
Lottery remains the group’s largest business, generating SEK3.909bn (€351m) in year-to-date revenue, an increase of 3%.
Johnson added: “The next phase combines investment in technology with the largest renewal of Svenska Spel’s brand since its formation in 1997. The objective is to strengthen its core customer offering while maintaining profitability and its contribution to Swedish sport and society.
“Growth in the Swedish gaming market is moderate, while competition for customers is fierce. Against this background, it is a statement of strength that we are taking market shares in both the license and lottery markets during the first half of 2026.
“The year continues positively for Svenska Spel, with strong development for Oddset, casino and Triss.
“We continue to strengthen our customer offering and have taken important steps in developing Svenska Spel’s brand.”
