Svenska Spel Records Strongest Q2 Since Sweden’s Gambling Market Overhaul

Svenska Spel has reported its best second quarter since Sweden opened its regulated gambling market in 2019, with football’s World Cup providing a major boost to betting activity and helping lift both revenue and profits.

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The state-owned operator generated net gaming revenue of approximately €175 million (SEK1.96 billion) during the three months to June, up 7% from a year earlier. Operating profit climbed 13% to around €55 million (SEK617 million), while the operating margin improved to 31%, reflecting stronger profitability alongside higher customer activity.

The results continue a positive first half of 2026. Across the six-month period, revenue reached roughly €343 million (SEK3.84 billion), with operating profit rising 8% to €114 million (SEK1.28 billion). The figures no longer include the discontinued Casino Cosmopol business, which ceased operations after its final venue closed in April 2025. Employee numbers also declined, falling from 861 to 841 during the period.

World Cup Drives Betting Surge

The biggest shift came in sports betting.

June proved particularly strong as international football attracted significantly more players. Revenue from sports betting jumped 135% compared with the same month last year, contributing to an 11% increase in revenue across Svenska Spel’s sports and casino division, which finished the quarter at around €49 million (SEK552 million).

Customer activity accelerated just as sharply. Active players increased 36%, while new registrations were more than 340% higher than in June 2025. The company indicated that betting volumes linked to the tournament exceeded internal sales expectations through 6 July, with its long-standing partnership with the Swedish Football Association helping strengthen its public profile.

Lottery products also continued to deliver steady growth. Revenue in the Luck division rose 7% to approximately €120 million (SEK1.34 billion), supported by strong demand for Eurojackpot and Lotto. A particularly large Eurojackpot prize in May helped set a monthly revenue record for the game.

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Digital Growth Continues as Retail Declines

Online gambling kept expanding its share of Svenska Spel’s business. Digital channels generated 67% of total group revenue after growing 14% year on year. Mobile devices alone accounted for 58% of overall revenue, reinforcing the ongoing shift away from traditional retail gambling.

The company acknowledged that external factors played a meaningful role in the quarter’s performance, particularly the World Cup. Management nevertheless pointed to continued investment in online casino products, customer experience and product development as central to sustaining growth beyond major sporting events, while maintaining responsible gambling as part of its long-term strategy.

One business area continued to move in the opposite direction. Revenue from the Vegas gaming machine segment fell 16% to roughly €6 million (SEK69 million), making it the only major division to record a decline during the quarter.

Svenska Spel also highlighted the wider Swedish market, estimating regulated channelisation at around 84% overall. Sports betting remained considerably higher, with between 92% and 96% of betting activity taking place within the licensed market. At the same time, the company estimated the country’s black market gambling revenue at between SEK3.6 billion and SEK7.3 billion annually, equivalent to roughly €321 million to €652 million.

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Sources:  igamingexpress.com