Svenska Spel has published its latest financial results, covering both Q2 and the first half of 2025.
The report reveals a challenging second quarter, with operating profit down 17% year-on-year, despite net gaming revenue (NGR) holding steady at SEK 1.83 billion ($190 million) – the same level as Q2 2024.
The company attributed the profit drop to Sweden’s recent gaming tax hike, although this came into effect on 1 July, just after the quarter ended, leaving its exact impact on Q2 profits somewhat uncertain.
The operator’s Q2 operating margin also declined, dropping from 36% in 2024 to 30% this year. On a positive note, online revenue rose 5% year-on-year and now accounts for 62% of total revenue, up from 60% in the same period last year.
Looking at the first half of 2025, Svenska Spel reported more stable performance. Profits increased by 2% year-on-year to SEK 1.18 billion, and the operating margin rose slightly to 32%. However, total NGR for H1 dipped by 1% to SEK 3.69 billion, which the company linked to decreased revenue from its Vegas Video Lottery Terminals (VLTs) division. Profit from ongoing operations increased to SEK 952 million from SEK 944 million, while online sales rose by 6%.
The company also reported a notable uptick in investment activity, with 49 investments made in Q2 2025 — more than double the 21 made during the same quarter in 2024. In total, 68 investments were made during H1 2025, compared to 41 in the previous year.
A significant event in Q2 was the closure of the last remaining Casino Cosmopol venue in Stockholm, marking the end of the casino chain. Reports indicate Svenska Spel is currently in legal discussions to sell the property.
In addition, the company contributed to a SEK 17 million initiative led by the Swedish Football Association to support vulnerable communities. However, Svenska Spel also faced a setback during Q2, receiving a warning and penalty fee from a Swedish court over shortcomings in its duty of care.
Anna Johnson, Svenska Spel President and CEO, said:
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.
