Svenska Spel Reports 9.6% Drop in H1 Net Gaming Revenue
Swedish state-owned gaming operator Svenska Spel has reported net gaming revenue of SEK 3.7 billion (€356 million) for the first half of 2020. The figure shows a 9.6% decline in the net gaming revenue.
Operating profit meanwhile increased to SEK1.2billion due to a 3.8% increase in net gaming revenues for Tur interactive lottery, reduced operating costs and a positive effect on gaming tax.
Svenska Spel has grown its online casino offering, which reached more than 1000 games by the end of June, in an attempt to offset the suspension of live sporting events.
“We have shown an ability to innovate and perseverance during a tough time, by continuing to launch new games and improve the gaming experience for our customers. Despite the fact that COVID-19 has had significant impacts in many ways, and despite the fact that it is not over yet, it looks brighter going forward. We are on the way up again after having managed the rapid transition to the big and unexpected changes during the spring,” Patrik Hofbauer, President and CEO of Svenska Spel, said.
Revenue from Tur grew 3.8% to SEK2.33billion, though the Sport and Casino division saw revenue fall 17.2% to SEK829 million because of the cancellation of sporting events. Revenue from the operator’s four Casino Cosmopol venues, which remain closed, and Vegas gaming machines, many of which are hosted in restaurants that also remain closed, fell 36.2% to SEK542million.