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Svenska Spel Reports Positive Financial Results for Q1 2020

 Svenska Spel Reports Positive Financial Results for Q1 2020
Svenska Spel Reports Positive Financial Results for Q1 2020
Svenska Spel Reports Positive Financial Results for Q1 2020Reading Time: < 1 minute

 

Swedish gaming company Svenska Spel has reported positive financial results for Q1 2020 with a slight uptick in online gambling.

Profit for the group amounted to SEK545m (€50million). The results come amid the Coronavirus pandemic, which has seen retail gambling locations close for several weeks.

Net gaming revenues reached SEK2055million (€189million) during Q1, compared to SEK2056million in Q1 2019. Online gaming grew by 13% and the digital business now accounts for 41% of total revenue.

The group has also taken cost-cutting steps to survive in the coronavirus crisis. This includes introducing reduced working hours for 45 of its 135 employees and withdrawal of its proposal for a dividend.

“Svenska Spel, like many other companies and organisations, has quickly been forced to adapt to a new reality with the effects of the coronavirus,” Patrik Hofbauer, President and CEO of Svenska Spel, said.

Zoltan Tundik

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

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