Svenska Spel Reports Positive Financial Results for Q1 2020

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.