Svenska Spel Revenue Down 11% Year-on-year Due to Covid-19
Swedish operator Svenska Spel has released its results for 2020. The operator’s net gaming revenue decreased 11% year-on-year to SEK 7674 million. Operating profit is SEK 690 million, a decrease compared with the same quarter last year.
“We have good profitability for the Group and strengthen the operating margin for both the quarter and the full year 2020, despite the fact that our physical casinos have been closed for three quarters. As in the previous quarter, revenues for our Sport & Casino and Tur business areas are increasing,” Patrik Hofbauer, President and CEO of Svenska Spel, said.
“This shows strength and stability that two out of three business areas deliver growth despite the fact that they are also affected by covid-19 in the form of temporary gaming responsibility measures and reduced sales in stores,” Patrik Hofbauer added.
The Group’s net gaming revenues for the fourth quarter are SEK 2128 million, which is 8% lower than the same quarter last year.
Net gaming revenue for the Sport & Casino business area increased by 10% compared with the same quarter last year, excluding non-recurring revenue, and the Tur business area increased by 3%. The Casino Cosmopol and Vegas business area decreased by 62%.