Svenska Spel’s recently released financial report details its performance for the second quarter (Q2) and first half (H1) of 2025. The report reveals a mixed performance, with a challenging Q2 offset by more stable results for the first six months of the year.
The second quarter showed a significant year-on-year decline in operating profits, falling by 17%. Despite a net gaming revenue (NGR) of SEK 1.83 billion ($190 million), which remained consistent with Q2 2024’s figures, profits dropped to SEK 545 million. Svenska Spel attributes this decrease primarily to the recent increase in the national gaming tax rate, although the tax’s implementation date (July 1st) falls after the Q2 reporting period. The operating margin also contracted, falling from 36% in Q2 2024 to 30% in Q2 2025. However, online operations demonstrated growth, increasing by 5% year-on-year and accounting for 62% of total Q2 revenue, up from 60% in the previous year’s corresponding quarter.
In contrast, the first half of 2025 presented a more positive financial picture. Overall profits for H1 2025 increased by 2% year-on-year, reaching SEK 1.18 billion, while the operating margin improved by 1% to 32%. H1 NGR reached SEK 3.69 billion, representing a 1% year-on-year decrease, which Svenska Spel attributes to reduced revenue from its Vegas Video Lottery Terminals (VLTs) division. Profit from continuing operations climbed to SEK 952 million from SEK 944 million in H1 2024, alongside a 6% rise in online sales.
Investment activity saw a notable surge in both periods. Q2 2025 witnessed 49 investments, a significant increase from the 21 recorded in Q2 2024. Similarly, H1 2025 investments totaled 68, compared to 41 in H1 2024. It is noteworthy that the Q2 2025 NGR of SEK 1.83 billion shows a slight decrease compared to the SEK 1.88 billion reported in Q1 2025.
Q2 2025 also marked the closure of the final Casino Cosmopol location in Stockholm, concluding an era for the company. Svenska Spel is reportedly engaged in legal proceedings regarding the sale of the property. Furthermore, during the quarter, Svenska Spel contributed SEK 17 million to the Swedish Football Association’s initiative supporting vulnerable communities. The company also faced a warning and penalty from a Swedish court due to alleged duty of care shortcomings.
Commenting on the results, Svenska Spel’s President and CEO, Anna Johnson, emphasized the company’s strategic focus on customer satisfaction, responsible gaming, and sustainable long-term growth. She highlighted the stable, high levels of customer satisfaction and responsible gaming revenue, and noted increased net gaming revenues for Eurojackpot and Oddset during the quarter.
