Svenska Spel sees 6.7% revenue rise in Q3 as business returns to full activity

This was a rise of 6.7% compared to Q3 2020.

Gross gaming sales amounted to SEK4.72bn. This was a rise of 5.2% year-on-year. Winnings paid came to SEK2.75bn, SEK110m more than Q3 2020. This left the overall revenue at SEK1.97bn.

The Tor lottery division generated the largest amount, at SEK1.55bn. This was a 2.2% rise compared to Q3 2020.

Sport and casino made up SEK526m of the total revenue, up 7.3% year-on-year.

The operator’s Casino Cosmopol land-based casinos & Vegas-branded slot halls made up the remaining SEK292m, which was a significant 64.9% increase from the novel coronavirus (Covid-19) hit 2020.

Other income sources generated SEK52m, up 36.8%.

However, expenses, including gambling tax at SEK375m and gaming costs at SEK259m, brought the total net sales to SEK1.39bn for the quarter. Additionally, personnel costs reached SEK217m.

Depreciation and amortisation was SEK92m and further expenses added up to SEK389m in total. This brought the total operating profit to SEK696m, up 31.0% year-on-year.

Following tax payments of SEK144m, net profit for the period came to SEK552m, a 25.1% rise compare to Q3 2020.

“During the third quarter, all our operations were finally up and running again – for the first time in more than fifteen months,” said Patrik Hofbauer, CEO of Svenska Spel.

“With all our operations open, more employees back in our offices and high energy in the organization, the outlook for the entire Swedish gaming sector looks positive.”

This addition means that so far in the financial year, revenue has totaled SEK5.91bn, up 6.5% year-on-year.

Last week, Hofbauer commented that a proposed “special moderation” of gambling advertising by Sweden’s Ministry of Finance could have “unwanted consequences”.