Svenska Spel online revenues up 9% as wider group falters in Q3

Former monopoly operator Svenska Spel has revealed a 9% year-on-year increase in its online revenues during Q3, with division revenues hitting SEK737m (£59m) during the period.

Mobile gaming revenues increased by 13% during the three months between July and September, as online and mobile accounted for 37% of all revenues received by the business.

Svenska Spel overall profits rose by SEK48m to SEK1,222m (£98m) although overall net gaming revenues for the business fell by 5% YoY to SEK2,013m (£162m).

The company cited the impact of Swedish regulations as the main reason for the decline.

Svenska Spel CEO Patrik Hofbauer said the growth in both the businesses customer base and its online businesses was a positive result for the company, leading to the “stabilisation” of the business following regulation of the Swedish market.

However Hofbauer said results were “not yet at the level we are striving for”.

“We have an aggressive focus going forward, for example through investments that contribute to enhanced customer experience and data-driven customer communication, but with continued concern for our customers,” Hofbauer added.

Earlier this week, Svenska Spel launched its spela.svenskaspel.se website, which allows retail agents affiliated with its sports betting and casino business to offer Svenska Spel products to customers in other parts of Sweden over the internet.

Sports betting products included on the site initially include Stryktipset, Europaatipset, Toptipset, Bomben and Powerplay.