Swedish state-owned gambling operator Svenska Spel Sport and Casino has seen the closure of physical casinos and the disruption to global sporting events have a major impact on net gaming revenues during the year’s second quarter.
Similar to many other betting and gaming incumbents, Svenska Spel lauded continued efforts made to expand its igaming offering, which now boasts 1,000 online casino games, as well as the introduction of new animated digital tickets across the firm’s lottery business Tur.
The operator also comments that it has continued its in-depth analysis of risk gambling, reporting that the results show that more people chose to try new games during the period, but show no general increase in risk-taking.
Net gaming revenue for the quarter dropped 19 per cent to SEK 1.64bn (2019: SEK 2.03bn), with its full-year performance amounting to SEK 3.69m, a decrease of 10 per cent from SEK 4.09bn year-on-year.
Net gaming revenue for the firm’s sport and casino business area decreased by 37 per cent, while the Tur segment increased three per cent. Svenska Spel’s Casino Cosmopol properties and Vegas gaming machines area dropped 61 per cent.
Operating profit of SEK 473m, represents a decrease of 11 per cent from SEK534m compared with the same period last year, which it says is due to lower net gaming revenue. On a full-year basis operating profit for the group amounted to SEK 1.17bn. 12 per cent up from SEK 1.05bn.
Svenska Spel’s Casino Cosmopol venues in Stockholm, Gothenburg, Malmö and Sundsvall remain closed, having initially shut their doors on March 29.
Patrik Hofbauer, president and CEO of Svenska Spel, explained: “We show innovative power and perseverance during a tough time by continuing to launch new games and improve the gaming experience for our customers.
“Despite the fact that COVID-19 left deep traces in many ways and despite the fact that it is not over yet, it looks brighter going forward. We are on the way up again after having managed the rapid transition to the big and unexpected changes during the spring.”
Adding: “Despite the fact that covid-19 left deep traces in many ways and despite the fact that it is not over yet, it looks brighter going forward. Above all, we know that we have managed the big and unexpected changes during the spring. Here I want to highlight our fantastic employees who have worked tirelessly. The quarter is proof that we can make quick adjustments without losing focus on customers.
“The sport is up and running, customers appreciate our games and soon we have more exciting news to present. We continue to offer the Swedish people entertaining and responsible gaming experiences. We do this with an offensive focus and with continued consideration for our customers.”