Key Moments:
- Swedish licensed gambling revenue reached SEK28.2bn (€2.64 billion) in 2025, up 1.3% from 2024
- Online gambling and betting generated SEK18 billion (€1.68 billion), a 3.3% rise year on year
- Around 134,500 individuals had self-excluded from gambling by the end of Q4 2025, 3% more than the previous quarter
Market Overview: Revenue Growth Led by Online Segment
Sweden’s regulated gambling market saw only a slight increase in total revenue for 2025 as the performance of state-run gambling declined but growth in the online sector persisted. The Swedish Gambling Authority, Spelinspektionen, reported that licensed operators produced net revenue of SEK28.2bn (€2.64 billion) for the year, a 1.3% increase over 2024. The online sector continued to dominate, with commercial online gambling and betting generating just over SEK18 billion (€1.68 billion), reflecting a 3.3% rise.
Detailed Performance by Gambling Segment
Spelinspektionen’s data indicated that most growth came from the online domain. Land-based commercial gambling, mainly casino games in restaurants, accounted for SEK263m (€25 million), marking a 9.6% year-on-year increase. However, this segment remained small when compared to online play. In the fourth quarter, restaurant casinos recorded SEK74m (€7 million) in revenue, while online gambling revenue approached SEK5bn (€468 million).
In contrast, state-controlled products experienced a downturn. According to Spelinspektionen, turnover for state lotteries and value machines fell by 3.4%, finishing at SEK5.528bn (€517 million) for the year. The fourth quarter contributed SEK1.522bn (€142 million) to that total.
| Segment | 2025 Revenue | Change Year on Year |
|---|---|---|
| Commercial Online Gambling & Betting | SEK18bn (€1.68bn) | +3.3% |
| Land-based Casino (Restaurants) | SEK263m (€25m) | +9.6% |
| State Lotteries & Value Machines | SEK5.528bn (€517m) | -3.4% |
| National Charity Lotteries | SEK3.759bn (€351.7m) | N/A |
| Hall Bingo | SEK201m (€18.8m) | N/A |
| Casino Cosmopol (state-owned) | SEK34m (€3.1m) | N/A |
Shifting Landscape for Retail and Charity Gambling
Sweden’s last land-based casino ceased operations in 2025, concluding an era in the sector. Casino Cosmopol, operated by the state, posted full-year net revenue of SEK34m (€3.1 million), broken down as SEK26m (€2.4 million) in the first quarter and SEK8m (€0.75 million) in the second, with no revenue from the third and fourth quarters.
Meanwhile, charity-related gambling activities registered a robust fourth quarter. National charity lotteries brought in SEK1.204bn (€112.6 million) during the period, raising the 2025 total to SEK3.759bn (€351.7 million). Hall bingo delivered SEK201m (€18.8 million) in revenue over the year.
Overall, the fourth quarter outperformed the same period in 2024, with gambling companies holding a Swedish license generating SEK7.8 billion (€729.8 million), a 2.6% increase year on year.
Responsible Gambling and Self-Exclusion Trends
A significant rise occurred in the number of individuals excluding themselves from gambling platforms through Spelpaus.se, Sweden’s national self-exclusion registry. By the close of the fourth quarter, approximately 134,500 people had enrolled in the program, an increase of just over 3% from the preceding quarter.
Industry Pressures Intensify Amid Regulatory Debate
February brought to light the mounting pressure on licensed operators following a gambling tax hike introduced in 2024. ATG cited both diminished revenue and the increased tax as direct contributors to reduced returns and a weaker financial outlook for Sweden’s horse racing industry. In a press release accompanying its annual results, ATG’s chief financial officer and deputy chief executive, Lotta Nilsson, said: “Both the lower revenues and the increased gambling tax hit the return to our owners directly and thus weaken the financing of the horse racing sector.” She added: “It is a development we take seriously.”
Online sector participants have echoed concerns about the rising costs they face compared to unlicensed competitors. Channelisation – the extent to which consumers choose licensed offerings – remains a central worry. Gustaf Hoffstedt, leader of the Swedish Trade Association for Online Gambling (BOS), commented in an interview with SiGMA News: “Consumer protection is completely worthless if the consumers are not present,” he said, arguing that tougher restrictions can backfire if they make licensed sites less attractive than offshore rivals.
Policy makers face a balancing act. Stricter regulations and higher costs risk diminishing the licensed market, while relaxing rules could undermine the political commitment to enhance consumer protection.
Industry Events
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- Author
Daniel Williams
