Key Moments:
- Svenska Spel delivered a 7% increase in net gaming revenue to €175 million (SEK1.96 billion) for Q2, marking its strongest performance since Sweden’s market restructuring.
- Q2 operating profit climbed 13% to €55 million (SEK617 million), with the sports and casino segment enjoying an 11% revenue boost fueled by World Cup-driven betting.
- Digital channels contributed 67% of total group revenue, highlighted by 14% annual growth and 58% of revenue from mobile devices.
Q2 Financial Highlights
Svenska Spel has delivered its most robust second quarter since Sweden transitioned to a regulated gambling environment in 2019, propelled by heightened customer engagement during the football World Cup period. The operator’s net gaming revenue for the April to June period reached approximately €175 million (SEK1.96 billion), reflecting a 7% year-over-year gain. Operating profit rose to around €55 million (SEK617 million), an increase of 13%, while the company’s operating margin advanced to 31%, highlighting productivity gains and increased customer activity.
For the first half of 2026, the company posted net gaming revenue of about €343 million (SEK3.84 billion) and an operating profit of €114 million (SEK1.28 billion), up 8%. These results exclude Casino Cosmopol, following the closure of its final location in April 2025. The number of employees also decreased from 861 to 841 during this six-month period.
| Period | Net Gaming Revenue | Operating Profit | Operating Margin | Employee Count |
|---|---|---|---|---|
| Q2 | €175 million (SEK1.96 billion) | €55 million (SEK617 million) | 31% | — |
| First Half 2026 | €343 million (SEK3.84 billion) | €114 million (SEK1.28 billion) | — | 841 (down from 861) |
World Cup’s Influence on Sports Betting
The sports betting segment recorded exceptional growth, driven by heightened customer interest during international football tournaments. In June, sports betting revenue surged by 135% compared to the same period last year, contributing to an 11% increase in the sports and casino vertical, which generated approximately €49 million (SEK552 million) for the quarter.
Company data showed that the number of active players expanded by 36%, while new registrations jumped more than 340% over June 2025 figures. Svenska Spel reported that World Cup-linked wagering volumes exceeded internal forecasts as of July 6, crediting a longstanding relationship with the Swedish Football Association for a stronger brand presence. Lottery offerings, meanwhile, continued to demonstrate stable growth, delivering a 7% revenue increase within the Luck division to roughly €120 million (SEK1.34 billion). May saw a record month for Eurojackpot, driven by an unusually large prize.
Digital Channels Drive Revenue, Retail Segment Contracts
Digital platforms remained a primary revenue engine for Svenska Spel, generating 67% of group revenue following 14% annual growth. Mobile devices accounted for 58% of the operator’s total revenue, underlining a shift away from traditional retail gambling outlets.
Management emphasized that while major sporting events had a notable positive impact, ongoing investments in online casino initiatives, user experience, and product development would be key to extending growth. The company reiterated its commitment to promoting responsible gambling as part of its broader strategy.
In contrast, the Vegas gaming machine business registered a 16% decline, with revenue decreasing to about €6 million (SEK69 million), representing the only significant contraction among the company’s divisions this quarter.
Market View and Channelization
Svenska Spel cited an estimated 84% overall regulated market channelization rate in Sweden, with sports betting activities ranging between 92% and 96% within licensed channels. The company assessed annual unlicensed (black market) gambling revenue at SEK3.6 billion to SEK7.3 billion, equivalent to approximately €321 million to €652 million.
Summary Table: Q2 Division Performance
| Division | Q2 Revenue | Year-on-Year Change |
|---|---|---|
| Sports & Casino | €49 million (SEK552 million) | +11% |
| Luck (Lottery) | €120 million (SEK1.34 billion) | +7% |
| Vegas (Gaming Machines) | €6 million (SEK69 million) | -16% |
- Author
Daniel Williams
