State-owned Swedish operator Svenska Spel reports 7% decrease in Q2 2022 operating profit

State-owned Swedish operator Svenska Spel reports 7% decrease in Q2 2022 operating profit

Article brief provided by Gambling Insider
  • Gambling Insider
July 18, 2022 10:12 PM
  • Gambling Insider

Svenska Spel has recorded mixed financial results in its Q2 2022 interim report, with the group seeing revenue increases despite dips in earnings and operating margin.

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Net gaming revenue amounted to SEK$1,963m (US$190m), representing a marginal increase of 1%. This increase can be attributed to the suspension of casino operations in Q2 2021.

The total operating profit stood at SEK$531m, representing a 7% decrease from the previous year. A rise in costs for technology and product development explains this fall in profit.

Svenska Spel’s result came to SEK$425m, a decrease of 6%, with an operating margin of 27% and an image value amounting to 51%. Additionally, the company detailed a three-year partnership it secured with Svensk Travsport.