Sweden’s Svenska Spel reported a 24.6% year-on-year decline in net profit to SEK294.0m ($27.0m) in Q1 as spending increased and revenue slipped 1.0%.

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Net gaming revenue for the three months to 31 March amounted to SEK1.96bn, down from SEK1.98bn in Q1 of 2023. This came as Svenska Spel only reported revenue growth within one of its three core business areas.

Revenue from the Tur lottery segment was higher year-on-year and remains the primary source of revenue for the operator. However, declines across Sport & Casino and Casino Cosmopol and Vegas led to the overall revenue drop.

These Q1 declines, Svenska Spel interim CEO Erik Strand said, came during a period of “adjustment” for the business.