Svenska Spel has reported flat net gaming revenue (NGR) for Q2 2025 amid a decline in the Swedish state-owned operator’s operating profit due to last year’s tax hike.
NGR came in at SEK1.8bn (£138m), flat against Q1 2024, with the majority of the group’s income derived from its lottery arm, Tur.
Lottery revenue was up 2% year on year (YoY) to SEK1.3bn, which bosses said was mainly due to Easter falling in April this year compared to March in 2024.
Sports betting and online gaming NGR slipped 1% to SEK498m, with the small decline attributed to the lack of major football tournaments in Q2, with Euro 2024 taking place last year.
However, it was noted that sports betting under the Oddset brand continued to grow. Management said the shift to a new platform, powered by Kambi, last year had been well received by players.
“During the quarter, major events such as the Ice Hockey World Championship and the Eurovision final also contributed to increased customer activity, especially a clear influx of new customers,” the firm added.
Finally, the operator’s land-based slots operations posted a 13% slump in NGR to SEK82m.
Online NGR across all verticals was up 5% to SEK1.1bn, meaning online accounted for 62% of all NGR.
Despite the stable NGR performance, Svenska Spel noted its operating profit for Q2 was down 17% to SEK545m.
The drop was primarily blamed on last July’s tax hike on GGR in Sweden from 18% to 22%, which Svenska Spel said saw its tax costs rise by SEK100m. The group’s operating margin fell from 36% to 30%.
Profit for Q2 came in at SEK426m, down from Q2 2024’s return of SEK501m.
During the reporting period, Svenska Spel also closed down Casino Cosmopol in Stockholm, shuttering the final land-based casino in Sweden.
On a H1 basis, NGR slipped 1% to SEK3.7bn, with a 20% decline in the Vegas business segment cited as the main drag.
Operating profit over the first six months of the year was up 2% to SEK1.1bn, while operating margin hit 32% versus 31% in H1 2024.
Svenska Spel also noted that it had moved into a new office in Stockholm during H1.
Anna Johnson, Svenska Spel CEO, said: “We have a clear focus on the group’s strategic goals: to have the gaming market’s most satisfied customers, ensure that our customers play healthily with us and drive long-term sustainable growth.
“Within the first two target areas, the customer satisfaction index and the share of healthy revenues are at a stable and high level.
“In terms of sustainable growth, net gaming revenues for both Eurojackpot and Oddset increased during the quarter.”
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State-owned Swedish operator says rise in levy to 22% has had significant negative impact, while NGR between April and June remained flat versus 2024
The post Svenska Spel Q2 operating profit slides 17% due to last year’s tax hike first appeared on EGR Intel.