Svenska Spel has reported a 7% year-on-year (YoY) jump in net gaming revenue (NGR) for Q3 on the back of improvements in its Eurojackpot and Oddset arms.
NGR was up SEK120m (£9.5m) to SEK1.9bn during the reporting period, with the majority of that figure coming from the group’s Tur lottery division.
The division accounted for SEK1.3bn of NGR, which represented a 7% YoY increase, too. Management said this was due to a strong quarter for the Eurojackpot product.
The Lotto relaunch in the latter part of Q3 also boosted the division, bosses added.
Sports and casino reported a 9% jump in NGR to SEK489m, driven by an increase in customers across the Oddset brand.
The state-owned operator’s land-based slots business, Vegas, reported a 10% NGR decline to SEK78m due to the “challenging economic situation”.
Online NGR rose 15% to SEK1.2bn. The vertical now accounts for 65% of all Svenska Spel NGR.
Operating profit leapt 19% to SEK718m, with the company having lapped July 2024’s GGR tax hike to 22% and NGR increases in lottery, sports and casino helping the metric.
However, between January and September, Svenska Spel said the tax increase had led to escalated costs of SEK155m.
Svenska Spel noted that Q3 operating margin had risen from 35% to 38%.
The business also confirmed chief HR officer Maria Furenmo left at the start of October, while Svenska Spel Sport & Casino CEO Fredrik Wastenson will depart at the end of October.
Anna Johnson, Svenska Spel CEO, said: “During the quarter, we have awarded big prizes to customers, elite sports scholarships within our sponsorship and grants for gaming research.
“This shows that our operations are permeated by Svenska Spel’s purpose: to create gaming joy with care and give back to society.
“All of this is made possible by customers liking our games and our strong brands, which is a decisive factor behind the group’s increased revenue during the quarter.
“The increased revenue is also a result of our group strategy. To achieve our strategic goal of sustainable growth, we are investing in further developing our product brands.”
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Swedish state-owned operator says gains across lottery and sports betting arms helped to drive operating profit upwards
The post Svenska Spel reports 7% jump in Q3 NGR first appeared on EGR Intel.