Eurojackpot and Oddset drive Svenska Spel 2025 growth

Svenska Spel, Sweden’s state-owned gaming operator, has reported robust financial performance in the first nine months of 2025, with net gaming revenue showing a notable increase compared to the same period last year. This growth has been largely fueled by the popularity of its Eurojackpot lottery and Oddset sports betting offerings, reflecting both strong customer engagement and the increasing importance of digital channels in the company’s overall revenue structure.

Two out of Svenska Spel’s three main business segments contributed to this growth, underscoring the company’s diversified approach to gaming and its ability to adapt to changing consumer preferences. While land-based operations faced certain challenges, the strong performance of lottery and sports betting has compensated for these declines, enabling the operator to achieve a higher operating result than in 2024.

Third-quarter performance highlights

In the third quarter of 2025, Svenska Spel recorded net gaming revenue of €162 million, representing a 7 percent increase year-on-year. The lottery and gaming segment experienced significant growth of 7 percent, largely supported by heightened interest in Eurojackpot following two major jackpot wins in Sweden and record weekly ticket sales in September. These milestones not only boosted revenue but also enhanced the visibility of Svenska Spel’s lottery products across the country.

The sport and casino division also posted strong growth, with a 9 percent increase in net gaming revenue. This rise was driven by higher engagement in sports betting under the Oddset brand, as well as continued expansion in online casino offerings. According to Svenska Spel, these results demonstrate the resilience and appeal of its digital platforms, which have become a key driver of the company’s overall success.

In contrast, the land-based Vegas segment faced a 10 percent decline. This downturn was attributed to weaker performance among retail partners and broader economic challenges affecting consumer spending. Despite these pressures, Svenska Spel’s operating profit increased by 19 percent to €62 million, with the operating margin improving from 35 percent to 38 percent. The company noted that digital channels accounted for 65 percent of total revenue during the quarter, up from 60 percent in the same period last year, highlighting the ongoing shift toward online gaming.

Strong performance in lottery and Eurojackpot

Eurojackpot, one of Europe’s most popular lottery games, played a pivotal role in Svenska Spel’s growth during the third quarter. The lottery experienced two major jackpot wins in Sweden, each generating significant public interest and driving record ticket sales. These events contributed substantially to both revenue and player engagement.

For the first nine months of 2025, Svenska Spel awarded over €70 million in prize money, including a single Eurojackpot win of €35 million—one of the largest in the company’s history. CEO Anna Johnson commented on the results, stating: “The results highlight customers’ continued trust in Svenska Spel’s brands and the strength of its product offering.” Her statement underscores the importance of player confidence in sustaining long-term growth for lottery operations.

The consistent popularity of Eurojackpot also reflects broader trends in the Swedish gaming market, where large jackpots and high-profile wins tend to attract both casual players and regular participants. This demand has allowed Svenska Spel to maintain a strong position in a competitive industry while ensuring that its lottery offerings remain appealing to a diverse customer base.

Sports betting and Oddset growth

The Oddset brand, Svenska Spel’s flagship sports betting product, has also contributed significantly to the company’s performance in 2025. The sport and casino segment’s 9 percent revenue increase in the third quarter was largely driven by higher customer engagement in sports betting activities. Factors such as popular sporting events, live betting options, and enhanced online functionality have supported this growth, attracting a broader audience to the platform.

The expansion of online casino offerings alongside sports betting has created additional opportunities for cross-selling and engagement. By integrating casino and sports products under the same digital infrastructure, Svenska Spel has strengthened its competitive position and encouraged players to explore multiple gaming options. This integrated approach has become a key factor in sustaining long-term revenue growth and profitability.

Digital channels as a key driver

Svenska Spel has continued to emphasize digital innovation as a core component of its growth strategy. Online channels now represent 65 percent of total revenue, up from 60 percent in the same period last year. The shift toward digital gaming reflects broader industry trends, including changing player preferences, technological advancements, and the convenience of online access.

Digital platforms allow for a more personalized gaming experience, offering tailored promotions, interactive content, and real-time engagement. These features not only increase player satisfaction but also drive higher revenue per customer. For Svenska Spel, the emphasis on digital channels has proven critical in offsetting challenges faced by its land-based operations and enhancing overall profitability.

The company’s focus on digital growth aligns with its broader strategic objectives, including expanding reach, improving operational efficiency, and maintaining high standards of responsible gaming. By investing in technology and online infrastructure, Svenska Spel is positioning itself for sustainable success in a rapidly evolving market.

Land-based operations and challenges

While digital channels have thrived, Svenska Spel’s land-based Vegas segment experienced a 10 percent decline in net gaming revenue. The decrease was attributed to weaker performance among retail partners and macroeconomic factors affecting discretionary spending. Despite these challenges, the segment remains an important part of the company’s portfolio, providing a physical presence and maintaining brand visibility in the retail environment.

The company has taken steps to mitigate the impact of these challenges, including initiatives to enhance retail engagement, improve customer service, and optimize operational efficiency. By balancing the growth of digital channels with targeted support for land-based operations, Svenska Spel aims to maintain a diversified revenue base that can withstand fluctuations in the market.

Overall financial performance

For the first nine months of 2025, Svenska Spel’s total net gaming revenue reached €480 million, representing a 2 percent increase compared to the same period in 2024. Online sales grew by 9 percent, reflecting the continued shift from retail to digital channels. The company’s operating profit for the period amounted to €164 million, up 8 percent year-on-year, with an operating margin of 34 percent.

These results highlight the effectiveness of Svenska Spel’s strategic focus on high-performing brands, digital innovation, and customer engagement. By leveraging its lottery, sports, and casino offerings, the company has demonstrated resilience in the face of economic pressures and competitive challenges.

CEO’s perspective and strategic outlook

CEO Anna Johnson emphasized the significance of the results, noting that customer trust and the strength of the product portfolio are key drivers of growth. “The results highlight customers’ continued trust in Svenska Spel’s brands and the strength of its product offering,” she said. This statement reflects the company’s commitment to maintaining a reputable and reliable gaming environment for its customers.

Looking ahead, Svenska Spel plans to continue expanding its digital offerings, enhancing player experiences, and supporting responsible gaming initiatives. By focusing on these priorities, the company aims to strengthen its market position, increase profitability, and sustain long-term growth in a competitive and evolving industry.

Responsible gaming and market position

Svenska Spel remains committed to responsible gaming practices, ensuring that players can engage safely and sustainably. The company’s initiatives include monitoring player behavior, providing tools for self-limitation, and promoting awareness of potential risks associated with gaming. These measures are integral to maintaining regulatory compliance and building long-term trust among customers.

The strong performance of Eurojackpot and Oddset also reinforces Svenska Spel’s position as a leading operator in Sweden. By combining high-quality products with a focus on digital innovation and responsible gaming, the company is well-positioned to navigate future market developments while delivering value to both players and stakeholders.

Conclusion

Svenska Spel’s performance in the first nine months of 2025 demonstrates a successful combination of strong product offerings, digital transformation, and customer trust. Growth in the Eurojackpot lottery and Oddset sports betting has compensated for challenges in land-based operations, resulting in improved revenue, operating profit, and margins. With continued investment in digital channels and responsible gaming, Svenska Spel is poised for sustained success in the evolving Swedish gaming market.

Frequently asked questions

What drove Svenska Spel’s revenue growth in 2025?
Revenue growth was primarily driven by the Eurojackpot lottery and Oddset sports betting, which saw increased player engagement.

How much net gaming revenue did Svenska Spel report for Q3 2025?
Svenska Spel reported €162 million in net gaming revenue for the third quarter of 2025, a 7 percent increase year-on-year.

What was the growth rate of the lottery and gaming segment?
The lottery and gaming segment grew by 7 percent in the third quarter, supported by major Eurojackpot wins.

Why did the Vegas segment decline?
The land-based Vegas segment declined by 10 percent due to weaker retail performance and economic challenges.

How much did Svenska Spel award in prizes during Q3?
The company awarded over €70 million in prizes, including a €35 million Eurojackpot win.

What proportion of revenue came from digital channels?
Digital channels accounted for 65 percent of total revenue in the third quarter, up from 60 percent a year earlier.

What was Svenska Spel’s operating profit for the first nine months?
The operating profit reached €164 million, up 8 percent compared to the same period in 2024.

How did Oddset contribute to growth?
Oddset sports betting experienced higher engagement, benefiting from live betting features and increased online participation.

What is CEO Anna Johnson’s perspective on the results?
She highlighted that the results reflect customers’ trust in Svenska Spel’s brands and the strength of its product offering.

What are Svenska Spel’s plans for the future?
The company plans to expand digital offerings, enhance player experiences, and maintain responsible gaming practices.