Svenska Spel reports 2025 revenue growth and higher profit

Svenska Spel has reported a year of measured financial growth for the 12 months ending 31 December 2025, despite completing its withdrawal from the land based casino market. The state controlled gambling operator recorded net gaming revenue of SEK7.69bn, equivalent to approximately €711.5m. This represents an increase of 2 per cent compared with the previous financial year.

Operating profit rose to SEK2.54bn, reflecting a 10 percentage point improvement in operating margin. Net profit increased by 11 per cent to SEK1.96bn. Pre tax profit also advanced, climbing 6 per cent to SEK2.61bn. In light of these results, the company has proposed a dividend of SEK1.8bn, up from SEK1.6bn in the preceding year.

The performance comes against a backdrop of structural change within the business, including the closure of its final land based casino. Notwithstanding this transition, growth in other divisions offset the decline in revenue from discontinued operations.

Closure of Casino Cosmopol and exit from land based casinos

A significant development during 2025 was the completion of the company’s exit from the land based casino sector. The final venue operating under the Casino Cosmopol brand, located in Stockholm, ceased operations in April 2025.

The Stockholm venue had served as the flagship property of the Casino Cosmopol network. Its closure followed earlier shutdowns, including the Sundsvall casino in 2020 and the Gothenburg and Malmö venues in February 2024. With the Stockholm closure, Svenska Spel formally ended its presence in the physical casino market.

The decision to wind down land based casinos formed part of a broader strategic realignment. Market conditions, evolving consumer behaviour and the increasing dominance of digital gaming contributed to the shift. The company has emphasised that its strategic focus now rests on digital platforms, lottery products and sports betting operations.

While the closure removed a revenue stream, the financial data indicate that the impact was effectively mitigated by growth in other segments.

Strong contribution from the Tur lottery division

The Tur lottery division remained the largest contributor to group revenue in 2025. Sales in this segment reached SEK5.26bn, representing a 2 per cent year on year increase.

Performance was supported by continued consumer interest in Eurojackpot, a transnational lottery game that remains popular among Swedish players. The introduction of new products also contributed to growth. In particular, the launch of Lyckoplatsen added momentum to the division’s portfolio and attracted new participants.

Lottery products have historically formed the backbone of Svenska Spel’s business model. They provide relatively stable revenue streams and are generally associated with lower volatility compared with sports betting and casino games. The steady performance of Tur in 2025 underlined the resilience of this segment during a period of organisational transformation.

Sport and Casino segment shows steady gains

The Sport and Casino segment generated revenue of SEK2.12bn, marking a 2 per cent increase over the previous year. Growth was driven primarily by improved performance in the Oddset sports betting offering and online casino activities.

The Oddset brand continues to represent a core element of Svenska Spel’s sports wagering portfolio. Increased engagement in online betting channels contributed to the overall rise in segment revenue.

However, results were partially tempered by developments in Stryktipset, another long standing product in the company’s portfolio. Compared with 2024, there were fewer rounds and jackpots, which had a moderating effect on total revenue growth within the segment.

Despite these fluctuations, the overall upward trajectory reflects the continuing shift of consumer activity toward digital channels and interactive gaming formats.

Decline in Vegas gaming machines

In contrast to growth in digital and lottery operations, revenue from the Vegas gaming machine business declined by 15 per cent to SEK310m. This segment includes gaming machines located in restaurants and bingo halls.

The reduction in revenue was attributed in part to stricter responsible gambling measures. As a state owned operator, Svenska Spel is subject to regulatory requirements and policy objectives aimed at promoting sustainable gambling practices. Enhanced controls and player protection initiatives have contributed to lower machine activity.

In addition, changing consumer preferences have led to a gradual migration from physical gaming machines to online alternatives. The combination of regulatory safeguards and market trends has therefore placed structural pressure on the Vegas segment.

Digital transformation accelerates

One of the most notable developments in 2025 was the continued expansion of digital sales. Overall digital revenue reached SEK4.87bn, representing an 8 per cent increase year on year. Digital channels accounted for 63 per cent of total revenue.

Retail sales, by contrast, declined by 6 per cent to SEK2.53bn. Revenue from restaurants and bingo halls fell 15 per cent to SEK310m.

These figures underscore the accelerating transition from physical distribution channels to online platforms. Investments in technology, user experience and digital infrastructure have been central to this shift. The company has described 2025 as a year marked by transformation in technology, organisation and corporate culture.

The strengthening equity ratio and improved operating margin further indicate that the digital pivot is contributing to financial resilience.

Leadership perspective and strategic objectives

President and CEO Anna Johnson commented on the company’s progress during the year. She stated: “2025 has been a year marked by investments in growth and a transformation of technology, organisation and culture to strengthen Svenska Spel and create long-term value. It has also been the first full year of our strategic goals: the gaming market’s most satisfied customers, healthy gaming and long-term sustainable growth – with progress in all areas.”

She further added: “Revenue is increasing, while both operating profit and operating margin are higher than the previous year. The equity ratio is strengthening and we are exceeding our financial targets.”

These remarks reflect a strategic emphasis not only on financial performance but also on customer satisfaction and responsible gambling. As a state controlled entity, Svenska Spel operates under a mandate that balances commercial objectives with public policy considerations.

Dividend proposal and outlook

The proposed dividend of SEK1.8bn signals confidence in the company’s financial position. The increase from SEK1.6bn in the prior year indicates that management considers the earnings growth sustainable within current market conditions.

Looking ahead, the company’s performance will likely depend on its ability to sustain digital growth, maintain regulatory compliance and adapt to evolving consumer preferences. The closure of Casino Cosmopol marks the end of an era for land based operations but also consolidates the company’s focus on scalable digital and lottery products.

While competitive pressures remain in the Swedish gambling market, Svenska Spel’s 2025 results suggest that its strategic realignment has thus far been executed in a financially disciplined manner.

Conclusion

Svenska Spel’s 2025 financial results present a picture of cautious but meaningful progress during a period of structural change. The company achieved higher net gaming revenue and improved profitability even as it completed its withdrawal from the land based casino sector. Growth in lottery products and digital gaming more than compensated for the closure of Casino Cosmopol and the decline in physical gaming machine revenue.

The expansion of digital sales to 63 per cent of total revenue demonstrates the effectiveness of ongoing technological transformation. At the same time, the company continues to emphasise responsible gambling and long term sustainability as core strategic pillars.

In a regulated market environment where public accountability is paramount, Svenska Spel’s balanced approach to growth, profitability and social responsibility appears to have strengthened its financial foundation. The proposed dividend increase and improved equity ratio further reinforce the impression of stability.

As the company moves forward without a land based casino presence, its future trajectory will depend on maintaining innovation in digital channels, preserving customer trust and aligning commercial success with its public mandate. The 2025 results indicate that Svenska Spel has, at least for now, managed this transition with measured effectiveness.

FAQs

What was Svenska Spel’s net gaming revenue in 2025?
Svenska Spel reported net gaming revenue of SEK7.69bn for the year ending 31 December 2025, reflecting a 2 per cent increase compared to the previous year.

How much did operating profit increase in 2025?
Operating profit rose to SEK2.54bn, with a 10 percentage point improvement in operating margin year on year.

Why did Casino Cosmopol close?
The closure formed part of Svenska Spel’s strategic decision to exit the land based casino market and focus on digital and lottery operations.

Which division generated the most revenue?
The Tur lottery division generated the highest revenue, reaching SEK5.26bn in 2025.

How did digital sales perform during the year?
Digital sales increased by 8 per cent to SEK4.87bn and accounted for 63 per cent of total revenue.

What happened to the Vegas gaming machine segment?
Revenue from Vegas gaming machines declined by 15 per cent to SEK310m due to stricter responsible gambling measures and a shift toward online play.

Did Svenska Spel propose a dividend?
Yes, the company proposed a dividend of SEK1.8bn, up from SEK1.6bn the previous year.

Who is the CEO of Svenska Spel?
The President and CEO of Svenska Spel is Anna Johnson.

How did the Sport and Casino segment perform?
The segment recorded revenue of SEK2.12bn, reflecting a 2 per cent increase driven by sports betting and online casino growth.

What are Svenska Spel’s strategic priorities?
The company has prioritised customer satisfaction, healthy gaming practices and long term sustainable growth as its main strategic objectives.