Svenska Spel reports strong growth and higher dividend in 2025

Svenska Spel, Sweden’s state‑owned gaming operator, closed its 2025 financial year with higher net gaming revenue, improved profitability and a stronger operating margin compared with the previous year. Supported by solid performance in the final quarter of the year, the company’s board has proposed an increased dividend to the owner reflecting both financial strength and long‑term value creation.

The results come at a time of major structural change for the company and the Swedish gambling market. Sverige’s last land‑based Casino Cosmopol venue closed in April 2025 and land‑based casino operations were formally discontinued from the start of 2026, following a government decision to abolish this element of the gaming landscape.

Financial highlights for full year 2025

For the full 12‑month period ending 31 December 2025, Svenska Spel reported net gaming revenue of SEK 7.69 billion, equivalent to approximately €671 million, representing an increase of SEK 121 million or 2 percent compared with 2024. Operating profit rose by 10 percent year‑on‑year to SEK 2.54 billion, while the operating margin improved to 33 percent up from 31 percent in the previous year.

The improved operating margin reflects both revenue growth and disciplined cost control across the business. These results indicate that Svenska Spel navigated the shifting industry environment successfully while strengthening its core digital channels. The board’s proposed dividend of SEK 1.8 billion for the year, up from SEK 1.6 billion in 2024, is expected to be submitted to shareholders for approval at the forthcoming Annual General Meeting.

Growth across business segments

Svenska Spel reported growth across its main Tur and Sport & Casino divisions, with both business areas contributing to overall net gaming revenue increases in 2025. The Tur division, which includes traditional lottery products and Eurojackpot, benefited from sustained customer interest and new product offerings designed to attract a broader player demographic.

In the Sport & Casino segment, online casino delivered net revenue growth while the Oddset sports betting brand continued to attract higher customer activity. Although payout levels were slightly elevated, revenue from sports betting remained broadly in line with the year prior. Online channels accounted for an increased share of revenue during the period.

By contrast, the Vegas segment, which historically included physical gaming machine businesses, reported a decline in revenue as a consequence of structural changes in the market and the ongoing retreat from land‑based gaming. The relative weakness in Vegas was attributed to this transition and challenging conditions in the hospitality sector.

Quarter 4 performance reinforces annual trend

Svenska Spel ended the year on a positive trajectory with fourth quarter net gaming revenue of SEK 2.13 billion, an increase of 2 percent compared with the same period in 2024. This improvement was driven by a strong performance across lotteries, sports betting and online casino offerings.

Operating profit in the fourth quarter rose by 16 percent to SEK 641 million, supported by the revenue gains and largely stable operating costs. The operating margin for the quarter improved to 30 percent compared with 27 percent in Q4 2024, demonstrating an overall enhancement in operational efficiency.

The sustained growth across key games underscores the resilience of Svenska Spel’s core product brands and the continued shift toward digital gaming channels. Online gaming accounted for a larger share of the total revenue mix in the quarter than in the prior year, aligning with the broader industry trend toward digital consumption.

Strategic shift following casino closure

The closure of the final Casino Cosmopol venue in Stockholm in April 2025 marked the end of Svenska Spel’s land‑based casino era and reflected the broader regulatory shift in Sweden. Casino Cosmopol operations were reported as discontinued following the closure and have been excluded from continuing operations for financial reporting purposes.

The Swedish government’s decision to phase out land‑based casino operations from 2026 was supported by Svenska Spel. Management described the closures as part of a long‑term strategic realignment toward sustainable and digitally driven gaming operations. This strategic focus is intended to strengthen Svenska Spel’s competitive position in Sweden’s regulated market and ensure future revenue stability.

Management perspective on results and shareholder value

Anna Johnson President and CEO of Svenska Spel commented on the company’s performance and the proposed dividend, emphasizing that the group exceeded its financial targets for the year. In her remarks she highlighted the broader role of Svenska Spel in contributing to Swedish society and long‑term value delivery.

“The end of the year was characterised by continued positive earnings development and we exceeded our financial targets for 2025. The proposed dividend of SEK 1.8 billion to our owner is an important part of Svenska Spel’s contribution to society and reflects the group’s long‑term value creation.”

The proposed dividend represented an increase of SEK 200 million compared with the previous year’s dividend, demonstrating the board’s confidence in the company’s financial strength and future prospects. While the payout remains subject to shareholder approval, it aligns with Svenska Spel’s tradition of returning value to its owner and the wider Swedish community.

Large prize payouts and contributions to community initiatives

During the fourth quarter of 2025, Svenska Spel paid out 104 lottery prizes exceeding SEK 1 million each, with a combined value exceeding SEK 359 million. Among the winners was a Lotto jackpot prize of SEK 84.9 million the highest individual prize reported during the period. Additional substantial wins were delivered through the Stryktipset and Europatipset sports betting products.

Svenska Spel also continued its support for grassroots sport through the Gräsroten initiative which for the 13th consecutive year allocated SEK 35 million in funding to youth and amateur sports clubs across Sweden. In 2025 customers chose to support 8,784 clubs across 76 different sports demonstrating the broad reach and impact of the programme.

The social impact of these initiatives aligns with Svenska Spel’s mission of promoting responsible gaming and contributing positively to Swedish society, including financial support for local communities and national sporting activities.

Outlook for 2026 and beyond

Entering 2026 Svenska Spel is positioned with a clearer strategic focus following the exit from land‑based casino operations. The stronger online presence, improved profitability and disciplined financial management set a foundation for continued sustainable growth within Sweden’s regulated gambling market.

Management has reiterated its commitment to responsible gaming and long‑term value creation. As digital channels account for an increasing share of revenue, Svenska Spel’s strategy prioritises investment in customer experience technology sustainable products and regulatory compliance to maintain trust within Sweden’s gaming sector.

Conclusion

Svenska Spel’s performance in 2025 demonstrates the company’s ability to navigate a period of significant industry transformation while maintaining financial stability and growth. With net gaming revenue rising, operating profit improving and operating margins strengthening, the results underscore the resilience of its business model amid shifting player preferences and market dynamics. The closure of land-based Casino Cosmopol and the strategic pivot toward digital channels reflect a forward-looking approach, positioning the company to capture the growing online gaming market in Sweden.

The proposed dividend increase to SEK 1.8 billion not only signifies robust financial health but also highlights Svenska Spel’s commitment to delivering long-term value to its owner and contributing positively to Swedish society. Beyond financial metrics, the company’s sustained support for grassroots sports through the Gräsroten initiative illustrates its broader societal role, reinforcing its dedication to responsible gaming, community development and ethical operations within the regulated market.

As Svenska Spel moves into 2026, its strengthened digital presence, disciplined cost management and strategic focus on sustainable growth provide a solid foundation for continued success. By balancing commercial objectives with social responsibility, the company exemplifies a modern gaming operator that integrates profitability, innovation and societal contribution. The 2025 results reflect not only a year of achievement but also a clear trajectory toward long-term stability and enduring value for stakeholders across Sweden.

FAQs

What was Svenska Spel’s net gaming revenue in 2025?
Svenska Spel reported net gaming revenue of SEK 7.69 billion in 2025 a 2 percent increase over the previous year.

Why did Svenska Spel propose a higher dividend for 2025?
The board proposed a higher dividend of SEK 1.8 billion reflecting stronger financial results and long‑term value creation for the owner.

How did online gaming perform for Svenska Spel in 2025?
Online gaming accounted for a rising share of revenue and showed continued growth compared with the prior year.

What happened to Casino Cosmopol operations?
Casino Cosmopol’s last venue in Stockholm closed in April 2025 and land‑based casinos were discontinued from 2026.

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

Which business segments showed growth in 2025?
The Tur lottery and Sport & Casino segments reported revenue growth in the year.

Why did the Vegas segment decline?
Revenue declined in the Vegas segment due to structural market changes and weaker conditions in the hospitality sector.

What community programme does Svenska Spel support?
Svenska Spel supports the Gräsroten programme funding youth and grassroots sports in Sweden.

How did fourth quarter profitability change in 2025?
Operating profit for the fourth quarter rose by 16 percent and margin improved compared with the same period in 2024.

What strategic focus does Svenska Spel have for 2026?
Svenska Spel plans to prioritise online growth responsible gaming and sustainable long‑term value creation.