Swedish Gaming Companies See Growth in Total Gaming Revenue in Q2

Article by : Milena Petrovska Sep 12, 2024

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The Swedish Gambling Authority (Spelinspektionen) has published its Q2 revenue report. According to it, gambling operators with a Swedish license had a total turnover of SEK 6.9 billion, a 2.8% YoY increase.

Online gambling and sports betting operators were the main contributors. They reported a total revenue of SEK 4.5 billion, a 9.2% increase compared to Q2 of 2023.

Q2 Compared to Q1 – Revenue and Biggest Contributors

Spelinspektionen’s report shows that revenue in Q2 was SEK 222 million higher than in Q1. In terms of the biggest contributors, online gambling and betting companies generated SEK 4.28 billion in Q1, which is almost SEK 300 million less than in Q2.

Slots and state lottery games were the second biggest revenue generators in both Q1 and Q2. In Q2, these games generated SEK 1.29 billion, a small decrease from Q1 (SEK 1.35 billion). The statistics show that games for public purposes and national lotteries generated SEK 893 million in Q2, which is SEK 43 million more than in Q1 but SEK 3 million lower than in Q2 of 2023.

Bingo halls and community games generated SEK 52 million in Q2 (identical to Q2 2023), while the first quarter of 2024 generated SEK 50 million. Interestingly enough, this sector’s revenue was SEK 50 million in Q1 of 2024, as well as in Q3 and Q4 of 2023.

Land-based gambling operators with a license from Spelinspektionen generated SEK 56 million in Q2, which is SEK 4 million higher than in Q1 and SEK 3 million higher year over year.

Svenka Spel’s subsidiary, Casino Cosmopol, generated SEK 33 million in Q2, 32 million lower than Q1 (SEK 65 million) and a major decline from Q2 of 2023 (SEK 126 million).

Annual Revenue Has A Chance to be Higher Than 2023

The revenue in the second quarter of 2024 was SEK 187 million higher than in Q2 2023. In addition, the revenue in Q1 2024 was SEK 6.67 billion, almost SEK 100 million more than in Q1 2023 (SEK 6.58 billion).

Thanks to the great first half of 2024, some predict that the annual revenue of gambling entities licensed by the Swedish Gambling Authority might be higher than in 2023. That would be a major achievement, considering that the 2023 revenue was the highest since 2014.

SGA Tracking Results and Issuing Warnings

During the summer months, Spelinspektionen has been quite active in ensuring the safety of the country’s gambling environment.

At the end of August, the regulator issued a warning and a SEK 20,000 fine to IF Björklöven after an inspection proved that the entity didn’t meet the technical requirements of the Gambling Act and the authority itself.

Four days later, AB Svenska Spel and two bingo associations suffered the same fate. AB Svenska Spel offered so-called Vegas slot machines without the necessary license. As such, SGA issued it a warning and a SEK 2 million fine.

VGIF Lotteriförening and Bingoringens Umbrella Association were found guilty of offering bingo games without the necessary license. In addition to receiving a warning, they were fined SEK 700,000 and SEK 300,000, respectively.