Sweden’s state-owned gambling giant, Svenska Spel, has reported a solid start to the 2026 fiscal year, where, in its Q1 results, the operator revealed a 2% year-on-year revenue increase, with net gaming revenue rising from SEK 1.85 billion to SEK 1.88 billion ($204.4 million).
The Digital Shift Continues
The growth was fueled primarily by the company’s online operations, which saw revenue climb by 7%. Online play now accounts for a massive 67% of total revenue, up from 63% during the same period in 2025. Key vertical drivers included the Lotto segment, the Oddset sports betting brand, and the online casino division.
Svenska Spel CEO Anna Johnson expressed confidence in the company’s trajectory in Q1:
“We have high ambitions for 2026 and one of our priorities is sustainable growth with a focus on our strong products. It is therefore positive that the year begins with growth in line with the market, with the product brands as the driving force.”
Segmental Performance and Efficiency
While the Sport & Casino segment grew by 3%, the retail-focused Vegas business segment faced a significant 17% decline. Management noted that this drop reflects a broader consumer trend toward digital environments. To combat this, the company is intensifying its focus on cost efficiency and identifying more profitable business partners for its land-based assets.
The group’s overall operating profit rose by 4% to SEK 659 million ($71.7 million), resulting in a healthy operating margin of 35%. This financial stability allows Svenska Spel to continue investing in product innovation, particularly on its digital platforms, as it seeks to maintain its market-leading position in the face of stiff private competition.
