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Svenska Spel struggles despite online, mobile gambling gains

svenska-spel-online-gambling-growth Mobile devices accounted for two-thirds of this digital slice, and mobile growth outpaced the overall digital number, rising 42% year-on-year. Svenska Spel’s mainstay lottery revenue was flat, while the land-based Casino Cosmopol and Vegas divisions had a rougher ride. The Vegas video lottery terminal business reporting revenue down by one-quarter as more and more customers shift their action online. Svenska Spel’s poor overall performance stands in stark contrast to local rival Betsson, who today announced a return to profitability thanks to strong World Cup betting action that appears to have passed Svenska Spel by. Investors might be questioning Svenska Spel’s future because, as of August 1, Sweden will begin accepting online gambling license applications from international operators ahead of the liberalized market’s official reboot on January 1, 2019. Svenska Spel, which has long chafed at its inability to offer an online casino to match its internationally licensed competitors, has been taking steps to bolster its digital offering.

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