The Swedish gaming industry reported strong financial results for the second quarter of 2024, with a 6.4% increase in turnover compared to the same period last year.
According to data from the Swedish Gambling Authority Spelinspektionen, gaming companies with a Swedish license had a total turnover of 6.9 billion Swedish kronor (602 million euros). This growth was primarily driven by commercial online gaming and betting, with tonight's turnover reaching 4.5 billion Swedish kronor (392 million euros), a 9.2% increase year-over-year.
Svenska Spel contributed more than a quarter of the total turnover for the second quarter
The official Swedish gambling industry Svenska Spel reported a decline in net gaming revenue for the second quarter of 2024, with reported revenues of 1.872 billion Swedish kronor (163 million euros). Despite a 5% decrease compared to 2023, it still accounted for more than a quarter of Sweden's total revenue turnover. This decline was attributed to reduced casino activities and the company's enhanced responsible gambling measures. Despite the revenue decline, Svenska Spel's operating profit grew by 17%, reaching 640 million Swedish kronor. Online sales significantly increased, contributing 59% of the company's total revenue, while the lottery sector grew by 3% under strong Eurojackpot results.
Most importantly, Svenska Spel stated that 93.2% of the company's revenue in the second quarter of 2024 came from "healthy revenue," i.e., from tax-paying gambling and gambling with lower risk of gambling problems customers.
Despite tax increases, the market continues to grow
On July 1, 2024, Sweden will raise the gambling tax rate from 18% of gross gaming revenue to 22%. Major stakeholders, including the Swedish Online Gambling Trade Association (BOS), have warned that the tax burden could push players towards unlicensed operators and potentially affect gambling revenue.
