Swedish gaming company Svenska Spel releases its interim report for 2023, announcing a divine payout of $181 million in dividends.
Sweden's Svenska Spel Reports Q4 Results and Future Changes
Svenska Spel, the Swedish state-owned gambling company, has released its Q4 results for 2023, highlighting both achievements and challenges.
The company recorded a net revenue of SEK 8,029 million ($766 million) for the year, a 3% year-on-year decline, with Q4 net gaming revenue standing at SEK 2,121 million ($202 million). However, the quarterly operating profit saw a 16% decrease, reaching SEK 485 million ($46 million).
The decrease in Q4 results was primarily attributed to a 25% drop in the income of the Casino near me Cosmopol and Vegas segment. As a result, Svenska Spel announced the layoff of 220 full-time positions at Casino near me Cosmopol in Q4, including roughly 100 redundancies.
Despite these challenges, the company's focus on sustainable gambling continues to yield positive results. The number of sustainable customers in Svenska Spel is at its highest level ever, and the share of healthy revenue also increased to an all-time high in Q4.
Svenska Spel's president and CEO, Erik Strand, praised his team for their dedication to sustainable gambling, stating, "I am proud of the work we have done to promote responsible gaming and ensure that our customers enjoy a safe and enjoyable experience."
In an effort to further enhance its offerings, Svenska Spel selected Kambi as its new sportsbook provider, strengthening the Oddset brand. The company also launched a new poker platform and Momang - a new online casino near me - under its Sports & Casino segment.
Looking ahead, Svenska Spel plans to close its casinos near me in Malmö and Gothenburg to face ongoing financial challenges. The Swedish state, as the owner of Svenska Spel, plans to pay a dividend of 1.9 billion Swedish Krona in 2023, with the company's board intending to distribute a SEK 1.9 billion ($181 million) dividend as well.
In other news, Svenska Spel's chief expressed his disagreement with the ban on online gambling advertising in public transport, arguing that such restrictions hinder the company's ability to responsibly promote its services.
Finally, Svenska Spel continues to support youth sports through its Gräsroten initiative, paying SEK 35 million to 8,654 associations in 2023. The Tur brand also launched Supportern, a digital lottery for Swedish sports associations.
As Svenska Spel moves forward, it remains committed to promoting responsible gambling, enhancing its offerings, and supporting the Swedish community.
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