Sweden’s gaming industry growing 6.4% in Q2 2024

Garance Limouzy September 10, 2024

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Sweden’s gaming industry growing 6.4% in Q2 2024

In Sweden, the gaming industry has reported robust financial results for Q2 2024, with a 6.4 percent increase in turnover compared to the same period last year.

According to data from the Swedish Gambling Authority, Spelinspektionen, the total turnover for gaming companies with a Swedish licence reached SEK 6.9 billion (EUR 602 million). This growth was primarily driven by commercial online gaming and betting, which posted a turnover of SEK 4.5 billion (EUR 392 million), a 9.2 percent year-on-year rise.

Svenska Spel contributed over a quarter of Q2?total turnover

Svenska Spel, Sweden’s state-owned gambling giant, faced a slight decline in net gaming revenues during Q2 2024, reporting SEK 1.872 billion (EUR 163 million). This accounts for over a quarter of Sweden’s total turnover, despite representing a 5 percent drop from the same period in 2023. The decline was attributed to reduced casino activity and the company’s strengthened responsible gaming measures. Despite the revenue dip, Svenska Spel grew its operating profit by 17 percent to SEK 640 million (EUR 56 million). Online sales saw a notable increase, contributing 59 percent of the company’s total revenues, while the lottery division, led by strong Eurojackpot results, experienced a 3 percent rise.
Most importantly, Svenska Spel stated that it generated 93.2 percent of its corporate income from “healthy revenues” during Q2 2024 trading, meaning from customers who gamble responsibly and present a low risk of problem gambling.

Market growth despite tax increase

On July 1, 2024, Sweden increased the gambling tax rate from 18 percent to 22 percent of gross gaming revenues.
Major stakeholders, including the Swedish Trade Association for Online Gambling (BOS), have warned that the higher tax burden may drive players to unlicensed operators and could impact gambling revenues.