Svenska Spel Reports Record Quarterly Results and Strong Gaming Growth

Svenska Spel, Sweden's state-owned gambling operator, has reported a remarkable second quarter in 2026. With a net gaming revenue (NGR) of approximately €175 million (SEK1.96bn), the company achieved its strongest performance since the re-regulation of the Swedish gambling market in 2019. The 7 percent year-on-year growth demonstrates that the company's strategy is paying off, particularly through a focus on customer offerings and digital channels.

The FIFA World Cup significantly contributed to this success by boosting sports betting activity and overall customer engagement. Svenska Spel has substantially increased its customer base and new registrations, indicating a successful adaptation to market conditions.

Numbers and facts

Svenska Spel's Gross Gaming Revenue (GGR) for Q2 2026 surged to approximately €175 million (SEK1.96bn), a 7 percent increase compared to the same period last year. Operating profit climbed even higher, up 13 percent to around €55 million (SEK617m). The operating margin improved from 30 percent to 31 percent. For the first half of 2026, NGR rose 4 percent to about €343 million (SEK3.84bn), and operating profit increased 8 percent to approximately €114 million (SEK1.28bn). These figures exclude the discontinued land-based casino operations following the closure of Casino Cosmopol in April 2025. The number of employees was also reduced from 861 to 841.

Anna Johnson, President and Chief Executive Officer of Svenska Spel, commented on the development: > “We have a clear focus on more customers choosing Svenska Spel, and the development during the quarter shows that our priorities are having an effect. We continue to create sustainable growth by improving the customer offering, developing the gaming experience and strengthening our product brands. The focus on casino is an example of how Svenska Spel is strengthening its customer offering. During the quarter, the company has improved the customer experience, expanded functionality and launched clearer customer communication. Together, these efforts contribute to a more attractive and competitive offering.”

The Lottery segment saw a 7 percent increase in NGR to about €120 million (SEK1.34bn), supported by Eurojackpot and Lotto. Eurojackpot benefited from a high jackpot in May, which led to a monthly revenue record. The Sports and Casino segment grew 11 percent to approximately €49 million (SEK552m), with sports betting revenue up 135 percent in June. Active customers increased by 36 percent in Q2, and new registrations surged by over 340 percent compared to June 2025.

Digital channels are increasingly dominant: online revenue grew 14 percent in Q2 and accounted for 67 percent of total NGR. Mobile contributed 58 percent to NGR. Channelization, the share of the legal market, is estimated at around 84 percent in Sweden. In sports betting, this figure is even higher, between 92 and 96 percent. It is estimated that the black market in Sweden still generates revenues of about €321 million to €652 million (SEK3.6bn to SEK7.3bn). Only the Vegas segment showed weakness, with a 16 percent NGR decline to approximately €6 million (SEK69m).

Background

Svenska Spel's figures demonstrate that a state-controlled provider can also be successful in a regulated market. Since the 2019 re-regulation, which opened up the Swedish gambling market and introduced stricter regulations, the company has strategically repositioned itself. Anna Johnson stressed the importance of sustainable growth and player protection: > “We are proud of the results during the first half of the year. At the same time, we are aware that the quarter has been characterised by favorable external factors, not least the World Cup, and that continued sustainable growth will require at least as much focus and execution power going forward. Therefore, we continue to focus on ensuring that more customers choose Svenska Spel through an improved customer offering and unique gaming experiences. We want to create gaming joy with care. This means that our gaming responsibility is a natural and integrated part of how we develop our offering. I would like to extend a big thank you to all our employees for the commitment you put into bringing gaming joy to our customers every day. These efforts make it possible to create long-term value and to continue to give back for Swedish sports and for all of Sweden.”

This development contrasts with older reports that previously highlighted challenges for Svenska Spel. For example, in June 2022, there were discussions about a potential split of Svenska Spel, and a legal dispute between Svenska Spel and BOS (the Swedish trade association for online gambling) was pending before the Supreme Court of Sweden. However, these current quarterly results show a clear positive turnaround for the company.

Why it matters for German players

For German players looking to engage in legal online gambling, developments in regulated markets like Sweden offer important insights. The Swedish market demonstrates that a combination of clear rules, player protection measures, and attractive offerings can be successful. In Germany, the State Treaty on Gambling 2021 (GlüStV 2021) is the central regulatory framework. It aims to strengthen player protection while curbing the black market.

The Joint Gambling Authority of the Federal States (GGL) is responsible for regulating and licensing online gambling providers. German players can find only trustworthy casinos on the GGL's whitelist, which adhere to strict requirements. These include a deposit limit of a maximum of 1,000 euros per month and a stake limit of one euro per spin for online slots. Furthermore, the cross-state self-exclusion system LUGAS monitors compliance with these limits and ensures the exclusion of banned players. While Svenska Spel benefited from the World Cup, GGL-licensed casinos do not have such opportunities. The clear focus is on the pure gaming experience.

What it means for GGL-licensed casinos

Svenska Spel's success strategy, which focuses on improved customer offerings and digital channels, is also relevant for GGL-licensed casinos in Germany. An attractive and securely designed gaming environment is crucial to win back players from the illegal black market. The high channeling rate in Sweden, especially for sports betting, proves that players are willing to use legal offerings if they are appealing and trustworthy.

For GGL-licensed casinos, this means continuously working to improve their offerings, despite regulatory restrictions such as the 1-euro limit and the monthly deposit limit. Transparent communication and a strong focus on player protection are not only mandatory but also an important unique selling point to distinguish themselves from dubious providers without a German license and to survive in the market long-term. Adapting to mobile devices is also a must, as the trend towards mobile gaming remains unbroken in Germany.