Svenska Spel Q2 Growth Driven by World Cup

Svenska Spel, the Swedish state-owned gambling operator, recorded its strongest second quarter since the country’s gambling market was re-regulated in 2019. For the three months ending June 30, 2026, the group posted net gaming revenue of SEK 1.96 billion (£151.2m), a 7% increase year-on-year and a 4% rise over the previous quarter. Operating profit rose 13% to SEK 617 million, with the operating margin improving from 30% to 31%.

The operator attributed much of this growth to heightened customer activity, particularly linked to lotteries, sports betting, and casino games. Anna Johnson, President and CEO of Svenska Spel, noted: “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.”

As stated in Svenska Spel’s press release, Eurojackpot and Lotto were highlighted as major drivers, with Eurojackpot setting a new monthly revenue record in May. Sports and casino revenue combined increased 11% to SEK 552 million, buoyed by World Cup-related betting activity. June alone saw sports betting revenue surge 135% year-on-year, accompanied by a 36% increase in active customers and more than a 340% rise in new registrations compared to June 2025.

Strategic Partnerships Enhance Visibility

Svenska Spel’s growth during the quarter was also supported by its long-standing partnerships with Swedish sports organizations. The company collaborated closely with the Swedish Football Association (SFA) during the World Cup, leveraging high-profile matches to engage customers. As reported by SBC News, Johnson said: “The last month of the quarter was marked by the World Cup, which demonstrated the power of football to bring people together.”

In addition to football, Svenska Spel extended and expanded its partnership with the Swedish Ski Association through 2032. The agreement now encompasses all sports within the association and includes a greater focus on elite athlete development. Johnson emphasized that such partnerships strengthen the company’s visibility and simultaneously contribute to the value of sports throughout Sweden.

While the quarter was strong overall, Svenska Spel’s Vegas business saw a 16% decline in net gaming revenue to SEK 69 million, reflecting continued consumer migration from physical casinos to online platforms. The company’s online segment grew 14%, accounting for 67% of total group revenue, with mobile gaming representing 58%.

The company also maintained efforts to enhance the casino experience, improve customer communication, and expand functionality. These steps form part of a broader strategy to remain competitive amid stricter regulations, rising taxes on gross gaming revenue, and a growing black market, estimated at SEK 3.6–7.3 billion. Sports betting channelisation rates remain high, currently around 92–96%, which has helped capture interest during major tournaments like the World Cup.

Outlook and Continued Focus

For the first half of 2026, Svenska Spel posted net gaming revenue of SEK 3.84 billion, up 4% from the prior year, while operating profit increased 8% to SEK 1.28 billion. Johnson concluded: “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.”

She emphasized a commitment to enhancing the customer offering, creating unique gaming experiences, and maintaining responsible gaming practices as part of the company’s long-term strategy.