Monthly Archives: February 2018

Svenska Spel’s 2017 revenue slips despite online, mobile surge

Sweden’s state-run gambling monopoly Svenska Spel reported negative growth in 2017 despite surging online and mobile gambling activity.

Figures released this week show Svenska Spel generating revenue of SEK 2.48b (US$307.7m) in the three months ending December 31, 2017, a modest 1.4% year-on-year increase, although profit fell 2% to SEK1.275b. The picture was much brighter in the online realm, where revenue increased 25% and mobile revenue shot up 59%.

The full-year 2017 figures present a similar split, with overall revenue flat at SEK8.98b while profit fell 3.2% to 4.7b. But online revenue improved 18% and mobile revenue shot up 49%. Online’s share of 2017’s total revenue rose four points to 25%, with mobile’s share rising five points to 15%.

Svenska Spel credited the digital gains to a new pool betting product, Oddset Challenge, a new mobile poker platform and a nearly 300% rise in the number of live betting markets in December compared to the same month in 2016. The addition of two new online payment channels also didn’t hurt online adoption.

LeoVegas celebrates record results after acquisition spree

Swedish mobile casino operator LeoVegas boosted its Q4 revenue by two-thirds while positioning itself for entry into a regulated German online gambling market.

On Wednesday, LeoVegas reported revenue rising nearly two-thirds to €67.8m in the three months ending December 31, although earnings fell 39% to €6.1m and operating profit dipped 78% to €2.1m, which the company blamed on costs associated with its October acquisition of UK-facing online casino operator Royal Panda.

For 2017 as a whole, revenue was up 43% to €217m, adjusted earnings rose 31% to €27.9m and operating profit improved 36.3% to €19.9m. The new year has also reportedly begun well, with January’s gaming revenue hitting €24.8m, up 76% from the same month last year.

LeoVegas CEO Gustaf Hagman hailed the Q4 results as “one of our best quarters ever, with very strong underlying growth” of 82%, while the number of new depositing customers was up 50% to a record 128,409.

Poker Players Alliance bids farewell to John Pappas, mulls new sports betting focus

The Poker Players Alliance (PPA) lobby group is bidding goodbye to its longtime leader while looking to broaden its scope to include sports betting advocacy.

On Wednesday, the PPA announced that executive director John Pappas would be stepping down at the end of February. Pappas’ role will be assumed by PPA VIP Rich Muny, while Pappas will remain on the PPA board and will continue to serve in a strategic advisory capacity.

As the PPA’s front man for the past decade, Pappas (pictured) became a fixture at online gambling hearings in both state and federal legislatures. But the PPA is “adjusting to a significant reduction in financial support from the internet gaming industry,” and Pappas told GamblingCompliance that this funding shortfall meant that “I am unable to continue on in my current capacity.”

According to the OpenSecrets.org database, the PPA’s lobbying outlay fell to record lows in the past two years. The international online gambling operators who provided most of the PPA’s funding sharply curtailed their donations following the 2011 ‘Black Friday’ online poker indictments and this decline appears to have accelerated rapidly after 2015.