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.