Svenska Spel reports stable Q1 results in “troubled times”

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Svenska Spel reports stable Q1 results in “troubled times”

By Owain Flanders

Svenska Spel saw Q1 2020 revenue of SEK 2.05bn ($207m), which is consistent with the same quarter of 2019.

Operating profit was SEK 701m, up 35% year-on-year.

The Swedish operator saw its digital business grow 13% compared with 2019, which now accounts for 41% of the company’s total revenue.

The period has seen decreased sales of physical lottery tickets by agents, as a result of fewer customers visiting shops and stores.

The cancellation of sporting events has also impacted the operator’s sport and casino segment, which saw a decrease of 1% for the quarter.

Svenska Spel said land-based casinos have been the most affected, after March saw “a dramatic reduction in the number of guests at physical casinos.”

All four of the operator’s casinos in its Casino Cosmopol and Vegas business area were closed on 29 March, with short-term work introduced for more than 800 of the 900 affected employees.

Patrik Hofbauer, president and CEO of Svenska Spel, said: “Svenska Spel, like many other companies and organisations, has quickly been forced to adapt to a new reality with the effects of the coronavirus. 

“We have therefore implemented measures to ensure a sustainable business, and we have done so with the utmost care about our customers and employees.

“Our hope is to be able to quickly switch to full operations when the situation turns around.”

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