Sweden’s Svenska Spel has reported a 1% increase in net gaming revenue for the third quarter of 2026, supported by growth in sports betting, casino and lottery products. However, operating profit declined by 9% as the state-owned company increased spending on strategic initiatives focused on long-term growth.
The gambling operator reported a net gaming revenue of SEK 1.898 billion (€169 million) in the three months to September 30, up from SEK 1.874 billion a year earlier. Operating profit dropped to SEK 656 million from SEK 718 million, while the operating margin contracted to 35%.
Svenska Spel attributed the profit decline mainly to higher costs from investments in brand, AI and the transition to cloud-based services. These should improve the customer experience, increase operational efficiency and support sustainable growth.
“The positive trend continued in the third quarter, with growth and good profitability. This shows that our focus on sustainable growth is delivering results,” said Anna Johnson, CEO and President of Svenska Spel.
Oddset and Casino Drive Growth
Sport & Casino vertical saw the strongest growth during the quarter, with net gaming revenue increasing by 6% year on year to SEK 516 million. The performance was supported by higher customer numbers, an attractive sports betting offering and strong activity during the closing weeks of the football World Cup in July. Casino also had solid growth.
According to Svenska Spel, active customer numbers reached record levels during the quarter, with Oddset leading growth in the sports betting segment.
Johnson also highlighted the contribution of the company’s sports partnerships to its commercial performance, including its collaboration with the Swedish Football Association. Svenska Spel has extended its partnerships with Sweden’s top two ice hockey leagues, the SHL and SDHL, until 2031.
The company’s lottery, Tur, generated SEK 1.316 billion in net gaming revenue, up 1% year on year. Growth was driven mainly by Lotto and Triss, with increased visibility in retail outlets and the launch of a special 40th-anniversary Triss scratch card. Still, the Eurojackpot activity was lower than a year earlier due to the smaller jackpots.
Meanwhile, its Vegas brand continued to face pressure as customers shifted towards online gambling and the company worked with fewer commercial partners. Net gaming revenue fell by 15% to SEK 67 million.
Online Channel Accounts for 67% of Revenue
Despite competition from Swedish online casinos, Svenska Spel’s digital vertical continued to expand. Net gaming revenue from the channel increased by 4% to SEK 1.274 billion during the third quarter. Online accounted for 67% of group net gaming revenue, compared with 65% in the same period last year. Mobile gaming represented 59% of online revenue.
The shift towards digital channels was also reflected in the performance of retail agents and restaurant and bingo hall outlets, both of which recorded lower revenue.
For the first nine months of 2026, group net gaming revenue increased by 3% to SEK 5.741 billion, compared with SEK 5.562 billion in the corresponding period of 2025. Online revenue rose by 8% to SEK 3.837 billion.
Operating profit for January to September reached SEK 1.932 billion, up 2% year on year, while the operating margin remained unchanged at 34%.
The nine-month results exclude Svenska Spel’s former land-based casino business, Casino Cosmopol, which was discontinued in April 2025. The sale of the former Casino Cosmopol property in Stockholm was completed during the reporting period. The discontinued operation contributed SEK 288 million to the reported period, reflecting the gain on the property subsidiary’s disposal.
Brand Renewal and Responsible Gambling
Svenska Spel is also going through its largest brand renewal since the company was established in 1997. The project is intended to strengthen its position as customers’ preferred gambling operator through a refreshed visual identity, customer interactions and communications.
It also discussed its responsible gambling framework, claiming that all users are protected by its safer gambling measures. Despite an increase in customer numbers and revenue so far this year, Svenska Spel said it had not seen a bump in risky gambling. Investments in technology are intended to help identify early signs of gambling-related harm and enable the company to intervene earlier.
“We work continuously to provide a safe and secure gambling experience, including through investments in technology that make it possible to identify signs of risky gambling earlier and act when necessary.”
Svenska Spel also welcomed the Swedish government’s investigation into gambling among children and young adults, which is expected to examine gambling habits in both licensed and unregulated markets and propose measures to strengthen protections for younger consumers.
The company continued its support for Swedish sport during the quarter, and awarded 60 sports scholarships worth SEK 60,000 each in partnership with the Swedish Sports Confederation. It also extended its partnership with the Swedish Ski Association until 2032, covering all sports within the organisation.
Svenska Spel reported 132 million-krona prizes during the quarter, including 116 lottery prizes and 16 sports betting prizes. The largest was a Vikinglotto win of nearly SEK 200 million, a Swedish record for the game and the company’s largest prize awarded so far in 2026.
Finally, the company noted it would continue to work on its customer offering during the final quarter of the year, as it remains focused on sustainable growth, digital transformation and responsible gambling.
