Last week, Sweden’s Svenska Spel recapped its 2025 results. The state-run gambling operator issued its financial reports for Q4 of 2025 as well as the full-year review.
The statements showed higher net gambling revenue, improved operating profits, and an enhanced operating margin. With the stronger fiscal performance, the operator’s Board of Directors has also suggested a dividend of SEK 1.8 billion, up from the previous year.
Svenska Spel is a state-owned gambling operator that offers lottery, sports betting, online gambling, and poker products in Sweden. It holds a gambling licence and competes with other online casinos in the local sector.
“The end of the year is characterised by continued positive earnings development, and we exceeded our financial targets for 2025. The proposed dividend of SEK 1.8 billion is an important part of our contribution to society and reflects the Group’s long-term value creation,” said Anna Johnson, President and CEO of Svenska Spel.
Increase in Full-Year Revenues
For the whole of 2025, Svenska Spel reported that net gaming revenue rose to SEK 7,693 million, which was an increase of 2% when compared to 2024. Growth was driven by the Tur and Sport & Casino business areas, while revenue in the Vegas segment saw a small decline.
In the meantime, operating profit for the year reached SEK 2,539 million, or 10 higher from the previous year’s. The operating margin strengthened to 33%. Online sales continued to gain momentum and increased by 8% over the year.
Strong Fourth Quarter Performance
In addition to the full 2025 report, the operator also released data from its fourth quarter. During the quarter, the company saw continued momentum, with net gambling proceeds hitting 2,131 million. It was 2% increase from the same period last year. This was possible with strong product brands across lotteries, sports betting, and casino games.
Also, operating profit for the quarter increased by 16% to SEK 641 million. The operating margin improved to 30%, which reflected higher revenues and stable cost levels for the company.
Lotto Relaunch and Online Casino Boost Results
Within the Tur business area, net gaming revenue grew by 2% on a year-on-year basis. The relaunch of Lotto at the end of the previous quarter contributed to significant growth during the quarter, while sales of Triss Christmas calendars and seasonal scratch cards also improved.
Interest in Eurojackpot remained high among Swedish consumers. However, it was reported that revenues have fallen slightly compared with last year due to fewer high-jackpot draws and one fewer draw day during the quarter.
In the Sport & Casino segment, revenue also increased by 2%. Growth was primarily driven by the online casino vertical, while sports betting under the Oddset brand continued to develop positively due to higher customer activity. Overall, revenues remained in line with the previous year, partly compensated by a higher payout ratio.
Vegas Segment Faces Structural Challenges
Net gaming revenue in the Vegas business area declined by a concerning 9% compared with the fourth quarter of 2024. The segment continues to be affected by structural changes as more customers shift to online gaming, as well as by challenging economic conditions in the restaurant industry, which have reduced the number of business partners.
On this topic, Svenska Spel explained that it is in the process of addressing these challenges through measures focused on cost efficiency and cooperation with profitable partners.
Furthermore, the Group’s online business grew by 7% during the quarter and accounted for 62% of total revenue, up from 60% a year earlier, underlining the ongoing shift toward digital channels.
Major Wins and Support for Local Sports
During the fourth quarter, Svenska Spel paid out a total of 104 lottery wins of at least SEK 1 million, with a combined value of just over SEK 359 million. The largest prize was a Lotto Dream Win of approximately SEK 84.9 million. Meanwhile, sports and casino games generated 13 additional million-krona wins.
Also, for the thirteenth year in a row, Svenska Spel distributed SEK 35 million through its Gräsroten initiative. This way, it’s able to support youth sports and community associations across the country. In 2025, customers chose to support 8,784 associations representing 76 different sports.
Dividend Proposal and Key Events
The Board has also proposed a dividend of SEK 1.8 billion to be approved at the 2026 Annual General Meeting. During the year, Svenska Spel also signed an agreement to sell the former Casino Cosmopol property on Kungsgatan in Stockholm, with ownership transfer scheduled for March 3, 2026.
Casino Cosmopol in Stockholm was closed in April after a decision from the Swedish Parliament that land-based casinos will no longer be permitted from 2026.
Svenska Spel concluded the year by highlighting several product launches, including the debut of the new lottery Lyckoplatsen and the updated Lotto format. It also marked a record-breaking Eurojackpot win of SEK 1.25 billion, which was the largest ever in Sweden.
