Svenska Spel revenue drops 11% due to COVID-19
Svenska Spel has reported an 11% year-on-year net gaming revenue decraese of SEK 7,674 m. Operating profit of SEK 690 m, is a decrease compared with the same quarter last year.
We have good profitability for the Group and strengthen the operating margin for both the quarter and the full year 2020, despite the fact that our physical casinos have been closed for three quarters. As in the previous quarter, revenues for our Sport & Casino and Tur business areas are increasing.
This shows strength and stability that two out of three business areas deliver growth despite the fact that they are also affected by covid-19 in the form of temporary gaming responsibility measures and reduced sales in stores, says Patrik Hofbauer, President and CEO of Svenska Spel.
The Group’s net gaming revenues for the fourth quarter are SEK 2,128 million, which is eight percent lower than the same quarter last year.
This excludes a non-recurring income corresponding to the quarter last year, which provides a fairer comparison. Net gaming revenue for the Sport & Casino business area increased by ten percent compared with the same quarter last year, excluding non-recurring revenue, and the Tur business area increased by three percent. The Casino Cosmopol & Vegas business area decreases by 62 percent.