Svenska Spel reports Q1 margin growth after Casino Cosmopol closure

Svenska Spel has reported higher first-quarter operating profit after restructuring measures tied to the closure of its land-based casino business lowered costs and improved margins.

Operating profit rose 4% to SEK 659 million ($72.5 million) in the first quarter, while its operating margin increased to 35% from 34%.

The earnings improvement followed operational changes made in 2025 linked to the closure of Casino Cosmopol properties. The sale of the company’s Stockholm property completed Svenska Spel’s withdrawal from land-based casino operations, and Casino Cosmopol is no longer included in continuing accounts.

Net gaming revenue reached SEK 1.88 billion ($206.8 million) in Q1, up 2% year over year, with the state-owned company reporting stable trading conditions during the period.

Svenska Spel said higher customer activity supported performance across its core business segments.

Lottery products and the Oddset sportsbook contributed to revenue growth during the quarter, along with continued momentum in online casino.

The Tur lottery division remained the company’s largest revenue contributor, generating SEK 1.25 billion ($137.5 million), while Sport & Casino delivered SEK 565 million ($62.2million).

Anna Johnson, Chief Executive Officer of Svenska Spel, said the company opened 2026 with results that tracked market growth.

“The first quarter is characterised by increased net gaming revenue, improved operating profit and a strengthened operating margin, driven by our strong product brands such as Lotto and Oddset. It is positive that the year begins with growth in line with the market, supported by higher customer activity and engagement,” said Johnson.

“At the same time, we continue to develop our offering and strengthen our role in Swedish sport. Our engagement contributes value both to sport and to our business,” she added.

Johnson said 2026 also represents a 40-year milestone for Svenska Spel’s brands and partnerships.

Svenska Spel contributes about SEK 300 million ($33 million) annually to Swedish sports, with events including the Winter Olympics and football qualifiers generating engagement across its betting portfolio.

Going forward, the operator said it plans to focus on technology modernization, customer experience improvements, and a multi-channel offering.