International edition
June 23, 2021

It attributed them to the introduction of online poker

Swedish Svenska Spel reported strong results

(Sweden).- Swedish state-owned monopoly Svenska Spel has announced first quarter profits of 157 million euros, a 22 per cent increase on the same period last year. Net revenue for the company increased by over 12 per cent, to 260.3 million euros for the quarter.

T

he company attributed the results to the introduction of online poker, which was launched in March last year, and bolstered by a recovery in its restaurant gaming division which suffered as a result of the country’s smoking ban last summer.

Svenska Spel CEO Jesper Karrbrink, discussing the results, commented: "We are happy to have now regained some of the previously lost market share. Being able to deliver such a good result in the face of fierce competition, while at the same time being a world leader in socially responsible gaming is very satisfying.”

"The poker license shows how important it is to have a modern licensing system which enables us to continue providing gaming services to those that want it, in a safe and responsible environment. If the gaming market is not changed dramatically, or if we don't get new licenses allowing us to meet the demands of the market for “fast games”, the continued work will be challenging.” He added.

In further Swedish gaming news, online betting exchange, casino and poker operator Redbet Holding has acquired Teletoto holder of the only state sanctioned National Gaming License for both retail bookmaking and online gaming in Lithuania.

The Swedish gaming company will purchase a 98 per cent of Teletoto Ltd shares through a new share issue valued at 1.55 million euros. "This acquisition provides Redbet with a strong position in the fast growing Baltic gambling market” said Redbet CEO Jonas Sundvall.

The acquisition will also enable Redbet to locate certain operative functions to Lithuania in order to benefit from reduced operating costs.

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