Svenska Spel online revenues up 20% as CEO departs
Group NGR slips 3.9% on higher operational costs and a slump in gambling machine revenues
Swedish monopoly Svenska Spel reported a 20% increase in online gaming revenues for Q2 2018, with mobile up 42% year on year.
However, group NGR decreased 3.9% to SEK 2082m (£179.3m) on a 24% drop in gambling machine revenues.
Group operating profit slipped 11.4% to SEK 975m (£83.9m) with a margin of 19.1% down 2pp on the previous year.
CEO Lennart Käll also attributed lower group revenues to higher operating costs associated with preparations for new regulations and GDPR compliance.
Within the report, Käll announced today was his final day at the company after seven years.
Käll will be replaced by Patrik Hofbauer in December, while current CFO, Marie Loob, will stand in as the interim CEO.
“My mission was to clarify and strengthen the gaming experience and gaming responsibility,” Käll wrote in a blog post.
“I’m more than proud of what we have achieved. Svenska Spel has made a fantastic trip during these seven years.”
In preparation for the upcoming regulation in Sweden, the operator has been divided into three business areas separating sports and casino from lottery and the retail side of the business.
Svenska Spel recently signed a deal with Evolution Gaming to integrate its live casino portfolio into the operator’s new casino vertical.