Svenska Spel Q2 2025 profits drop as tax bite deepens
Sweden’s gambling reforms are beginning to bite, and Svenska Spel’s Q2 2025 results show exactly where. While the group maintained stable revenue, its profits dropped sharply under the weight of rising taxes and tighter controls. Operating profit fell by 17 percent, despite net gaming revenue holding steady at SEK 1.839 billion (158 million). The results reflect a broader shift: regulation is no longer just shaping the market, but also reshaping business models.
At first glance, the headline figure from Svenska Spel Q2 2025 might suggest calm waters. But under the surface, operational margin has narrowed from 36 percent to 30 percent, and net profit from continuing operations has dropped by almost 31 percent, down to SEK 345 million (30 million). The reason? Tax.
The government’s gambling tax hike from 18 to 22 percent, introduced in July 2024, is now biting into the bottom line. Although the increase officially takes effect from Q3 onwards, Svenska Spel’s Q2 2025 financials already reflect its impact. The group made advance tax provisions and recalibrated its cost base in anticipation of the new fiscal regime, both of which dragged on quarterly profit. The increase translates to an estimated SEK 74 million (6.3 million) in additional tax burden for the quarter alone, which aligns with the group’s SEK 113 million (10 million) drop in operating profit.
A full breakdown is available in the , which highlights Eurojackpot growth, Oddset momentum, and the final wind-down of Casino Cosmopol operations.
Digital channels steady the ship in Svenska Spel Q2 2025
Despite the drop in profit, Svenska Spel remains anchored by its ongoing digital transition. In Svenska Spel Q2 2025, online revenue rose by 5 percent, now accounting for 62 percent of total group revenue.
This shift continues a long-term strategic pivot. With all land-based 바카라 activity now fully exited following the April closure of Casino Cosmopol in Stockholm, the company is doubling down on regulated online growth.
Digital lottery, sportsbook, and jackpot products are filling the gap. Lotto and Eurojackpot posted small but steady growth, with events like the Ice Hockey World Championship nudging up engagement.
At the same time, retail products, such as Vegas slots, saw a 13 percent revenue drop, reflecting both reduced machine placements and the impact of stricter responsible gambling regulations. Svenska Spel is consciously limiting exposure in high-risk verticals, a move that earns long-term trust but puts short-term profit under pressure.
These performance shifts reflect more than just product-level decisions. This isn’t just a strategic redirection; it’s the system bending to rules that weren’t written in-house. This operational shift is not just strategic, it’s structural. As retail fades and digital takes the lead, Svenska Spel’s business is undergoing a rebuild. Part strategy, part state direction. As regulatory decisions catch up with industry trends, the closure of physical 바카라s signals more than just cost-cutting measures. It marks a permanent change in how gambling is offered in Sweden.
The trend isn’t unique to Svenska Spel. In Q1, both it and ATG reported stable revenues, but faced rising regulatory costs and tightening compliance demands, a theme that is now extending into Q2. That pressure is reshaping not just operations, but identity. Svenska Spel is no longer a hybrid operator. It’s a digital one by mandate.
A new chapter, but with fewer cards in hand
Svenska Spel Q2 2025 marks a symbolic turning point. With the land-based 바카라 era now closed, the operator’s structural identity is fully digital. No new licences for physical 바카라s will be granted in Sweden. The state has made its position clear. Gambling is moving online, or not at all.
That presents an opportunity, but also a risk. The fixed costs of physical venues are gone, but so too is the cultural and financial capital of Casino Cosmopol, once a high-profile draw for tourists and locals alike. The group has avoided major shocks in top-line performance, but whether its Svenska Spel Q2 2025 resilience continues depends on three things: digital innovation, player retention, and regulatory clarity.
Competing with the unlicensed underworld
As Svenska Spel tightens compliance, a familiar challenge returns to the unlicensed market. Sweden’s channelisation rate, the percentage of gambling activity occurring through licensed operators, remains below target, fluctuating between 68 and 81 percent.
Many unlicensed operators, based offshore, still target Swedish players with slick user experiences, bigger bonuses, and looser restrictions. Unlike Svenska Spel, these operators are not bound by Sweden’s strict rules on advertising, tax, or responsible gambling.
The tighter the grip on licensed sites, the more likely players are to slip through, straight into the grey spaces regulators can’t reach. This is especially true for younger demographics. Without access to physical 바카라s, and with increased friction online, some may look elsewhere and elsewhere often means offshore.
The pressure on licensed operators is not just financial. It’s both legal and procedural. In June, the Swedish Administrative Court overturned a duty-of-care fine issued to Svenska Spel, reversing a high-profile enforcement case. It’s a reminder that regulatory expectations don’t always match legal reality. Even robust compliance can end up in the courtroom. For licensed operators, it adds yet another layer of risk to an already complex enforcement environment.
Sustainability comes at a cost
One constant across Svenska Spel Q2 2025 is the group’s ongoing investment in sustainability. Responsible gambling measures, player satisfaction tools, and ESG commitments are not just marketing lines; they’re built into the business model.
CEO Anna Johnson described the quarter as “stable” despite the fiscal decline, citing strong customer satisfaction metrics, improved digital engagement, and the record launch of 49 internal initiatives during the quarter. This nearly doubled last year’s investment, targeting upgrades in technology, customer experience, and day-to-day operational efficiency.
But stability is not the same as strength. The Swedish government is asking more from licensed operators, including increased compliance, higher taxes, and greater restraint, while players expect faster products and better value. That tension is growing. Svenska Spel is walking a fine line between being a responsible operator and a competitive one.
Hard truths and honest growth
The story in Svenska Spel Q2 2025 is not one of collapse. It is one of self-restraint. The operator has held the line on revenue, moved quickly on digital transformation, and maintained its social licence. But its ability to turn revenue into profit is shrinking, and that won’t change unless regulatory costs are balanced against the threat of offshore leakage.
The Swedish market now has no land-based 바카라s, higher taxes, and rising consumer expectations. Svenska Spel is well placed to weather the transition, but only if channelisation goals are backed by realistic enforcement and economic viability for those still playing by the rules. The operator isn’t failing, but it’s adapting under pressure. The rules are changing, and so is the game.
