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Svenska Spel Reports Positive Financial Results for Q1 2020

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5 years ago

April 29, 2020

Niji Narayan

Svenska Spel Reports Positive Financial Results for Q1 2020

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Swedish gaming company Svenska Spel has reported positive financial results for Q1 2020 with a slight uptick in online gambling.

Profit for the group amounted to SEK545m (€50million). The results come amid the Coronavirus pandemic, which has seen retail gambling locations close for several weeks.

Net gaming revenues reached SEK2055million (€189million) during Q1, compared to SEK2056million in Q1 2019. Online gaming grew by 13% and the digital business now accounts for 41% of total revenue.

The group has also taken cost-cutting steps to survive in the coronavirus crisis. This includes introducing reduced working hours for 45 of its 135 employees and withdrawal of its proposal for a dividend.

“Svenska Spel, like many other companies and organisations, has quickly been forced to adapt to a new reality with the effects of the coronavirus,” Patrik Hofbauer, President and CEO of Svenska Spel, said.

Related Topics:online gambling Patrik Hofbauer positive financial results Q1 2020 Sweden Swedish gaming company Svenska Spel

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.