Swedish gaming operator Svenska Spel saw overall revenues fall four per cent year-on-year in Q1 amid an uplift in online performance.
Revenues were SEK1.88bn (£145.2m), down from SEK1.96bn (£151.4m), down SEK80m (£6.2m).
Svenska Spel noted the closure of land-based casinos in Sweden by the government affected revenues in that sector.
However, online revenue rose seven per cent in Q1 and accounted for 62 per cent of total revenue, up from 56 per cent.
Operating profit rose by 96 per cent to SEK609m (£47.1m), up from SEK310m (£24m). The significant rise was attributed to the one-off costs of SEK375m (£29m) that were imposed on Svenska Spel in Q1 last year.
Sport and Casino business unit revenue was flat, but Svenska Spel said its Oddset brand “continues to drive growth” for the company’s sports betting operations.
Through last year’s major changes, including a reorganisation, we have created room for investments in our focus areas – growth, sustainable gambling and transformation,” said Anna Johnson, president and CEO of Svenska Spel.
“The fact that we have room for investments is also proof that we are doing the right things and is a step in our strategy to create long-term sustainable value.”
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