Svenska Spel Hits SEK 1.88bn Revenue: How CEO Anna Johnson Drove Online Share to a Record 67% in Q1 2026
Svenska Spel delivered modest growth in Q1, with performance shaped more by channel mix than any real change in underlying demand.
Net gaming revenue rose 2% year-on-year to SEK 1.88bn. Operating profit increased 4% to SEK 659m, pushing the margin up to 35%. With costs essentially flat, the operator was able to improve profitability despite limited top-line momentum.
Channel shift accelerates as retail contracts
Online revenue was up 7% and now makes up 67% of total group revenue, compared with 63% a year earlier. The shift toward digital channels continues to gather pace, reflecting a broader structural move away from land-based play.
Meanwhile, the Vegas retail segment declined by 17%, hit by lower footfall and a more selective approach to partnerships. This is consistent with wider Nordic trends, where digital channels are steadily replacing terminal-based activity. In practical terms, margins are now increasingly supported by online scale, while retail is being managed for efficiency rather than growth.
Product mix: sportsbook and lottery remain core
Growth came primarily from sportsbook (Oddset), online casino, and lottery (Lotto). Sports betting saw stronger staking levels, helped by the Winter Olympics, while online casinos benefited from higher player engagement. Lottery continued to provide a steady contribution, with a seasonal boost linked to Easter.
That said, sportsbook performance is still closely tied to the event calendar. While the Olympics lifted engagement, disruptions to scheduling weighed on pool betting, underlining the volatility that comes with sports-led revenues. As a result, the lottery remains an important stabiliser within the mix, helping to balance out swings in sportsbook performance.
Margin resilience masks limited growth
The 1 percentage point increase in margin to 35% was achieved without any real cost growth, pointing to tight operational control. However, with revenue only growing at 2%, the improvement in profitability is still being driven by efficiency rather than stronger demand.
This highlights an underlying constraint. Online growth is moving in the right direction, but it is not yet translating into faster overall revenue expansion. At the same time, the continued decline in retail is offsetting part of those digital gains. Sports-driven engagement can lift activity in the short term, but it remains cyclical and difficult to rely on as a consistent growth driver.
Svenska Spel continues to lean on sports sponsorship to support engagement, particularly around major tournaments and national team performance. While events like the Olympics or World Cup qualification do create spikes in activity, these tend to be temporary and reinforce the link between revenue and sporting outcomes.
Outlook: steady, but structurally constrained
Management expects further growth, supported by product performance and upcoming major events such as the FIFA World Cup.
Even so, the broader direction is fairly clear. Growth is likely to remain gradual rather than accelerating, with greater reliance on digital channels to sustain margins. Retail, meanwhile, is expected to continue its downward trend.
For operators and suppliers, the Swedish market still looks stable, but growth remains limited. Gains in digital are largely compensating for declines in retail, rather than expanding the overall market, which caps the upside across the ecosystem.
Source: Svenska Spel
