Industry

Svenska Spel revenue rises as profit is squeezed by investments

By Oskar Nyström · Published 23 October 2026

Svenska Spel has published its interim report for the third quarter of 2026. The state-owned gambling company reports higher net gaming revenue than the same period last year, but operating profit fell due to increased spending on strategic initiatives.

What’s new

Net gaming revenue for the group landed just under SEK 1.9 billion for the quarter. Net gaming revenue for the group amounted to SEK 1,898 million, an increase of SEK 24 million or 1 percent, mainly driven by growth in Oddset, casino, Triss and Lotto. Profitability moved in the opposite direction, however. Svenska Spel reported a profit fall of 9 percent to SEK 656 million in operating profit for the third quarter. The operating margin fell to 35 percent from 38 percent.

The company itself points to higher costs as the explanation. Operating profit decreased due to higher costs for strategic investments. CEO Anna Johnson describes the market as tough, but says Svenska Spel is nonetheless gaining market share in both the licensed and lottery segments this year.

The report also includes two notable wins for players. The lottery product Triss turned 40 during the quarter, marked with a special anniversary ticket. Triss turned 40 and the company launched an anniversary lottery ticket with 40 million-kronor prizes. On top of that, the year’s biggest single win so far landed with Svenska Spel. The largest win so far this year fell on Vikinglotto, worth close to SEK 200 million. That is a Swedish record for Vikinglotto specifically.

It’s also worth noting that the figures in the report only cover continuing operations. Result items, operating margin and other key figures refer to continuing operations and exclude the land-based casino business, which was discontinued in April 2025. Svenska Spel has therefore already left physical casino operations behind and now focuses entirely on digital channels and retail agents.

What it means for you as a player

If you play at a Swedish-licensed casino, it’s clear that competition between licensed operators is intensifying. Svenska Spel itself highlights casino as one of the products driving growth, suggesting continued investment in game selection and customer experience ahead.

The fact that operating profit is being squeezed by investment rather than falling revenue is, at its core, a sign the company is spending on development. Over time that could mean new features, a broader game selection or improved customer service for players using Svenska Spel’s channels. Whichever licensed casino you choose, the same safeguards apply: BankID verification, Swedish oversight, and the option to exclude yourself from all licensed gambling at any time via Spelpaus.se.

The bigger picture

The report lands the same week several other major players in the Swedish market, including Evolution and Betsson, reported their quarterly figures. The pattern is similar across several companies: revenue is rising, but profit is being squeezed by higher costs and tougher competition for players. For Svenska Spel, which is state-owned and whose surplus goes to the Swedish treasury, it becomes especially clear that the company is deliberately prioritising growth and investment over short-term profitability right now, according to its own reasoning in the report.