Svenska Spel has reported its strongest second quarter of trading since the Swedish gambling market was re-regulated in 2019, with the World Cup providing a welcome boost to overall performance.

During the three months ending 30 June 2026, Svenska Spel’s net gaming revenue increased 7% year-on-year to SEK1.96bn (£151.2m). The figure also represents a 4% quarter-on-quarter rise.

Operating profit rose 13% YoY to SEK617m during Q2 2026, while the group’s operating margin improved from 30% to 31%. 

The Swedish state-owned operator attributed the performance to higher customer activity and growth across its lottery, sports betting and casino operations.

“We have a clear focus on more customers choosing Svenska Spel, and the development during the quarter shows that our priorities are having an effect,” said Anna Johnson, President and Chief Executive Officer of Svenska Spel. 

“We continue to create sustainable growth by improving the customer offering, developing the gaming experience and strengthening our product brands.

“The focus on casino is an example of how Svenska Spel is strengthening its customer offering. During the quarter, the company has improved the customer experience, expanded functionality and launched clearer customer communication. Together, these efforts contribute to a more attractive and competitive offering.”

Svenska Spel’s Luck brand recorded a 7% increase in net gaming revenue (NGR) to SEK1.34bn, driven by Eurojackpot and Lotto. 

The business highlighted Eurojackpot as the growth engine of its lottery portfolio, with a high jackpot in May contributing to a new monthly revenue record.

A huge World Cup boost for Svenska Spel

Meanwhile, sport and casino NGR increased 11% to SEK552m, supported by growth across both verticals and heightened activity during the World Cup.

June saw sport and casino revenue increase 24% YoY, while sports betting revenue rose 135%. 

The number of active customers increased by 36% in Q2 and new registrations climbed by more than 340% compared to June 2025.

Svenska Spel said that its World Cup betting range, promotional activity and new customer offers supported the company’s growth during the trading period. Sales targets for the tournament through 6 July were exceeded, with the operator maintaining a positive outlook for its final stages.

The company also pointed to its long-term partnership with the Swedish Football Association (SFA) as a driver of visibility during the World Cup.

Johnson added: “The last month of the quarter was marked by the World Cup, which demonstrated the power of football to bring people together. 

“We have implemented successful activities linked to football, which has created great engagement among our customers. Our long-term collaboration with the Swedish Football Association is an important part of this. 

“It is a partnership that strengthens our business and at the same time contributes to the value for sport throughout Sweden. When we deliver strong financial results, it also gives us better conditions to continue giving back to society and to Swedish sport.”

Sweden’s national side made it to the World Cup round of 32 before being knocked out by semi finalists France. 

The team has made it to the knockout stage in the last five appearances at a World Cup, though Sweden has only qualified for the competition in five of its last nine editions.

Svenska Spel would’ve surely welcomed Graham Potter’s side’s run to the knockouts given the SFA partnership and how much its home side’s run may have boosted turnover, though football is not the only sport which the operator has taken an interest in. 

As well as marking the start of the World Cup, June was also a month in which the firm managed to secure an extension and expansion on its deal with the Swedish Ski Association (SSA). 

Svenska Spel and the SSA have extended their agreement until at least 2032 and now have a vision of Sweden’s Team Svenska Spel becoming “the best in the world on snow”.

Ongoing difficulties in the Swedish gambling landscape

It wasn’t all positive for Svenska Spel, however, as NGR from its Vegas business declined 16% to SEK69m, reflecting the continued shift of customers from physical gaming machines in restaurants and bingo halls towards online channels. 

Svenska Spel said it continues to focus on cost efficiency and profitable business partners within the division. 

Many European gambling firms have taken a similar focus as of late, more so as wider industry dynamics and regulations continue to be in a state of flux; the business did confirm that it has reduced its headcount from 861 to 841.

The company is continuing to fight against the black market, which has grown in prominence since the multi-license market was established.

Channelisation rates are now estimated at around 84%, with black market revenue somewhere in the region of SEK3.6bn-7.3bn. 

However, the sports betting channelisation rate is reported to currently be sitting at around 92-96%, which would have been a big positive for Svenska Spel during a tournament like the World Cup. 

It is having to compete with major operators, though, including Betsson, LeoVegas and AB Trav och Galopp (ATG), while carrying the burden of more stringent regulation which has included a fairly recent tax hike on gross gaming revenue (GGR) from 18% to 22%. 

To establish a foothold on the market, the firm has been experimenting with AI and now uses it for both coding and in-house developed AI agents.

Looking forward to Q3

Despite the headwinds the company continues to face, online revenue increased 14% during Q2 and accounted for 67% of group NGR, compared with 62% during Q2 2025, with mobile gaming representing 58% of total revenue.

Svenska Spel said that it has also continued to develop its casino proposition, improving functionality and customer communication as part of efforts to create a more competitive offering.

For the full first half of 2026, group NGR increased 4% to SEK3.84bn, while operating profit rose 8% to SEK1.28bn. The results exclude Svenska Spel’s discontinued land-based casino operations following the closure of Casino Cosmopol in April 2025.

Johnson concluded: “We are proud of the results during the first half of the year. At the same time, we are aware that the quarter has been characterised by favorable external factors, not least the World Cup, and that continued sustainable growth will require at least as much focus and execution power going forward. 

“Therefore, we continue to focus on ensuring that more customers choose Svenska Spel through an improved customer offering and unique gaming experiences. 

“We want to create gaming joy with care. This means that our gaming responsibility is a natural and integrated part of how we develop our offering.

“I would like to extend a big thank you to all our employees for the commitment you put into bringing gaming joy to our customers every day. These efforts make it possible to create long-term value and to continue to give back for Swedish sports and for all of Sweden.”