Svenska Spel reported continued growth across its igaming and broader gaming operations in 2025, with financial results indicating stable revenue expansion and improved profitability in a regulated environment.
Net gaming revenue for the group reached SEK 7.693bn, representing a 2% year-on-year increase, while operating profit rose 10% to SEK 2.539bn. This resulted in an operating margin of 33%, exceeding the company’s stated long-term target of 30%. The operator also reported a solid capital position, with an equity ratio at 41%, above its target range, and proposed a dividend equivalent to 92% of net profit.
The performance was supported by continued growth in digital igaming channels, particularly within the Sport & Casino segment, where online betting and casino activity increased alongside customer engagement. The operator reported higher customer activity and an expanding online customer base, reflecting ongoing channel shift from land-based to digital igaming formats.
Lottery products remained the largest contributor to revenue, accounting for 68% of total net gaming revenue, with SEK 5.26bn generated by the segment. Sports betting and online casino contributed 28%, highlighting the continued importance of igaming verticals within the overall portfolio. Meanwhile, land-based gaming, including Vegas machines, declined, accounting for just 4% of revenue, reflecting structural market changes and regulatory pressures.
The year also included the closure of land-based casino operations following regulatory changes, further accelerating the company’s transition toward digital igaming. At the same time, investment continued in technology infrastructure, including cloud migration and data capabilities, aimed at supporting scalability and compliance within regulated igaming markets.
From an operational perspective, Svenska Spel reported that 94% of its revenue was classified as “healthy,” reflecting ongoing regulatory focus on responsible gambling within the igaming sector. Customer satisfaction remained stable, with a reported index score of 71, indicating consistent engagement levels despite regulatory and market changes.
Across the igaming industry, the results reflect broader trends seen among regulated operators, where growth is increasingly driven by digital channels, improved product personalisation and data-led compliance frameworks. The shift away from land-based gaming, combined with continued investment in platform modernisation, positions operators to respond to evolving regulatory requirements while maintaining margin discipline.
Anna Johnson, CEO and President of Svenska Spel commented: “We delivered sustainable growth while maintaining a stable level of healthy revenue and continued very high customer satisfaction.”
“2025 strengthened Svenska Spel’s position in a highly competitive and changing gaming market. We exceeded our financial targets, delivered progress in line with our strategy and took decisive steps to drive sustainable growth and continue our transformation.”
“The financial result for 2025 was strong. Our operating profit increased compared with the previous year, and we exceeded our financial targets – operating margin, equity ratio and dividend.”
“We are far ahead in using AI broadly in the business, and see positive effects in several areas, for example, in coding.”
