World Cup Powers Svenska Spel to Best Q2 Since 2019 Re-regulation
2026-07-16
Svenska Spel posted its best Q2 since Sweden's 2019 re-regulation, with net gaming revenue up 7% to SEK 1.96bn, driven by a 135% surge in June sports betting revenue during the World Cup and strong lottery growth; the state-owned operator also saw its online revenue share rise to 67%.
Swedish state-owned operator Svenska Spel reported net gaming revenue of SEK 1.96bn (€177.7m) for the three months ended June 30, 2026, a 7% year-on-year increase that marks its strongest second quarter since the country re-regulated its gambling market in 2019. Operating profit rose 13% to SEK 617m, improving the operating margin from 30% to 31%.
World Cup Drives Surge in Sports Betting
The men's World Cup was the standout driver of the quarter, with the operator's Sport & Casino division posting an 11% revenue increase to SEK 552m. June sports betting revenue alone surged 135% year-on-year, while active customers rose 36% across the quarter and new customer registrations jumped more than 340% compared to June 2025. President and CEO Anna Johnson said the tournament "demonstrates the power of football to bring people together." The company's partnership with the Swedish Football Association boosted visibility, and it exceeded its sales targets for the event by July 6.
Lottery Remains Core, Online Share Grows
Tur, the lottery and number games division, remained the largest revenue contributor at SEK 1.34bn, up 7%, driven by Eurojackpot—which set a new monthly revenue record in May—and Lotto. Online revenue accounted for 67% of total group revenue, up from 62% a year earlier, with mobile gaming representing 58% of that. In contrast, the Vegas land-based gaming segment continued its decline, falling 16% to SEK 69m as consumer migration to online accelerated.
Tax Context and First-Half Performance
The results reflect Svenska Spel's ability to grow into Sweden's higher gambling tax, which was raised from 18% to 22% in July 2024 and had squeezed profits through 2025. For the first half of 2026, net revenue increased 4% to SEK 3.84bn, while operating profit rose 8% to SEK 1.28bn. Pre-tax profit for H1 climbed 11% to SEK 1.34bn. Johnson noted the company's focus on sustainable growth and improving the customer offering, while acknowledging that the quarter benefited from "favourable external factors" such as the World Cup. The key challenge ahead will be retaining the customers acquired during the tournament and maintaining momentum through the quieter second half.