In the financial year 2025, which closed on the 31st of December, Svenska Spel saw a net gaming turnover of SEK7.69 billion, an increase of 2%. The net profit was also up by an increase of 11%, amounting to SEK1.96 billion, while the operating profit also saw an increase of 10%, amounting to SEK2.54 billion. This is a notable achievement, considering the closing of Casino Cosmopol and the conclusion of land-based casinos.
A Strategic Exit That Didn’t Derail Performance
The move to close Casino Cosmopol was not made in haste. Svenska Spel had already closed its casinos in Sundsvall (2020), Gothenburg and Malmö (February 2024), before the Stockholm casino was closed in April 2025. Just weeks later, the Swedish parliament voted through a law prohibiting all land-based casinos, which was enacted on the 1st of January, 2026.
Although Svenska Spel lost this section entirely, their overall results are not harmed by this loss. The increase in revenue within their other business sections makes up for the lost revenue on the casino floors, supporting their long-held belief that their future is not in this industry.
Chief executive Anna Johnson described 2025 as a “transitional” year and put an emphasis on long-term positioning. She noted continued investment in technology, organisational, and remote gambling strategies as drivers for growth in margins and balance sheet strength.
Lottery and Online Channels Lead the Way
The Tur lottery division remained the core of the group. Revenue in this division totaled SEK5.26 billion, an increase of 2% compared to the previous year. This was driven in part by continuing public interest in Eurojackpot, along with the introduction of products like Lyckoplatsen.
The Sport & Casino segment also grew and recorded a revenue of SEK 2.12 billion, yet another 2% growth. Growth was recorded in the Oddset sports betting brand and the online casino, as the Stryktipset year was somewhat subdued with fewer rounds and jackpots than in 2024.
However, all markets did not grow in the same manner. The Vegas-style gaming machines market in Vegas registered a significant decline, falling 15% and totaling SEK310 million. According to Svenska Spel, it was because of tighter responsible gambling measures in land-based operations and the hastening of the shift towards online platforms.
Digital Sales Reshape the Revenue Mix
Indicators of this change can be seen in the company’s channel data. Online sales have grown by 8% for SEK4.87 billion, accounting for 63% of revenue for the group. Retail sales were down 6% for SEK2.53 billion, followed by 15% fewer sales for SEK310 million in restaurants and the bingo hall.
The physical casino revenue has now been totally removed from the reporting structure. That simplifies the structure but also underlines the significance of digital performance going forward.
Dividend Increase Reflects Confidence
Svenska Spel paid 507 million SEK in taxes during the year while recording 136 million SEK of profit adjustments due to discontinued operations. Yet, the company announced that the management intends to pay out a dividend of 1.8 billion SEK for 2025 from 1.6 billion SEK the previous year.
The fourth quarter also added to the momentum gained. In the fourth quarter, the revenue from its overall net gaming business was 2.13 billion SEK. Operating profits were up by 16% while net profits rose by 9%.
Bottom Line
Svenska Spel’s results for 2025 are a clear message to regulators, competitors, and industry suppliers. The loss of a physical casino doesn’t hurt Svenska Spel’s financial health but accelerates a trend already evident.
To regulators, this pattern of results can be read as a proof of concept for a heavily regulated digital-first industry where consumer and state revenues can thrive. To competitors and suppliers, Svenska Spel’s results show that market growth depends less on physical presence and more on product and compliance execution.
