Sweden’s Gambling Market Experiences Moderate Growth in Q3 2024
Overview of Sweden’s Gambling Market Performance in Q3 2024
The gambling sector in Sweden saw a modest increase of 0.5% in the third quarter of 2024 compared to the same period the previous year. Total revenues reached approximately SEK 6.71 billion, equivalent to around $709 million.
Growth Driven by Online Gaming, Decline in Traditional Sectors
According to Spelinspektionen, the Swedish gambling regulator, the slight growth was mainly fueled by the online gaming segment. This sector generated SEK 4.51 billion (about $477 million), marking a 3.5% year-on-year increase. Sports betting also saw growth despite the lack of major sports events like Euro 2024 and the Paris 2024 Olympics during the quarter.
Conversely, traditional gambling avenues experienced a downturn. Revenues from the state-run lottery and land-based slot machines decreased by 7.2%, totaling SEK 1.26 billion ($133 million). Other charitable lotteries showed a small revenue increase, reaching SEK 822 million ($87 million).
Bingo revenues remained stable at SEK 48 million ($5 million). Commercial land-based gaming facilities, such as restaurant casinos, reported a 3.1% rise in revenue to SEK 67 million ($7 million). However, no revenue came from land-based casinos due to the closure of Casino Cosmopol in April.
Comparing quarter-on-quarter figures, total gambling revenue fell by 4.4% to SEK 7.02 billion ($742 million).
Svenska Spel’s Financial Performance
Svenska Spel recorded net gaming revenue of SEK 1.87 billion ($115 million) in the three months ending September 30, reflecting a 7% increase from the previous year. Growth was primarily driven by its Tur lottery and Sports & Casino divisions, which offset declines from its Vegas gaming machines and the shutdown of its last land-based casino.
Upcoming Regulation: Credit Gambling Ban
Looking ahead, Sweden plans to enforce a comprehensive ban on gambling using credit, effective from April 1, 2026. This regulation will prohibit licensed operators and agents from processing gambling transactions financed through any credit means, including personal loans or overdraft facilities.
Operators will be required to implement preventative measures such as blocking credit card transactions and disallowing promotions from third-party lenders that encourage gambling on credit. There may be exceptions for certain operators running gambling activities for public benefit purposes, such as charity lotteries.
Furthermore, the Swedish government announced its intention to review the Gambling Act following the publication of the 2024 industry financial report, indicating ongoing regulatory adjustments.
