Svenska Spel Reports First Quarter Results

SVENSKA SPEL REPORTS FIRST QUARTER RESULTS

29th April, 2013 at 17:33:13
Source: http://www.azonlinecasinos.com

Finger pointed at foreign operators for decline in online

Swedish state-controlled gaming operator Svenska Spel delivered its first quarter results for the January 1, to March 31, 2013 period this week, showing a disappointing decline in its online division attributed to customers playing on unlicenced foreign operations.

Key performance indicators include:

- Net gaming revenue for the group rose to SEK 2,480 million (Q1/2012: SEK 2,460 million), an increase of 0.8 percent.

- Operating profit for the Group of SEK 1,326 million (Q1/2012: SEK1,251 million), an increase of 5.9 percent.

- Quarterly profit for the Group was SEK 1,341 million (Q1/2012: SEK 1,283 million), an increase of 4.5 percent.

- Group operating margin was 22.8% (Q1/2012: 21.7 percent).

- Online net gaming revenue of SEK 58 million, down 11.3% from the same period in 2012.

Lennart K€ll, President and chief executive officer of Svenska Spel concluded that amongst other worrying trends, Sweden 's gambling advertising for the entire gambling market increased to SEK 2 Billion gross equating to more than Denmark, Finland and Norway 's spend combined, enticing customers to play on foreign, unlicenced websites.

K€ll further believes current regulation doesn't work as it was intended, that the regulator lacks sufficient sanctions and violations on the ban of promoting gambling continues unabated.

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