Even with the lights going out at its last physical casino, Sweden’s state-owned operator closed 2025 with rising profits, steady online growth, and plans to reward shareholders.
Digital momentum keeps revenues climbing
Svenska Spel finished the 2025 financial year with net gaming revenue of SEK7.69bn (€848m), up 2% year-on-year. Operating profit jumped 10% to SEK2.54bn, while net profit rose 11% to SEK1.96bn. The figures comfortably cleared the operator’s internal targets and underline how much weight its online business now carries.
Chief executive Anna Johnson pointed to a year shaped by change rather than retrenchment. Investment in technology, internal culture, and digital products helped lift margins to 33%, up from 31% in 2024, even as parts of the legacy retail estate faded away.
Life after land-based casinos
The numbers are more impressive given what 2025 represented. In April, Svenska Spel shut the doors of Casino Cosmopol Stockholm, the last remaining venue in its land-based casino network. Earlier closures in Sundsvall, Gothenburg, and Malmö had already thinned the footprint, and Sweden’s formal ban on physical casinos came into force in January 2026.
Rather than dragging results down, the exit barely dented the balance sheet. Growth in lottery, sports betting, and online casino play offset the loss, reinforcing the company’s pivot toward digital channels.
Lottery and online casino do the heavy lifting
Lottery remained the biggest earner, generating SEK5.26bn in 2025, a 2% lift on the prior year. Eurojackpot stayed popular, while refreshed lottery products added extra pull during the second half.
Sport & Casino revenue also rose 2% to SEK2.12bn. Online casino and sports betting carried the segment, even though Stryktipset delivered fewer blockbuster rounds than in 2024. For everyday players, the takeaway is simple: Svenska Spel is leaning harder into the products people already play on their phones and laptops.
Online now dominates sales mix
The shift online is no longer subtle. Digital sales climbed 8% to SEK4.87bn and made up roughly 63% of total group revenue. Retail sales slid 6% to SEK2.53bn, while revenue from restaurants and bingo halls dropped 15% to SEK310m.
One area that clearly felt the squeeze was the Vegas gaming machine business, where revenue fell 15%. Tighter responsible gambling rules and changing player habits pushed more activity online, accelerating a trend that’s been building for years.
Strong finish sets up record payout
The final quarter of 2025 capped the year neatly. Q4 net gaming revenue rose 2% to SEK2.13bn, operating profit surged 16% to SEK641m, and net profit climbed 9% to SEK525m. Lottery and online casino products were again the main drivers.
With cash flow holding firm, Svenska Spel has proposed a SEK1.8bn dividend for the year, up from SEK1.6bn in 2024. If approved, it would be the operator’s largest payout yet and a clear signal that the digital transition is paying off.
For Swedish players, the message is clear: fewer bricks-and-mortar venues, more online choice, and a state operator that looks increasingly comfortable competing where the clicks are.
