Svenska Spel Posts Best Q2 Since Swedish Reregulation

Svenska Spel reported net gaming revenue of SEK 1.96bn (about 151 million pounds) for the second quarter of 2026, up 7 percent year on year and its strongest second quarter since Sweden reregulated its gambling market in 2019. Operating profit rose 13 percent to SEK 617m, helped by a summer men's World Cup that lifted the state operator's Sport and Casino division 11 percent and pushed sports betting revenue and new customer sign ups sharply higher in June.

The result, published on 15 July 2026, marks a clear rebound in momentum for the government owned group after a tougher run under Sweden's higher gambling tax. Chief executive Anna Johnson said the quarter showed the company's customer focus was working, as active customers and registrations climbed during the tournament.

How strong was Svenska Spel's Q2 2026?

It was the operator's best second quarter since the Swedish market reregulated, with net gaming revenue of SEK 1.96bn, up 7 percent on the same quarter of 2025 and up 4 percent on the first quarter of 2026. Operating profit reached SEK 617m, a 13 percent increase, and the operating margin improved to 31 percent from 30 percent a year earlier. The numbers reverse the profit pressure the group reported through 2025, when a higher tax rate cut into earnings.

Key facts on Svenska Spel Q2 2026 results

• Net gaming revenue: SEK 1.96bn (about 151 million pounds), up 7 percent year on year.
• Operating profit: SEK 617m, up 13 percent, with margin at 31 percent.
• Sport and Casino: SEK 552m, up 11 percent, the fastest growing division.
• Sports betting in June: revenue up 135 percent year on year during the World Cup.
• First half 2026: group net gaming revenue of SEK 3.84bn, up 4 percent, with operating profit of SEK 1.28bn, up 8 percent.

How did each division perform?

Growth was led by digital sports and casino, while the physical Vegas machines business kept shrinking. Tur, the lottery and number games division, remained the biggest single contributor at SEK 1.34bn, up 7 percent. Sport and Casino grew 11 percent to SEK 552m. Vegas, the value terminal and physical gaming unit, fell 16 percent to SEK 69m, continuing a long decline as land based play loses ground to online.

Division	Q2 2026 revenue	Year on year change
Tur (lottery and number games)	SEK 1.34bn	Up 7 percent
Sport and Casino	SEK 552m	Up 11 percent
Vegas (physical gaming)	SEK 69m	Down 16 percent
Group net gaming revenue	SEK 1.96bn	Up 7 percent

How much did the World Cup boost Svenska Spel?

The men's World Cup was the single biggest driver of the quarter, concentrated in June 2026. Sport and Casino revenue rose 24 percent year on year in the month, and sports betting revenue alone jumped 135 percent against June 2025. The tournament also brought a wave of new and returning players: active customers rose 36 percent across the second quarter, and new registrations were up 340 percent versus June of the previous year. Major football tournaments reliably spike betting turnover, and Svenska Spel's regulated position in Sweden let it capture much of that demand.

What did CEO Anna Johnson say?

Johnson tied the result to the company's strategy of winning back players to the licensed market rather than one off tournament luck.

"We have a clear focus on more customers choosing Svenska Spel, and the development during the quarter shows that our priorities are having an effect." Anna Johnson, President and Chief Executive Officer, Svenska Spel

Why is the 22 percent gambling tax important here?

Sweden raised its gambling tax on gross gaming revenue from 18 percent to 22 percent on 1 July 2024, and that higher rate is the backdrop to Svenska Spel's recent earnings. The increase squeezed profit through 2025, when the group reported sharp declines in net profit even as revenue held up. The Q2 2026 rebound in operating profit shows the operator growing into the higher tax rather than being defined by it, with stronger revenue offsetting the heavier duty. The Swedish experience is closely watched by other markets weighing tax rises, including the Netherlands, where a similar increase has produced disappointing revenue.

What is Svenska Spel and why does it matter?

Svenska Spel is Sweden's state owned gambling group, wholly owned by the Swedish government and operating lotteries, sports betting, online casino and physical gaming. It is the largest operator in the country and a benchmark for the health of the reregulated Swedish market, which opened to licensed competition in January 2019. Because it is state owned, its results carry policy weight as evidence of whether the licensing model is channeling players toward regulated products.

How healthy is the Swedish channelisation picture?

Svenska Spel continues to report that the large majority of its revenue comes from customers playing within healthy limits, a figure it puts in the low nineties as a percentage of turnover, and Sweden's overall channelisation toward licensed operators remains a central goal of the 2019 reform. Sports betting channelisation in particular sits high, in the low to mid nineties, though the regulator and the industry continue to debate how much play still leaks to unlicensed sites. For a state operator, keeping that healthy share high is as much a mandate as growing revenue.

How does this compare with other operators this quarter?

Svenska Spel's upgrade lands in a busy earnings season across the sector. Playtech recently raised its 2026 core earnings forecast on United States growth, and Rank Group lifted its full year profit outlook as cost cuts took hold. Against that backdrop, a state monopoly style operator posting its best second quarter in seven years shows that even highly taxed regulated markets can deliver growth when a major sporting event drives engagement.

What happens next for Svenska Spel?

The key question is how much of the World Cup gain sticks once the tournament fades. Svenska Spel will look to retain the 36 percent more active customers it drew in the quarter through the second half of 2026, when there is no comparable event, while the Vegas division's continued slide keeps pressure on its physical footprint. The first half operating profit of SEK 1.28bn, up 8 percent, gives it a solid base going into the traditionally quieter summer months.

Updated July 2026

This report reflects Svenska Spel's second quarter 2026 results published on 15 July 2026. iGaming Daily News will update with third quarter figures and any change to Swedish gambling tax policy as they are reported.

Sources

Results reporting via SBC News and Gaming Intelligence.

Frequently asked questions

What was Svenska Spel's revenue in Q2 2026?

Svenska Spel reported net gaming revenue of SEK 1.96bn, about 151 million pounds, up 7 percent year on year and its best second quarter since Sweden reregulated in 2019.

How much did operating profit grow?

Operating profit rose 13 percent to SEK 617m, with the operating margin improving to 31 percent from 30 percent a year earlier.

How did the World Cup affect the results?

Sports betting revenue rose 135 percent year on year in June 2026, Sport and Casino grew 24 percent in the month, and active customers were up 36 percent across the quarter.

What is Sweden's gambling tax rate?

Sweden taxes gross gaming revenue at 22 percent, raised from 18 percent on 1 July 2024, which pressured Svenska Spel profits through 2025.

Who is the CEO of Svenska Spel?

Anna Johnson is president and chief executive of Svenska Spel, and said the quarter's development showed the company's customer priorities were having an effect.