Svenska Spel’s third-quarter losses ‘according to plan’ – CEO

Lennart Käll, the chief executive officer of Svenska Spel, has said that the Swedish national state-owned lottery’s year-on-year losses during the three months through to the end of September were “according to plan”.

The company posted net gaming revenue of SEK2.1 billion (€224.4 million/$285.6 million) in the quarter, which represents a loss of 10.9% on the SEK2.4 billion posted in the same period last year.

Operating profit fell by 14.2% from SEK1.3 billion in the third quarter of 2013 to SEK1.1 billion this year while operating margin dropped from 23.9% to 23.4%.

The third-quarter results place Svenska Spel’s net gaming revenue for the first nine months of this year at SEK6.6 billion, a decrease of 8.1% on the SEK7.1 billion posted at the same point in 2013.

In addition, operating profit has fallen 9% from SEK3.8 billion last year to SEK3.5 billion this year, while operating margin has dropped slightly from 22.6% to 22.2%.

“The decrease is according to plan,” Käll said. “In recent years, we have seen the Swedish gambling market evolve in the wrong direction.

“Therefore, we show the way to a healthier gaming market through the introduction of several gaming action, including compulsory registration.

“It’s a position that comes before short-term profit motives.”

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