Swedish operator up despite closed casinos

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Despite closed casinos, Swedish operator Svenska Spel reported a strong third quarter of 2020.



The company reports revenues increased in both sports betting, number games and lotteries. Its CEO, Patrik Hofbauer, said: “We have good profitability and revenues are increasing for two of our three business areas. Our sports games are going really well and we are also increasing revenues from number games and lotteries.

“The fact that the group’s total revenues are declining is due to the fact hat our physical casinos have been closed throughout the quarter. Despite this, we have good profitability for the group as a whole which shows strength and stability.”

There was an operating profit of SEK531m (€51.1m) on gaming revenues of SEK1.8bn (€173m), down on the previous year through the Casino Cosmopol reporting a sharply deteriorating operating profit of just over SEK215m (€20.7m), including a winding-up cost of the casino in Sundsvall of SEK81m (€7.8m).

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Revenues were down eight per cent and the operating profit down17 per cent, although outside of casino operations profits rose 18 per cent. For the year to date, net revenues were SEK5.5bn (€530m), down nine per cent, and operating profit up eight per cent.

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