Sweden’s gambling authority, Spelinspektionen, has released its latest financial report revealing that licensed gambling operators generated SEK 6.7 billion ($6826.9 million/€576.6 million) in Q1 of 2024.Online gambling was the market leader with 63.6% of all gambling revenues in the quarter
According to the report this represents a 7% drop compared to the previous quarter, but a 1.5% increase on q1 2023.
Online Gambling
Commercial online gambling including both online casino gaming and sports betting providers were the market leaders with just under SEK 4.2 billion ($393 million/€3361.4 million) in Q1, a slight increase on Q1 2023’s figure of SEK 4.1 billion. In the first quarter of the year online gambling accounted for 63.6% of all revenues in the industry.
In-Person Gambling
State lottery and in-person slot games generated SEK 1.35 billion ($126.3 million/€116.1 million) in revenue for the quarter, down by less than 1% year-on-year, but a 6.2% drop compared to the previous quarter.
State casino gambling through Casino Cosmopol generated revenues of SEK 65 million ($6 million/€5.59 million) in Q1 2024, a significant decrease of 48.4% year-on-year. It was also a 29.4% decrease compared to the previous quarter. The drop in revenues was a direct result of the closure of Casino Cosmopol in Gothenburg and Malmö during the quarter.
The report also reveals that by the end of Q1, approximately 110,000 people had self-excluded from gambling through the national self-exclusion program Spelpaus.se. This was up by 6% compared to the previous quarter.
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In the first quarter of 2024, the Swedish gambling industry saw a significant increase in revenue, surpassing SEK 6.7 billion. This growth can be attributed to several factors, including the continued popularity of online gambling and the relaxation of regulations in the market.
One of the key drivers of this revenue increase is the rise of online gambling in Sweden. With more and more people turning to the internet for their entertainment needs, online casinos and betting sites have seen a surge in popularity. This has allowed Swedish gambling operators to reach a larger audience and generate more revenue than ever before.
Additionally, the Swedish government has recently made changes to the country’s gambling regulations, making it easier for operators to obtain licenses and operate legally. This has led to an influx of new gambling companies entering the market, further driving up revenue.
Another factor contributing to the growth of the Swedish gambling industry is the increasing popularity of sports betting. With major sporting events like the Olympics and the World Cup drawing in millions of viewers, more people are turning to sports betting as a way to add excitement to their viewing experience. This has led to a significant increase in revenue for Swedish gambling operators.
Overall, the first quarter of 2024 has been a successful one for the Swedish gambling industry, with revenue exceeding SEK 6.7 billion. With the continued popularity of online gambling, the relaxation of regulations, and the rise of sports betting, it is likely that this trend will continue in the coming months.
