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Two of Sweden’s leading operators posted higher revenue and profit in Q3 2025, proving that digital strength can outweigh land-based decline.
Both Svenska Spel and ATG recorded year-on-year financial growth in the third quarter of 2025, driven by robust online performance and strong product demand.
Svenska Spel delivers strong online and lottery growth
Digital revenue surged as legacy land-based operations faded.
Svenska Spel’s net gaming revenue rose 7% year-on-year to SEK1.87bn (€199.4m) for the quarter ending 30 September. Growth across its Tur lottery and Sport & Casino divisions more than offset continued weakness in its Vegas gaming machine segment and the closure of its Casino Cosmopol business earlier in the year.
CEO Anna Johnson said the results reflected the group’s strong brand performance. She said:
“Svenska Spel reports a third quarter with increased net gaming revenue, driven by strong product brands such as Eurojackpot and Oddset. Two out of three business areas show growth, which has a positive impact on the result, which increases compared to the same quarter last year.”
The Tur lottery remained Svenska Spel’s top performer, generating SEK1.31bn in Q3, up 7% from last year, boosted by Eurojackpot’s record jackpots and a successful Lotto relaunch. Revenue from Sport & Casino rose 9% to SEK489m, while Vegas dropped 10% to SEK78m amid economic headwinds and fewer active partners.
Online revenue climbed 15% to SEK1.22bn, accounting for 65% of total sales, compared to 60% in Q3 2024.
Operating profit increased 18% to SEK718m, while net profit rose 18.5% to SEK584m, supported by stable costs and lower staffing expenses following casino closures.
ATG rebounds after a slow first half
Improved betting performance helped offset earlier declines.
Meanwhile, ATG achieved a 1% year-on-year revenue increase to SEK1.30bn, reversing declines from the first two quarters of the year. CEO Hasse Lord Skarplöth said the results showed early signs of a turnaround.
Skarplöth said:
“It has been a challenging first half of the year for us, but the third quarter marks a small turnaround for ATG. The group’s net gaming revenue increased by 1% compared to the same quarter last year.”
Horse racing remained ATG’s main source of income, contributing SEK958m (77%), while sports betting grew 6% to SEK171m. Casino revenue slipped 1% to SEK167m, representing 10% of the total.
Digital revenue rose 2% to SEK1.19bn, though retail fell 8% to SEK109m. Cost-cutting measures helped operating profit climb 9% to SEK434m, with net profit up 7% to SEK428m.
A stable outlook for Sweden’s top operators
Online growth continues to buffer traditional losses as both firms streamline costs.
Despite closures and lower land-based activity, both Svenska Spel and ATG continue to show resilience through digital growth, operational efficiency and strong customer retention.
As the Swedish market matures, their focus on online innovation and responsible gaming positions them to sustain momentum heading into 2026.
Source: iGB
