Swedish Gambling Sector Reports Slight Decline in Q3 2024 Amid Economic Pressures
The Swedish Gambling Authority, Spelinspektionen, has published the financial performance data for the country’s gambling industry in the third quarter of 2024. Although certain sectors have shown resilience, overall industry turnover saw a slight decrease.
Q3 Revenue Sees Modest Decline Across Most Sectors
The total turnover for licensed gambling companies in Sweden reached SEK 6.66 billion ($0.61 billion) in Q3 2024, marking a 1.2% decline from the same period in 2023.
Compared to the previous quarter, turnover dropped by 3.4%, indicating a gradual downtrend across most sectors.
Commercial Online Gambling Shows Consistent Growth
Among all sectors, commercial online gambling stood out as the only one to register year-on-year growth.
Turnover in this segment increased from SEK 4.27 billion in Q3 2023 to SEK 4.33 billion in Q3 2024.
Stable Performance in Community Games and Bingo Halls
Turnover for community games and hall bingo remained steady, matching the SEK 50 million recorded in the third quarter of last year.
Decline in State Lottery and Slot Games
State lottery and slot games experienced a 2.7% turnover drop, reaching SEK 1.36 billion in Q3 2024.
Similarly, games supporting public purposes and national lotteries saw a modest 0.6% decline, with turnover settling at SEK 818 million.
Land-Based and Casino Gambling Sectors Hit Hardest
Land-based commercial gaming faced a near 6% decrease in turnover, totaling SEK 63 million for the quarter.
Casino Cosmopol, Sweden’s prominent land-based casino operator, registered the most significant downturn, with a 76.5% drop in turnover, falling to SEK 31 million, as it struggled to attract players in a challenging economic climate.
Danish Market Trends Show Similar Declines
The recent figures from Spillemyndigheden, the Danish Gambling Authority, reveal a parallel trend in Denmark.
September 2024 saw an overall spending drop of 2.8%, totaling DKK 553 million ($78.44 million).
Online casinos in Denmark accounted for nearly half of the total spending, with a 49% share, while land-based casinos only contributed to 5%, highlighting the continued shift toward digital gambling platforms in both Sweden and Denmark.
