Sweden’s state‑owned gambling operator Svenska Spel has proposed a significantly higher dividend for its owner after reporting net gaming revenue and profit growth for the 2025 fiscal year. The board has put forward a SEK 1.8 billion (€157 million) dividend—up from SEK 1.6 billion the year prior—following a strong performance across key business areas.
The company’s results come as the Swedish gaming sector navigates regulatory change and broader market shifts that have implications for all licensed operators, including reforms targeting unlicensed operators and channelisation risk and new leadership appointments with mandates over gambling regulation.
What the 2025 Dividend Proposal Reflects
The board’s proposal to increase the dividend highlights Svenska Spel’s sustained growth, despite some challenges in its land‑based operations. Online channels, particularly in lottery and digital gaming, were key drivers of revenue and profit gains. This positive financial trajectory underscores the operator’s strong market position and its ability to contribute value to the Swedish state, even as some traditional casino assets were closed. The proposed SEK 1.8 billion (€157 million) dividend reflects both strong operational performance and Svenska Spel’s commitment to its societal mandate.
- Resilience in core revenue: Svenska Spel reported net gaming revenue of SEK 7.69 billion (€671 million) in 2025, a 2% increase compared with 2024.
- Improved profitability: Operating profit expanded 10% to SEK 2.54 billion (€221 million), with a 33% margin.
- Higher board recommendation: The proposed dividend of SEK 1.8 billion marks roughly a 12.5% increase versus the previous year.
Despite the closure of some legacy land‑based casino venues, particularly under the Casino Cosmopol network, the company’s online channels and lottery products helped sustain growth momentum.
In comments accompanying the results, CEO Anna Johnson emphasised the financial outcomes and their importance to the owner and broader public interests:
The end of the year was characterised by continued positive earnings development, and we exceeded our financial targets for 2025. The proposed dividend of €157m (SEK 1.8bn) to our owner is an important part of Svenska Spel’s contribution to society and reflects the group’s long‑term value creation.
Johnson’s remarks frame the dividend increase not only as a financial outcome but as part of Svenska Spel’s mandate to deliver value within a regulated environment.
Broader Swedish Market and Regulatory Context
Svenska Spel’s results and dividend recommendation occur amid broader developments within Sweden’s gambling landscape. One recent policy focus has been on strengthening the regulatory perimeter and addressing risks posed by unlicensed operators, including how channelisation dynamics are managed to protect licensed market integrity.
In addition, the appointment of Erik Eldhagen as State Secretary with responsibility for overseeing Swedish gambling regulation signals an intensified focus on enforcement and compliance.
These developments underline a broader policy trajectory in Sweden that is likely to affect market dynamics for incumbent operators and new entrants alike.
Strategic Implications for Operators
Svenska Spel’s performance highlights several strategic trends relevant to operators in Sweden and comparable regulated markets:
- Digital channel strength: Online gaming accounted for an increasing share of revenue, underscoring the ongoing shift away from land‑based formats.
- Regulatory pressures: As reform debates continue, operators must align compliance, marketing, and player protection frameworks with evolving expectations.
- State operator stability: As a state‑owned entity, Svenska Spel’s ability to deliver higher dividends reflects robust governance and an embedded market position.
These factors come against the backdrop of industry‑wide dialogues about how to balance competitive growth with risk management and public policy objectives.
The proposed dividend must still be approved at Svenska Spel’s annual general meeting, but the recommendation reflects the operator’s strong positioning at the intersection of market performance and regulatory change. With upcoming policy deliberations and leadership oversight continuing, the Swedish market remains an important bellwether for evolving European regulatory environments in gaming and betting.