Sweden's gambling revenue slips 1.2% to $2.63 billion in 2023

Sweden's licensed gambling revenue experienced a dip of 1.2% to SEK 27.13 billion ($2.63 billion) in 2023, with official figures indicating a downturn in the country's online gambling sector, according to preliminary data released by the national regulator Spelinspektionen.

The decline in revenue from the previous year, which stood at SEK 27.45 billion ($2.66 billion), primarily stemmed from a decrease in online gambling. Revenue in this segment amounted to SEK 17.03 billion ($1.65 billion), marking a 0.7% decline compared to the previous year's figures. Despite the drop, it remains the primary source of revenue.

Revenue from state lottery and slots also witnessed a decline, falling by 3.6% to SEK 5.60 billion ($547.7 million), while state-owned Casino Cosmopol's land-based casino revenue slipped by 11.4% to SEK 485 million ($47.4 million).

However, there were pockets of growth in certain sectors, with national lottery revenue experiencing a 1.4% increase to SEK 3.60 billion ($352.2 million). Public games revenue rose 9.3% to SEK 199 million ($19.5 million), while land-based commercial gambling revenue increased by 2.3% to SEK 225 million ($22 million).

In the final quarter of 2023, total revenue amounted to SEK 7.10 billion ($694.6 million), reflecting a 3.2% decline compared to the same period in 2022. Online gambling revenue saw a marginal uptick of 0.23% during the quarter, reaching SEK 4.40 billion ($430.4 million), following consecutive year-on-year declines in the previous three quarters of 2023.

However, revenue from state lottery and slots decreased by 14.8% to SEK 1.44 billion ($140.9 million) during the quarter, and Casino Cosmopol revenue witnessed a significant drop of 33.8% to SEK 92 million ($9 million).

Looking ahead, the Swedish government aims to tighten regulations further. Plans have been set in motion for a more comprehensive ban on gambling with credit, including prohibiting operators and gambling agents from processing deposits or bets financed by credit cards, irrespective of the source and timing of the credit provided.

The proposed measures also emphasize the importance of duty of care measures by licensees to mitigate excessive gambling. Similar measures are already in place in several major gambling markets, including Norway. These stricter regulations could potentially impact gambling revenue further in 2024.