Sweden gambling revenue edges up to SEK27.85 billion in 2024
Sweden’s Gambling Revenue Exhibits Resilience with 2.65% Year-on-Year Growth in 2024
In 2024, Sweden’s total gambling revenue reached an impressive SEK27.85 billion (£2.07 billion/€2.49 billion/$2.62 billion), reflecting a year-on-year increase of 2.65% over the SEK27.13 billion recorded in 2023. This growth is prominently driven by the robust expansion of the country’s commercial online gaming sector, which continues to evolve amidst changing consumer preferences and regulatory landscapes.
Insights released by the Swedish regulatory authority, Spelinspektionen, on February 20, indicate that online gambling has unrivaled momentum. During the twelve-month reporting period concluding on December 31, 2024, the online gambling market contributed a staggering SEK17.84 billion, marking a 5.0% rise from the previous year’s total.
Furthermore, the state lottery and slot gaming sectors also showcased positive trends, with revenue climbing 2.2% year-on-year to SEK5.72 billion. Meanwhile, the contributions from non-profit games and national lotteries increased by 2.6% to SEK3.70 billion, indicating broad-based health across various gambling verticals.
Impact of Casino Cosmopol Closures on Revenue
While the overall market trends are encouraging, the land-based gaming sector revealed a mix of results. Revenue from restaurant casinos and other commercial gaming venues saw a healthy 4.0% increase, totaling SEK237 million. However, community games and hall bingo faced challenges, with revenue contracting by 3.5% to SEK196 million for the year.
Notably, the closure of several Casino Cosmopol locations in early 2024 significantly impacted the sector. Revenue from this segment witnessed a dramatic decline of 66.3%, falling to SEK160 million as a consequence of these shutdowns.
Q4 Highlights: A Surge in Gambling Revenue
The fourth quarter of 2024 emerged as a standout period, delivering the highest revenue figures of the year. Total revenue for Q4 reached SEK7.61 billion, reflecting a significant 7.6% increase compared to the same period in 2023, and an impressive 14.3% rise from Q3.
Leading this charge, online gambling generated SEK4.63 billion, up 6.2% year-on-year, surpassing revenues of all preceding quarters in 2024. The state lottery and slots segment was identified as the fastest-growing area, with revenue skyrocketing by 18.5% to SEK1.71 billion. Additionally, revenue from non-profit games and national lotteries increased by 5.2% to SEK1.13 billion, underscoring robust consumer interest.
For land-based commercial gaming, Q4 recorded an 8.6% growth, amounting to SEK64 million. Conversely, community games and hall bingo revenues remained stable at SEK50 million.
Future of Casino Cosmopol: What Lies Ahead?
On a less favorable note, Casino Cosmopol has reported severe revenue declines, plummeting 66.3% to SEK31 million due to the closure of two of its locations. This downturn has raised concerns about the long-term viability of the casino brand.
In May, the Swedish government proposed a plan to discontinue the Casino Cosmopol business entirely. If sanctioned, this could lead to the permanent closure of the last casino in Stockholm by January 1, 2026. Critics, including regulatory body Spelinspektionen, argue that such a move could inadvertently encourage illegal land-based gambling activities, fueling potential growth in unregulated markets.
As the gambling landscape in Sweden continues to evolve, stakeholders must remain agile, adapting to regulatory changes and shifting consumer behaviors to capitalize on emerging opportunities. Engaging responsibly and innovatively will be crucial for both existing operators and new entrants seeking to thrive in this dynamic environment.
