The independent council of the Svenska Spel has announced that it will pledge SEK42 million ($3.95 million) to support Swedish research on the gambling industry and gambling problems over the next 5 years. Since 2010, Svenska Spel has given over SEK60 million ($5.6 million) to this type of research and the goal is to make the industry much safer for the players.
Research Grants Will Receive More Than 50% Of the Money
Svenska Spel’s decision means that independent research on the industry will continue through 2027. Out of the SEK42 million ($3.95 million) dedicated to these activities, SEK25 million ($2.35 million) is reserved for research grants.
Patrik Hofbauer, the CEO of Svenska Spel, shared his thoughts on the development. He said that the research council played a central part in creating the research field related to gambling harm in the country. That is why he considers the continued support is right from a “business and a humanitarian perspective.”
Anders Håkansson, a Lund University professor, added that thanks to the research, Svenska Spel is able to make early discoveries related to gambling harm. He concluded by saying that the added funding will be able to strengthen the work in the field. Håkansson’s field of epertise is addiction medicine with a major focus on gambling addiction.
Sara Lindholm, the chairwoman of the research council at Svenska Spel, stated that the long-term investment into the research will be able to contribute to the knowledge of tools that are able to prevent and treat gambling problems.
She also added that developing the right interventions for these types of situations is no easy work as it requires “patience, commitment, and research at the forefront.”
Svenska Spel’s Report Shows Positive Effect on Revenue in Q2
Recently, Svenska Spel released its Q2 report, which noted a positive development in the share of healthy revenue. According to the report, the net gaming revenue of the group reached SEK1.9 billion ($184.5 million), which is a 1% increase YoY.
However, the operating profit of the company was SEK531 million ($49.9 million), which is a 7% YoY decrease. According to Svenska Spel, the decrease in operating profit is a result of higher costs and investments in product development and technology.
The operating margin was 27% and the image value was 51%, which is still the highest among gambling companies.
Svenska Spel also shared details concerning the first half of 2022. According to the H1 report, the company’s revenue was SEK3.9 billion ($366.6 million), which is a 1% decrease compared to H1 in 2021. One of the reasons why the revenue dropped was the effect of the pandemic at the start of 2022 as well as the increased regulations. Sweden’s Moderaterna Party is looking into the possibility of overhauling the gambling industry in the country.
The group’s operating profit is SEK1.1 billion ($103.4 million), which is a 4% YoY decrease and the operating margin is 29%.