First half year profits at Swedish online gambling monopoly Svenske Spel have proved disappointing with net profit dropping to 3.6% at $419 million.The decline in profits comes against a background of management changes and restrictions on the company’s expansion of its online poker enterprises as the country moves towards a possible dismantling of its online gaming monopoly.
Highlights of the figures released by Svenske Spel did show a 12.6% increase in its online poker revenues while the company casino revenues came in at 9.6%. However, sports betting income fell by 1.6%.
Svenska Spel’s newly appointed managing director Anders Hagg blamed the profit declines on deteriorating economic situation and the increased competition from non-Swedish gaming companies which he claims are operating in breach of Swedish law.
Sweden’s online gambling customers would have legal access to sites such as Windows Casino and King Solomon’s Casino once the country’s current online gambling monopoly is rescinded.Other major Swedish companies participating in the online gaming sector include Net Entertainment who power Casino Euro.
This article was written for Online Casino World by Greg