Sweden Gambling Revenue Soars in Q1 2024 Despite Pandemic Restrictions
Despite ongoing pandemic restrictions, Sweden’s gambling market has shown strong resilience in the first quarter of 2024, with a significant increase in revenue compared to the same period last year. According to the latest figures released by the Swedish Gambling Authority, the total gambling revenue in the country reached SEK 6.8 billion in Q1 2024, representing a 15% increase compared to Q1 2023.
The online gambling sector was the main driver behind this growth, with online operators reporting a 25% increase in revenue year-on-year. This surge in online gambling revenue can be attributed to the continued shift towards digital platforms, as well as the availability of a wider range of products and services offered by online operators.
The land-based gambling sector also saw a modest increase in revenue, with brick-and-mortar casinos and betting shops reporting a 5% increase in revenue compared to Q1 2023. This growth can be partly attributed to the easing of pandemic restrictions, which allowed for the reopening of physical gambling venues and increased footfall from customers eager to return to in-person gambling experiences.
One of the key drivers behind the overall growth in Sweden’s gambling market is the increasing popularity of sports betting, particularly on major international sporting events such as the FIFA World Cup and the Olympics. The introduction of new betting options, such as live betting and virtual sports, has also contributed to the growth of the sports betting sector in Sweden.
In terms of market share, the state-owned gambling operator Svenska Spel continues to dominate the market, accounting for nearly 40% of total gambling revenue in Q1 2024. However, private operators, particularly those offering online gambling services, have been gaining ground and now account for over half of the total market share.
Despite the positive trends in Sweden’s gambling market, there are concerns about the potential impact of problem gambling and addiction. The Swedish government has implemented strict regulations to ensure responsible gambling practices, including mandatory player verification and self-exclusion tools for at-risk players. The Swedish Gambling Authority has also been closely monitoring the market to detect and prevent illegal gambling activities.
Looking ahead, industry experts remain cautiously optimistic about the future of Sweden’s gambling market, predicting further growth in the coming quarters as the country continues to recover from the impact of the pandemic. With ongoing advancements in technology and regulatory frameworks, the Swedish gambling market is expected to remain a key player in the European gambling industry.
