Svenska Spel Reports Drop In Profits 

Swedish State-owned gaming operator Svenska Spel has released its results for the first half of the year showing a 3.6 percent drop in net profits to $419 million.

The half-year report follows a transition period for Sweden’s largest gaming operator that involved a change in management alongside a new strategic direction. Despite this, the firm reported that online gaming revenues from poker increased 12.6 percent while casino revenues reported a 9.6 percent increase.

However, betting revenues were down 1.6 percent with Anders Hagg, Managing Director for Svenska Spel, stating that the six-month results were a consequence of the deteriorating economic situation as well as increased competition from foreign gaming companies continuing to operate in breach of Swedish law.