SVENSKE SPEL PROFITS DOWN

8 August 2008

Swedish government owned monopoly first half unimpressive


Against a backdrop of senior management changes and restrictions on the expansion of its online poker enterprises, the Swedish state gambling monopoly Svenske Spel delivered disappointing H.1 2008 numbers this week.

Net profit dropped 3.6 percent to $419 million, although the firm reported that online gaming revenues from poker increased 12.6 percent while casino income showed a 9.6 percent increase. Sports betting revenues declined by 1.6 percent.

The recently appointed md, Anders Hagg said that the six-month results were a consequence of the deteriorating economic situation and increased competition from foreign gaming companies competing in breach of Swedish law.

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