Svenska Spel's profits boosted by poker

The first quarter of 2007 saw a big boost in profits for Svenska Spel. The Swedish state-owned gaming company's profits were 22% higher than the same period last year, largely due to the addition of online poker.

During the first three months of 2007 Svenska Spel had a net revenue of €260.3 million. That net is a result of revenue growth across all divisions of the company.

The largest growth, however, came form the Internet/Telephony division, which nearly doubled its net revenue in one year after the introduction of online poker.

Poker brings in a daily rake of roughly €120,000 to €150,000 for Svenska Spel.

Also helping the company's profits, its restaurant gaming division is rebounding after a smoking ban implemented last summer cut into the division's profits.

"We are happy to have now regained some of the previously lost market share," said Jesper Karrbrink, Svenska Spel CEO.

"Being able to deliver such a good result in the face of fierce competition, while at the same time being a world leader in socially responsible gaming is very satisfying."

Karrbrink also said that new gaming legislation is needed if the company is going to continue to provide gaming services to the people of Sweden in a safe and responsible environment and meet the market demands.

"The present legislation does not work any longer," Karrbrink said. "That is why we have high hopes for the new gaming legislation which is being prepared by the government."

courtesy of Sarah Polson

News Added: 23 April, 2007

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