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Svenska Spel First Quarter Financials Show Slow Growth

Svenska Spel, the gaming firm owned by the Swedish government, posted its first quarter 2013 financial results on Monday, noting smaller online revenues due to players using foreign betting firms.

Key financial indicators for the period ending March 31st, 2013 were:

  • Net gaming revenue for the group rose to SEK 2,480 million (Q1/2012: SEK 2,460 million), an increase of 0.8%.

  • Operating profit for the Group of SEK 1,326 million (Q1/2012: SEK1,251 million), an increase of 5.9%.

  • Quarterly profit for the Group was SEK 1,341 million (Q1/2012: SEK 1,283 million), an increase of 4.5%.

  • Group operating margin was 22.8% (Q1/2012: 21.7%).

  • Online net gaming revenue of SEK 58 million, down 11.3% from the same period in 2012.

Svenska Spel's President and CEO Lennart Käll expressed concern that the country's current gaming regulations against promoting gambling are ineffective. Last year, gaming operators spent SEK 2 billion on gambling advertising. That number is more than Finland, Norway, and Denmark's advertising amounts combined.

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