Swedish GGR rises 7% in Q3 as cost-of-living crisis looms
Nearly 20% of Swedes are expecting to reduce their gambling activity amid fears over economic environment
The Swedish gambling market returned a 7% year-on-year (YoY) increase in gross gaming revenue (GGR) for Q3 2022 driven by strong growth in online gambling.
According to the latest data from the Swedish Gambling Authority (SGA), GGR for the quarter amounted to SEK6.8bn (£539m), up from the SEK6.3bn posted in Q3 2021.
There were GGR increases across all the major Swedish gambling verticals, with online gambling the main driver of growth.
GGR from the sector jumped from SEK3.9bn to SEK4.3bn YoY in the largest annual increase among the sectors in the market.
Meanwhile, state lottery and slots games also increased slightly in GGR return, rising from SEK1.38bn to SEK1.4bn.
Casino Cosmopol delivered SEK149m for the latest quarter as the land-based casino continues to return to health following Covid-19-related closures.
Similarly, land-based commercial gaming such as restaurant casinos leapt from SEK48m in Q3 2021 to SEK59m in Q3 2022.
Public and national lotteries remained flat after GGR rose 1% YoY from SEK803m to SEK804m.
Elsewhere, new data from the SGA revealed that 19% of Swedes expect to gamble less due to the growing cost-of-living crisis.
Additionally, the data showed that 72% of Swedes had participated in some form of gambling over the past 12 months.