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Each Vegas location must have a turnover of at least SEK1m
to operate a Vegas machine or a turnover of SEK2m for up to five machines maximum. Revenues have been declining in this sector over the last couple of years. 2024 saw a total of SEK364m compared to 2023 with SEK469m and SEK537m in 2022. Mean- while, in light of a government proposal which was submitted last year, to phase out all state-owned land-based casino operations by the end of the year, Casino Cosmopol has recently shut its doors, leaving Sweden with no land-based casino oper- ations. Te casino received a revised ownership instruction on April
24, meaning it had to close all physical casinos by the end of the year, when the licence expired. However, Svenska Spel has opted to close down immediately and has informed its 240 employees. It is said that Casino Cosmopol “no longer fulfils its purpose.” One reason is the lack of profitability due to the declining number of visitors. Tis is coupled with the acceleration of online gambling since the 2019 market re-regulation with more players opting to play online plus the introduction of registration at all gaming tables, which has been introduced to help combat money laundering. Te company was fined SEK2m last year from the Swedish regulator for anti-money laundering failings which also prompted some of the changes. CEO of Casino Cosmopol, Ola Enquist, said: “Although we
share the assessment of the Riksdag and the government, it is emotionally tough because an era has ended when we have now closed the casino in Stockholm. As an employer, we will do everything we can to support our fantastic employees. From a business perspective, it is the right decision to close immediately because the business has been at a loss for a long time. I would like to take this opportunity to thank all the guests and teams who have worked in Stockholm over the years.” Casino Cosmopol in Stockholm was the only casino open in
Sweden. Svenska Spel has been running casinos since 2001 and at one point operated four casinos in Sweden. Te first to shut its doors because of profitability issues was the casino in Sundsvall in 2020. Tis casino opened in 2001 and was described as the ‘first international casino in Sweden’. More recently Gothenburg and Malmo both closed their doors
in January 2024 for similar reasons. Te casino sector had seen falling revenues over the last few years. In 2024, Casino Cosmopol
150
reported a 65 per cent drop in gaming revenue of SEK165m compared to SEK473 in 2023, which was a decrease of 11.4 per cent from SEK536m in 2022 when there were three casinos - Casino Stockholm with SEK216m in revenue; Gothenburg with SEK148m and Malmo with SEK109m. By comparison in 2019 casino revenue was at SEK975m. In 2024, Svenska Spel saw total net gaming revenues of SEK7.37bn compared to SEK8bn (a decrease of SEK7m from 2022). Te sport and casino business areas saw SEK2.07bn compared to SEK2.16bn in 2023. Te last quarterly reports shows Svenska Spel’s net gaming
revenue at SEK1.87bn (Q1 2025) compared to SEK1.95bn for the same period last year. Te decrease is mostly down to the fact there was only one casino open compared to three in Q1 2024. Te company aims to focus on its other operating areas. It
has already added a new lottery product, Lyckoplatsen, launched in the first quarter of this year whilst Sport and Casino revenue was up SEK2m year on year (Q1 2025 SEK551m) led by Svenska’s own Betbuilder tool Oddset. Te company’s online sector is also seeing a rise in revenues with a seven per cent increase year on year with SEK1.16m for Q1 2025. Online gaming accounts for 62 per cent of sales for the company. Anna Johnson, President and CEO of Svenska Spel said: “For
20 years Casino Cosmopol has offered an international casino experience to guests from all over the world. It is sad for our employees that the last casino has now closed, but at the same time it will give us the opportunity to focus on growth in our other businesses.”
THE GAMBLING ACT
Gambling in Sweden dates back to the third century AD whilst card games arrived in the 1400s and the first casino Ramlosa Brunn opened in the 18th century. By the mid 19th century casinos were banned and gambling was brought under govern- mental control. A state gambling monopoly was established back in 1934 mainly to combat illegal gambling activities, and later two main acts - Te Lotteries Act of 1994 and Te Casinos Act in 1999 - ensured that all gambling remained under the
Svenska Spel has been running casinos since 2001 and at one point operated four casinos in Sweden. Te first to shut its doors because of profitability issues was the casino in
Sundsvall in 2020. Tis casino opened in 2001 and was described as the ‘first international casino in Sweden’.
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