In a shocking turn of events, Casino Cosmopol has experienced a significant downturn in turnover compared to the previous year. The Swedish Gaming Authority, Spelinspektionen, recently unveiled financial statistics for the second quarter of 2024, revealing an overall growth in the country’s gambling market. With a total turnover of SEK 6.89 billion ($663.43 million), the industry saw a modest uptick of 2.8% year-on-year, surpassing the SEK 6.67 billion recorded in Q1 2024.
However, not all sectors shared in the prosperity, as only commercial online gambling and land-based commercial gaming witnessed growth compared to the same period last year. Community games and hall bingo maintained their turnover from last year at SEK 52 million, while games for public purposes, national lotteries, state lottery and slot games, and state casino game (Casino Cosmopol) reported declines.
Commercial online gambling emerged as the dominant force in the Swedish gambling landscape, generating a staggering SEK 4.57 billion in turnover during the quarter, marking a 9.2% increase from the previous year. State lottery and slot games followed behind at SEK 1.29 billion, indicating a 7.5% decrease, while games for public purposes and national lotteries saw a slight dip from SEK 896 million to SEK 893 million.
While land-based commercial gaming experienced growth of 5.7% to SEK 56 million, the state casino game (Casino Cosmopol) faced a staggering decline of 73.8% compared to last year. This disappointing news comes amidst Casino Cosmopol’s impending closure due to profitability struggles, exemplified by Svenska Spel’s 19% profit decrease in the first half of the year.
Adding to the woes of the industry, Spelinspektionen reported that by the end of the quarter, 112,000 individuals were prohibited from gambling through Spelpaus.se, reflecting a 1.7% increase from the previous quarter. Despite the overall growth in the market, the challenges faced by certain sectors serve as a stark reminder of the volatility and unpredictability inherent in the world of gambling and casinos.
