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Consider that since the NJ online gambling industry launched in 2014, progressive slots have awarded at least $6,323,809 to lucky players, according to data provided by the Division of Gaming Enforcement (In reality, this number is much higher, but the stats available only disclose jackpots over $50,000). Divine Fortune alone accounts for around 44% of that amount, paying out a total of $2,753,642 to date. This is all the more impressive considering the slot has only been in operation since 2017, while others, like Borgata’s Going Nuts has been spinning since 2013. Here’s what Divine Forture has paid out broken down by year: It’s no surprise that Golden Nugget , Betfair , and Play SugarHouse top the list in terms of Divine Fortune jackpots. All three online casinos are licensed through Golden Nugget’s brick-and-mortar property, and together, consistently dominate the competition in terms of iGaming revenue .
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On Thursday, the state-owned Svenska Spel reported revenue of SEK2.08b (US$234m) in the three months ending June 30, a nearly 4% decline from the same period last year. Operating profit was down 11.4% to SEK975m as margins fell two points to 19.1%. Svenska Spel’s digital division did its best to shoulder the burden with revenue of SEK621m, up one-fifth from Q2 2017 and accounting for 30% of the overall revenue pie. Mobile devices accounted for two-thirds of this digital slice, and mobile growth outpaced the overall digital number, rising 42% year-on-year. Svenska Spel’s mainstay lottery revenue was flat, while the land-based Casino Cosmopol and Vegas divisions had a rougher ride. The Vegas video lottery terminal business reporting revenue down by one-quarter as more and more customers shift their action online. Svenska Spel’s poor overall performance stands in stark contrast to local rival Betsson, who today announced a return to profitability thanks to strong World Cup betting action that appears to have passed Svenska Spel by. Investors might be questioning Svenska Spel’s future because, as of August 1, Sweden will begin accepting online gambling license applications from international operators ahead of the liberalized market’s official reboot on January 1, 2019. Svenska Spel, which has long chafed at its inability to offer an online casino to match its internationally licensed competitors, has been taking steps to bolster its digital offering. The company has inked an online casino technology deal with Scientific Games’ SG Digital division, and recently announced a live casino tie-up with Evolution Gaming.
For the original version including any supplementary images or video, visit https://calvinayre.com/2018/07/19/business/svenska-spel-struggles-online-gambling-gains/