Swedish online gambling market has underperformed during the third quarter to September 30. According to the figures released by the Swedish Gaming Authority (Spelinspektionen), the online gambling revenue slipped by 3.4 percent month-on-month.
The gambling regulator posted SEK3.35bn (£268.6m/€310.9m/$344.4m) in revenue from online gaming and betting operations for the three months to 30 September 2019. For the second quarter, the gambling regulator posted SEK3.47bn in revenue.
The third quarter has fared the worst comparatively as the online gambling operations grossed SEK3.42bn during the first quarter, higher than the third.
While the full financial report for the quarter is yet to be published, it is evident that the Swedish online gambling market has taken a hit.
Last week, popular online casino and gaming content supplier Netent reported a tough 3rd quarter. The company posted a 10 percent decline in revenue and a 60 percent drop in profits after tax for the third quarter to September 30.
CEO Therese Hillman has attributed the drop in revenue to “weak developments” in the Swedish market.
“The primary reason for the lower revenues was attributed to continued weak developments in the Swedish market. Sweden accounted for seven percent of the decrease, but Norway and UK also had a negative impact on revenues,” Hillman explained.
Kindred’s Q3 revenue slipped by two percent to £226m (2018: 230.7m).
Commenting on the latest financial figures released by the gambling operator, CEO Henrik Tjärnström said: “Similar to what we saw in the first half of 2019, re-regulation in Sweden resulted in difficult market conditions in the third quarter.