Swedish gaming regulator reports significant turnover increase in 2022

Maria Debrincat 11 months ago
Swedish gaming regulator reports significant turnover increase in 2022

A recently released report from Spelinspektionen, the Swedish Gaming Authority, has revealed that with an overall increase of 5%, the gaming industry in Sweden experienced a considerable surge in turnover and total revenue in 2022.

The report also stated that the sector generated 29.4 billion Swedish Kronor ($3.4 billion) in revenue, a whopping 19.6% increase compared to the previous year. Online gaming has been pointed out to be the key driving factor for the growth, with revenue increasing by 37.2% compared to 2021. In addition, mobile gaming and esports have also contributed to the country’s success showing massive growth, with revenue rising by 23.8% and 44.5%, respectively.

Online gaming driving growth in the Swedish gaming industry

It’s unmistakably clear that the Swedish gaming industry is experiencing a boom. The convenience of gaming on mobile devices, along with increased accessibility and the advancement of mobile technology, has made it a highly sought-after option, and Swedish game operators have evidently been able to cater to this trend.

Additionally, esports continue becoming increasingly popular globally, with tournaments and competitions drawing large audiences and offering professional gamers substantial monetary prizes. The esports industry in Sweden alone saw an impressive increase in revenue of 44.5% in 2022. Spelinspektionen’s report suggests that the rising popularity of competitive mobile gaming partly drove this increase in revenue.

Taking the lead for online gaming: Betsson, Kindred Group, and LeoVegas

In the iGaming sector, Betsson currently sits at a staggering 13.5% of the market share for Swedish online gaming, making them the most prominent operator in Sweden. Right behind Betsson comes along Kindred Group and LeoVegas, also significant players in Sweden and Globally, with market shares of 9.9% and 8.8%, respectively. However, the report also highlights the success of the state-owned operator Svenska Spel, which saw its revenue increase by 14.8% in 2022.

Gaming Realms reports strong growth in revenue and profits in 2022

Gaming Realms, a smaller but still significant contributor to the iGaming industry in Sweden, also reported strong growth tendencies as well as revenue and profits in 2022. The company saw an increase of 29% in revenue in 2022, reaching $36.5 million compared to $28.2 million in 2021. Gaming Realms attributes this growth to the rising popularity of its mobile gaming products, including its popular Slingo series of games, proving the tendencies from Spelinspektionen’s report.

Strategic initiatives and responsible gaming practices contribute to gaming realms’ success

The company ascribed its financial success in 2022 to be driven by several strategic initiatives, including developing high-quality mobile gaming content, expanding its global reach, and entering new markets. One move, in particular, stood out in 2022: Gaming Realms’ acquisition of a 70% stake in Jamaica-based mobile gaming company River Gaming in August 2022 which should also prove to be a critical factor in the company’s substantial growth.

Furthermore, Gaming Realms’ massive commitment to enforcing responsible gaming practices has also contributed to its success. The company has implemented several measures to promote responsible gaming, including developing responsible gaming tools as well as utilising data analytics to identify at-risk players. In addition, gaming Realms works closely with regulators to ensure that its products and services comply with Sweden’s regulatory requirements and is always working towards promoting safe and responsible gaming practices.

Gaming Realms’ success has not gone unnoticed by the iGaming industry. The company was recently nominated for the “Game of the Year” award at the 2023 EGR Operator Awards for its popular Slingo Originals game, which combines elements of slot games and bingo. In addition, the company’s aforementioned strong financial performance and commitment to responsible gaming practices have helped it gain broad recognition in the industry, presenting it as a model for other companies to follow.

The growing prominence of mobile gaming and Esports in the gaming industry

The success of the Swedish gaming industry and companies like Gaming Realms underscores the growing prominence of mobile gaming and esports in the gaming industry. As technology advances and consumers seek more convenient and engaging gaming experiences, the demand for mobile gaming and esports will undoubtedly continue to grow.

Continued focus on responsible gaming practices in the gaming industry

However, the industry must remain vigilant regarding promoting responsible gaming practices and continue to address concerns around problematic gambling. The Swedish gaming industry’s regulatory framework provides an excellent model for other countries to follow.

Jimmie Nyman, sports and casino expert from Sportal.se, expressed to SiGMA News: “The growth of the Swedish gaming industry in 2022 serves as a reminder of the industry’s potential for innovation and profitability, and the need to continue investing in new technologies and gaming experiences.”

In conclusion, the Swedish gaming industry’s impressive revenue growth in 2022 has been driven by the increasing popularity of online gaming, mobile gaming, and esports. As a result, the industry generated 29.4 billion SEK in revenue, a 19.6% increase from the previous year.

Online gaming was pointed out to be the primary driver for the significant growth, with an increase in revenue of 37.2% compared to 2021. Mobile gaming and esports also contributed significantly to the industry’s success, with revenue increases of 23.8% and 44.5%, respectively.

The success of companies like Gaming Realms highlights the value of strategic acquisitions and moves and the importance of promoting responsible gaming practices. As technology advances and consumers seek more engaging and convenient gaming experiences, the demand for safe mobile gaming and esports options is expected to grow.

The Swedish gaming industry’s regulatory framework provides a model for other countries to follow in promoting responsible gaming practices and addressing concerns around problem gambling. Companies in the industry need to prioritise responsible gaming practices to maintain the trust and support of their customers.

Overall, the growth of the Swedish gaming industry in 2022 serves as a reminder of the industry’s potential for innovation and profitability and the need to continue investing in new technologies and gaming experiences.

Share it :

Recommended for you
Lea Hogg
3 hours ago
Lea Hogg
7 hours ago
News Team
7 hours ago
Lea Hogg
8 hours ago