SEK 7.38 billion: gaming revenue, not total deposits
On 26 August 2026, Spelinspektionen reported that operators holding Swedish licences generated approximately SEK 7.4 billion in revenue in the second quarter, up 5.1% year on year. The regulator's table gives the more precise figure of SEK 7,380 million, compared with SEK 7,024 million in Q2 2025. These are preliminary figures and may be revised. [1][2]
The regulator defines this measure as players' stakes minus winnings paid out. It is gaming revenue, not the total value of deposits or bets, and not operators' net profit. Companies still have to cover their costs from that amount. The SEK 7.38 billion also covers the entire market included in the table, including lotteries and other forms of gambling; it is not revenue from online casinos alone. [1][2]
Online accounts for most of the growth
Commercial online gambling, including online casino games, and sports betting appear as one combined category in the table. Its revenue increased from SEK 4,632 million to SEK 4,960 million. Our calculations put year-on-year growth at approximately 7.1% and the category's share of total reported Q2 2026 revenue at approximately 67.2%. [2]
The composition of the increase matters more than the share alone. The whole market added SEK 356 million, while the combined online gambling and betting segment added SEK 328 million. That represents approximately 92% of total growth. These are our calculations based on the regulator's rounded figures, not a separate forecast or evidence of causation. [2]
For the industry, this indicates where growth in reported revenue is concentrated. It does not justify attributing the entire increase to slots, a particular brand or a single supplier. The table combines different products and does not show the profitability of individual companies. Nor should a single quarter automatically be extrapolated to the whole of 2026.
84% channelisation does not mean 84% of players
In a report published on 15 June 2026, Spelinspektionen estimated channelisation for 2025 at 84%, compared with 85% for 2024. This concerns the competitive part of the market, primarily betting and online casino games. The indicator is intended to describe the share of gambling taking place with Swedish-licensed operators, not the share of all residents or all player accounts. [3]
Separately, the regulator estimated that 94% of players used the licensed market. Its assessment uses survey data and measurements of internet traffic. It also identifies differences between products, with higher channelisation for betting than for online casino games. The 84% figure therefore cannot be turned into a claim that 16% of players gamble exclusively outside the licensed market. [3]
It is also important to distinguish the periods. Channelisation refers to 2025, whereas quarterly revenue covers April-June 2026. Considering them together helps frame questions about the system's effectiveness, but does not prove that revenue growth in Q2 caused channelisation to improve or deteriorate. Such a conclusion would require comparable data for the same period.
Spelpaus and young players: another dimension of the market
At the end of Q2 2026, just under 138,000 people remained registered with Spelpaus, the self-exclusion system. The number was 0.7% lower than in the previous quarter. The register's size is not, however, a measure of the prevalence of gambling addiction or a simple assessment of how effectively players are protected. [1]
In research published on 18 September, the regulator described an online survey conducted in spring 2026 among people aged 18-29. Risky gambling was observed more frequently among men, particularly those aged 18-24. The study also identified associations with watching gambling streams, loot boxes and skin gambling. These are associations observed in the research, not proof that each type of exposure causes a problem. [4]
Most respondents reported exposure to gambling advertising. However, the study does not establish whether the messages came from licensed or other operators. Attributing the entire result to either group would be unjustified. [4]
What does this mean for operators and suppliers?
Editorial assessment: the Swedish figures describe a market in which revenue growth and control over distribution channels are separate challenges. An operator may improve its performance in the licensed segment while some activity remains outside it. A licence is an entry point into the supervisory system; it does not describe the full competition for players' attention.
For platform suppliers, combining product quality with measurable player protection becomes important. In our editorial assessment, the market should not be discussed through revenue alone. Data are also needed on the use of protective tools, responses to signs of risk and audiences' exposure to marketing. We do not present these criteria as new legal requirements; they are a way of assessing the quality of market development.
For publishers and affiliates, the lesson is equally practical: country comparisons must preserve definitions and reporting periods. Gaming revenue should not be compared with total stakes or deposits without explanation. Research on young adults cannot replace statistics covering all players, and a survey does not automatically describe the behaviour of an entire population.
How should future Swedish reports be read?
Three things are worth following: whether the combined online gambling and betting segment continues to account for most growth; how channelisation changes when measured using a comparable method; and whether player-protection data allow assessment of more than the number of self-exclusions. Only a combined view of these measures will show whether market development also means a more effective system.
For now, the growth of the licensed market and the dominant contribution of the combined online gambling and betting category can be confirmed. There is no basis, however, for declaring that local licences have captured all activity or for deriving promises of profit for operators or players from these figures.
Sources and methodology
[1] Spelinspektionen, Q2 2026 results, announcement dated 26 August 2026: https://www.spelinspektionen.se/nyhetsarkiv/spelbolag-med-svensk-licens-omsatte-74-miljarder-kronor-under-andra-kvartalet/
[2] Spelinspektionen, quarterly market statistics table: https://www.spelinspektionen.se/om-oss/statistik/
[3] Spelinspektionen, market channelisation for 2025, announcement dated 15 June 2026: https://www.spelinspektionen.se/nyhetsarkiv/kanaliseringsgrad-pa-den-svenska-spelmarknaden-2025/
[4] Spelinspektionen, research on young people's gambling, announcement dated 18 September 2026: https://www.spelinspektionen.se/nyhetsarkiv/spelinspektionen-har-undersokt-ungas-spelande/
Verification date: 17 October 2026. Editorial calculations: 4,960 / 7,380 = approximately 67.2%; (4,960 − 4,632) / 4,632 = approximately 7.1%; (4,960 − 4,632) / (7,380 − 7,024) = approximately 92.1%. The different reporting periods are explained in the text. This is a market analysis, not a recommendation to participate in gambling.
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