Lottery Growth Pushes Profits and Revenue Up for Danske Spil in 2023
LISTEN TO THIS ARTICLE:The Danish gambling operator Danske Spil saw a year-on-year rise in revenue and net profit in the 2023 financial year due to growth in the lottery division.
The year’s revenue totaled DKK5.04 billion, which was up from results of the previous year. Most of the revenue, DKK2.87 billion, came from the Danske Lotteri Spil division, which was an increase of 2.5%. The operator said that the increase was the result of new games and an additional Eurojackpot draw.
Revenue Falls in Other Divisions
Away from the lottery, Danske Licens Spil, which includes casino games and sports betting, saw revenue fall 3% to DKK1.61 billion. This was attributed to unfavorable sports results as well as a highly competitive market.
Elite Gaming, Danske Spil’s gaming hall and land-based slots division, also saw revenue fall. It was down 3.2% year-on-year to DKK289.9 million.
However, things were better for Danske Klasse-lotteri, which saw revenue increase 30.1% to DKK250.4 million.
Danske Spil also published revenue figures for the Swush fantasy sports platform. It fell 27.3% to DKK11.7 million. In January, Danske Spil agreed to sell its 60% stake in Swush to Ekstra Bladet, a Danish tabloid.
Related: Danish Gambling Authority Triumphs against 49 Illegal Sites
Net Profits Grow at Danske Spil
Breaking down costs for 2023, state taxes were DKK644.7 million, dealer commissions were DKK459.6 million, and other gaming related expenses were DKK269.6 million. This resulted in an operating profit of DKK3.69 billion, which is a 2.5% increase from the previous year.
Danske Spil also earned DKK32.9 million in other income and recorded DKK247.5 million in depreciation and write-downs, along with DKK1.16 billion in other external costs and staff expenses. Finance costs were DKK33.9 million.
Consequently, Danske Spil announced a pre-tax profit of DKK2.35 billion, a 6% increase. After a tax payment of DKK526.5 million, the net profit for the year was DKK1.82 billion, showing a 5.9% increase compared to the previous year.
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