Svenska Spel CEO We must cooperate to change the negative attitude facing gambling
Transitioning out of a monopolised market, Svenska Spel has seen revenue drop 6% year-on-year for Q1 to SEK 2.05bn ($197.4m).
The move has, of course, provided challenges for the state-owned operator, which has expanded its services and faced an influx of competition. Patrik Hofbauer, Svenska Spel CEO, spoke exclusively to Gambling Insider to outline some of the difficulties faced in this process.
He said: "The biggest change and challenge for Svenska Spel was preparing for the transition: to adjust the company to the new regulation and licensing system, still as a group, but with three separate business areas.
"After the transition, it has been a challenge to launch new products in segments where our competitors have been present for a very long time. But, business wise, it is positive we now can offer our customers products like online casino and horseracing, and also more competitive pricing, all within the business area of Sport & Casino."
While these changes represent shifts for the business, the CEO singled out another hurdle as Svenska Spel's major difficulty. It is an issue growing across gambling markets with companies striving to find the best way to handle it.
He added: "However, the biggest challenge is not due to regulation. It is that an increasing number of people have a negative attitude to the industry. We all have to cooperate on this issue to achieve change."
Hofbauer was speaking to Gambling Insider for an in-depth look at monopoly-structured markets for the July/August edition of the magazine.
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