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Danske Spil announced record profit despite gambling revenue decline

5 Mar 2020

The Danish state-owned gambling operator Danske Spil has announced a record net profit for 2019, and at the same time, the local gambling regulator, Spillemyndigheden, keeps on confining its international competitors.

More specifically, Danske Spil reported a total revenue of DKK5b ($745.6m) in 2019. A decline of 1.6% compared to 2018. The Danske Lotteri Spil lottery, in particular, announced that its sales declined 3.8% to DKK2.56b. At the same time, the Danske Licens Spil online sports betting and casino unit, reported a 1.8% rise to its sales, amounting to just about DKK2b.

Will Denmark Lift the Monopoly on Gambling? 

It is worth noting that during the first half of 2019, the online gambling sector got a significant boost from the takeover of the online casino operations of the local slots operator Tivoli A/S by Danske Spil. Nonetheless, during the second half of 2019, online revenue dropped due to the imposition of new deposit limits.

It is also worth mentioning that Danske Spil announced a record net profit of DKK1.9b in 2019. Nevertheless, that particular figure dropped by DKK377m during last year’s sale of the firm’s 60% stake in gaming provider CEGO, which is behind the online casino.

Danske Spil is expecting that both revenue and profits will be lower in 2020 due to the following three reasons: 1) New online payment restrictions 2) High costs of launching a brand new land-based sports betting unit 3) 40% tax hike for gambling operators.

However, the Danish government is clearly supporting Danske Spil. The country’s gambling regulator, Spillemyndigheden, has recently announced that it is determined to reduce the number of international betting sites that accept Danish bettors and operate without having a local permit. More specifically, 502 websites were examined in total, and 25 of them were deemed illegal, and their IPs are expected to be blocked soon.

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