Danske Spil Posts FY 2023 Results, Highlights 6% Increase in Net Income

Danske Spil, Denmark’s state-owned lottery and betting operator, has published its FY 2023 results, reporting a slight increase in overall revenue. Data shows that the company’s lottery businesses fared well but the casino and sports betting businesses experienced a decline.

Revenue in 2023 reached DKK 5.04 billion ($0.74 billion), up from DKK 4.98 billion in 2022. The Danske Lotteri Spil division remained the biggest driver of revenue, generating DKK 2.87 billion ($0.42 billion) in revenue. This is notably a record-breaking number that also represents an increase of 2.5% year-on-year. According to Danske Spil, the favorable result was driven by its new releases and the extra Eurojackpot draw it introduced.

In the meantime, the Danske Klasse-lotteri division, which was integrated into Danske Spil’s business two years ago, experienced a stellar increase of 30.1% year-on-year. The division ended 2023 with a total revenue of DKK 250.4 million ($30.12 million).

On the contrary, Danske Spil’s other divisions experienced setbacks.

Danske Licens Spil, the company’s sports betting and iGaming division, for example, saw revenue decline to DKK 1.61 billion ($0.24 billion), which represents a 3% decrease. According to the Danish operator, the unfavorable figure was due to unusually high win rates and fierce competition.  

Elite Gaming, Danske Spil’s land-based brand, on the other hand, experienced a decline of 3.2% to DKK 289.9 million ($42.5 million).

Finally, the Swush fantasy sports platform saw revenue plummet to DKK 11.7 million ($1.72 million). This figure represents an unfortunate 27.3% decline year-on-year. This could potentially explain Danske Spil’s recent decision to transfer its 60% ownership in Swush to Ekstra Bladet.

Other Company-Wide Metrics

Danske Spil reported a number of other company-wide metrics, including its net profit, which soared by 5.9% in 2023. Danske Spil also declared DKK 32.9 million ($4.82 million) in other income.

2023 also saw the company contribute DKK 644.7 million ($94.5 million) to taxes and reported DKK 247.5 million ($36.3 million) in depreciation and write-downs. External costs and staff expenses stood at DKK 1.16 billion ($0.17 billion), while finance costs reached DKK 33.9 million ($4.97 million).

After expenses, Danske Spil was left with an operating profit of DKK 3.69 billion ($0.54 billion) and a pre-tax profit of DKK 2.35 billion ($0.34 billion). This left Danske Spil with a net profit of DKK 1.82 billion ($0.27 billion).