State-owned gaming operator Danske Spil has delivered its strongest financial performance to date, reporting a record net profit in 2025 of DKK2.008bn (£232.2m).
The results highlight the resilience of the lottery sector and the growing online gaming market in Denmark, and mark an increase from 2024’s figure of DKK1.948bn.
Although total gross gaming revenue (GGR) slightly declined to DKK5.158bn, the company maintained strong profitability through cost efficiencies and portfolio adjustments.
Sportsbook and casino remains strong
While its lottery operations remain its primary earnings contributor, Danske Spil’s licensed gaming activities – sports betting and online casino operations – produced DKK1.584bn in revenue and DKK171m in profit.
However, this segment saw a slight decline due to increasing competition from international operators within Denmark’s regulated market. Online casino products showed continued growth, while sports betting activity softened following the high engagement levels associated with major sporting events in the previous year.
It may be set to rebound in 2026 with a plethora of big-name sporting events taking place over this calendar year, including the 2026 World Cup this summer. The country’s national team will look to gain qualification to the tournament via the UEFA playoffs, which many Danish operators will be keeping a watchful eye on.
The iGaming performance shows the intensifying competition in the digital gambling space across Europe, where global brands are expanding their presence. Just last month, Easygo-owned Stake expanded into Denmark.
One of the most significant structural trends highlighted in the report is the continued shift toward digital platforms. Approximately 70% of Danske Spil’s sales now occur online, compared with 30% through physical retailers.
This shift shows the change in consumer behaviour as players increasingly favour mobile apps and online platforms for gaming and betting activities.
“The year’s result is the best in Danske Spil’s history,” said Danske Spil Chief Executive Officer, Nikolas Lyhne-Knudsen.
“With a profit after tax of DKK2,008m and a gross gaming income of DKK5,158m, the group has delivered solid financial results in a market that has become more complex and competitive in several areas.
“The result is evidence of a robust business where we manage to balance development, responsibility and long-term value creation – even when conditions are changing.”
The results are the first since Lars Krarup was elected as Chairman back in May 2025.
Danske Spil’s lottery reaps rewards
The company’s lottery division remains its most profitable segment. The Danske Lotteri Spil business generated DKK3.011bn (£346.8m) in revenue and DKK1.701bn in profit during 2025.
While revenue experienced a minor decline due to fewer large jackpot events, the segment continued to benefit from strong consumer demand and high margins, with scratchcard products and seasonal lottery campaigns also contributing.
Another traditional product line, Klasselotteriet, delivered notable growth, increasing revenue by 11% year-on-year. The improvement was driven by subscription-based participation and the growing adoption of digital payment solutions.
Beyond financial performance, the business, which is 81% owned by the Danish State, is looking to push responsible gambling practices.
Since 2021, the company said it has reduced the number of high-risk players by 69% through a combination of player monitoring systems, direct customer interventions and stricter marketing practices. These initiatives form a central part of the company’s long-term strategy to balance commercial success with social responsibility.
As a state-owned enterprise, Danske Spil plays a unique role in supporting public initiatives. In 2025 the company contributed DKK3.148bn to Danish society through taxes, dividends and lottery funding.
Of this amount, DKK1.787bn was distributed to projects supporting sports, culture and community organisations across Denmark.
Looking ahead, Danske Spil expects stable performance in 2026, forecasting revenue between DKK5.2-5.3bn and net profit in the range of DKK1.95-2.05bn.
While competition in online betting is expected to remain intense, particularly this year, the company’s strong lottery portfolio and expanding digital capabilities look set to maintain its market leadership in Denmark.
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