Svenske Spel , the Swedish state gambling monopoly, in spite of functioning in an environment of senior management changes and limitations on the expansion of its online poker enterprises, delivered a disappointing report on its numbers for the first half of 2008 this week.

In spite of the fact that casino income showed a reported 9.6 percent increase, and  the firm reported that online gaming revenues from poker increased 12.6 percent,  Net profit for Svenske Spel dropped by 3.6 percent to $419 million, while sports betting revenues declined by 1.6 percent.

According to Anders Hagg, the recently appointed MD, the reasons for the six-month poor results go to consequences stemming from a deteriorating economic situation along with increased competition from foreign gaming companies that are competing in breach of Swedish law.

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