Patrik Hofbauer bids adieu to Svenska Spel

Patrik Hofbauer, a seasoned veteran in the gambling industry in Sweden and beyond, has announced that he will be stepping down from his post as CEO and President at Svenska Spel, the former Swedish gambling monopoly, after five years on the job. He initially joined in December 2018, and served across a number of companies prior to his stint with Svensk Spel. He will be stepping down on January 31, 2024

Hofbauer has held various memberships at the Board of Directors at NHST Media Group, Clas Ohlson, Svenskt Näringsliv and others. Hofbauer steered the company through one of its most difficult transformations, as the Swedish market legalized its gambling operations in 2018 and launched in 2019, breaking the monopoly previously held by Svenska Spel.

Hofbauer was instrumental in ensuring that the company put a firm footing in the post-2019 market, and managed to adjust its marketing and business strategies to meet increasing competition from experienced commercial operators which brought their own brand of expertise to the market.

For this, Chairman of the Board Erik Strand thanked Hofbauer and hailed his qualities that made it possible for Svenska Spel to maintain a fast pace of development and fully adapt to the liberalized market.

Hofbauer was himself thankful for the opportunity to be part of Svenska Spel in one of the most important capacities. He said that his decision to step down and leave was not easily made, as he cherished his time with the operator and valued it deeply. Yet, he is confident that Svenska Spel will continue to operate from a position of strength and continue to establish itself in the local market, as it grows.

Hofbauer will take a new position at Telia Company which will begin on February 1, 2024, when he will join as its President and Chief Executive Officer. Svenska Spel has been doing very well of late. The company signed a partnership with Kambi Group plc to boost its retail and online sports betting experiences to make it more competitive in the long run and elevate the experience for players across the board.

Svenska Spel also announced earlier this year that it is allocating SEK42m to help bolster the company and the industry’s understanding of problem gambling and how to better assist consumers who may be struggling with excessive gambling. In the meantime, Svenska Spel has made no mention of who may be succeeding Hofbauer at the helm.

The company is also ramping up its online presence which should deliver on stronger results in the upcoming earnings call for the third quarter this year.

Image credit: Svenska Spel