Net profit for Aktiebolaget Trav och Galopp (ATG) declined slightly in Q1 of 2022, which the business said was mostly due to a greater focus on higher-cost verticals of non-racing sports and gaming.
Net gaming revenue was exactly stable year-on-year, at SEK1.27bn (£102.6m/€121.9m/$128.9m).
Almost all of this net gaming revenue, at SEK1.06bn, came from online operations, up by 3.5%.
Retail revenue, on the other hand, was down 14.7% to SEK208m.
Looking at net gaming revenue by product type instead, horse racing brought in SEK970m, down 7.4%.
“Despite the decline, the figure is historically high,” ATG chief executive Hasse Lord Skarplöth said.
Sports betting revenue was up 27.3% to SEK177m and casino revenue grew 47.6% to SEK121m.
“We continue to gain market share in Sweden and consolidate our position in sports betting,” Skarplöth said.
Explaining the rapid increase in casino revenue, Skarplöth said that a key factor was the removal of Sweden’s SEK5,000 deposit cap for online ca..