ATG revenue stable in Q1 as casino helps offset racing decline
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..