Sweden’s AB Trav och Galopp (ATG) has posted a 4% year-on-year fall in net gaming revenue (NGR) during the second quarter following a decline within its horse racing business.
For the three months to the end of June, NGR amounted to SEK1.3bn (€117.9m), down from SEK1.36bn last year. Total revenue was also 3% lower at SEK1.5bn while net profit dropped 11% to SEK352m.
Key to the revenue decline was a drop in horse racing NGR, which was down 7% year-on-year to SEK936m. Sports betting NGR was also 3% lower at SEK89m, though casino NGR climbed 10% to SEK177m.
Despite the decline, horse racing betting remained ATG’s core source of revenue by some margin, generating 72% of all NGR in Q2. This was, however, slightly lower than the 76% share the segment held in the same quarter last year.
“Horse betting remains the hub of our business and ATG is the engine in financing Swedish horse racing,” said Jörgen Forsberg, who has been acting CEO since Hasse Lord Skarplöth’s resignation in February. Forsberg will continue in the role until December, when Anna Romboli, currently of Svenska Spel, takes over as CEO.
Horse betting downturn weighs on Swedish NGR
Taking a closer look at revenue and NGR performance, the decline in horse betting was most felt in Sweden.
Gross turnover from horse racing betting in Sweden was down 8% to SEK2.93bn, whereas for its international business, horse betting gross turnover climbed 13% to SEK1.0bn. In total, gross turnover for all horse betting in Q2 was 4% lower at SEK3.95bn.
Swedish sports NGR was also down 4% at SEK174m, while Denmark saw a marginal increase to SEK15m. Casino NGR in Sweden remained flat at SEK120m, whereas ATG reported a 39% rise in Denmark to SEK57m.
In total, Swedish NGR fell 6% year-on-year to SEK1.2bn, while NGR in Denmark was up 25% at SEK104m, amid growth across all areas.
As to where revenue came from during the quarter, SEK1.21bn of all NGR was generated via digital channels, down 3%. Retail accounted for SEK97m of total NGR, a decline of 17%.
Double-digit net profit decline for ATG
In terms of profitability, ATG saw operating profit fall 11% to SEK361m on the back of the fall in NGR and overall revenue, with costs mainly level year-on-year.
Pre-tax profit was 12% lower at SEK364m, while comprehensive net profit declined 11% from SEK394m in Q2 2025 to SEK352m in the same period this year.
As for ATG’s performance in the first half, despite the Q2 decline, this was not quite enough to fully offset what was a more positive showing in Q1, during which both NGR and net profit were higher year-on-year.
For the six months to the end of June, NGR fell 2% to SEK2.52bn, with overall revenue down 1% at SEK2.89bn. However, operating profit came in 2% higher at SEK687m amid reduced operating costs, while pre-tax profit was also 2% higher at SEK693m.
ATG ended the half with a comprehensive net profit of SEK668m, an increase of 2% from SEK652m in H1 of 2025.
“The first quarter developed overall on a par with the previous year, meaning the decline is mainly attributable to the second quarter,” Forsberg said. “Competition for customers’ time, attention and disposable income remains high. It comes from both other gaming operators – licensed and unlicensed – and from an ever-increasing range of other digital services and experiences.
“It is up to us to offer attractive products within the framework of a safe and responsible gaming market.”
Dingnews.com 20/08/2026