ATG revenue falls 1% to SEK2.89bn as horseracing weakens

ATG has reported total revenue of SEK2.89bn ($303m) for the first half of 2026, down 1% year-on-year as weaker horseracing and sports betting activity outweighed growth from casino and its Danish operations.

Net gaming revenue fell 2% to SEK2.52bn. Horseracing NGR declined by 4%, while the operator’s sports betting segment recorded a 7% reduction. Casino NGR increased by 15%.

The contraction was concentrated in the second quarter, when group NGR dropped 4% to SEK1.30bn. Swedish horseracing turnover fell 8% during the quarter, despite the calendar containing the same number of Saturday V75 or V85 rounds and three additional jackpots.

International horseracing turnover provided some support. It increased by 13% during the half-year, primarily because of higher activity from Finland. Total horseracing turnover nevertheless fell 1% to SEK7.45bn.

Revenue at Danish subsidiary 25Syv increased by 19% to SEK191m, although exchange-rate movements reduced its contribution when translated into Swedish kronor. The subsidiary’s second-quarter revenue grew by 25%.

ATG’s full interim report showed EBITDA of SEK809m, compared with SEK803m in the corresponding period. Operating profit rose 2% to SEK687m and net income increased 3% to SEK669m. The operating margin improved by one percentage point to 24%. 

Operating expenses excluding gambling tax declined by SEK27m to SEK1.59bn. ATG is pursuing a three-year efficiency programme intended to reduce costs by SEK300m. A reorganisation completed in April resulted in redundancies, while first-half costs also included severance payments.

Gambling tax decreased to SEK607m from SEK627m. Sweden raised the tax on licensed gambling revenue from 18% to 22% in July 2024, increasing pressure on operator margins. Licensed operators generated SEK27.85bn in GGR during 2024.

ATG CFO, Lotta Nilsson, said: “We are not satisfied with the revenue development, but it is positive that despite lower net gaming revenue we can improve the result.”

ATG had approximately 1.4 million active customers at the end of June, unchanged year-on-year.

ATG appointed Anna Romboli as its next CEO in June, with the Svenska Spel Tur executive due to take up the position in December as the operator continues its cost-reduction programme.