ATG posts 2% NGR drop for H1
ATG, the Swedish Horseracing Totalisator Board, has reported a slight revenue drop for H1, recording a top-line decrease of 2% year-on-year.
In total, ATG generated SEK 2.6bn ($243m) in net gaming revenue (NGR), a modest fall when compared to last year. However, revenue from ATG’s sports betting and casino segments is on the rise.
The former experienced 3% top-line growth, while the latter posted a 47% increase, which the company said was a result of temporary restrictions being removed last November.
But a drop in revenue from horse race betting partially offset both segments’ growth, while rising costs impacted ATG’s profitability.
Horseracing is the company’s largest source of revenue, as its name suggests, but this only produced SEK 2bn, down 6% year-on-year.
Meanwhile, the group’s expenses, including tax, rose by 4% to SEK 2.2bn. The primary reason for this rise, it said, are “changes in the product mix.”
As a result, ATG produced an operating profit of SEK 805m, a 13% decrease. Lotta Nilsson Viitala, the company’s Chief Financial Officer (CFO), said its H1 results reflect a return to more normal operating conditions post-Covid.
“During the first six months of the year, life has happily returned to normal after the pandemic, with the result that competition from the entire entertainment industry has increased,” she said.
“It presents challenges in now maintaining the same high numbers, but we must continue to deliver exciting gaming experiences in a neat and flexible way in order to develop and grow the company in the long term.”
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