ATG Q2 Net Gaming Revenue Falls 4%
Sweden's AB Trav och Galopp (ATG) reported a 4% year-on-year fall in net gaming revenue (NGR) for the second quarter of 2026, driven by a decline in its horse racing business.
For the three months to the end of June, NGR came to SEK1.3bn (€117.9m), down from SEK1.36bn a year earlier, according to the operator's own results published on its media site. Total revenue fell 3% to SEK1.5bn, while net profit dropped 11% to SEK352m.
Horse racing NGR fell 7% year-on-year to SEK936m, the main driver of the quarterly decline. Sports betting NGR was also 3% lower at SEK89m, while casino NGR climbed 10% to SEK177m.
Horse racing betting remained ATG's core revenue source by a wide margin, generating 72% of all NGR in the quarter, slightly down from a 76% share in the same period last year.
Gross turnover from horse racing betting in Sweden fell 8% to SEK2.93bn, while international horse betting turnover rose 13% to SEK1.0bn. Total gross turnover across all horse betting was 4% lower at SEK3.95bn for the quarter.
Sweden Revenue Falls As Denmark Grows
Swedish sports NGR fell 4% to SEK174m, while Denmark saw a marginal increase to SEK15m. Casino NGR in Sweden held flat at SEK120m, whereas ATG's Danish casino business grew 39% to SEK57m.
In total, Swedish NGR fell 6% year-on-year to SEK1.2bn, while NGR in Denmark rose 25% to SEK104m on growth across all product lines.
Digital channels generated SEK1.21bn of total NGR, down 3%, while retail NGR fell 17% to SEK97m. Operating profit fell 11% to SEK361m and pre-tax profit dropped 12% to SEK364m, with costs broadly level year-on-year.
CEO Points To Rising Competition
Jorgen Forsberg, who has been acting chief executive since Hasse Lord Skarploth's resignation in February, said horse betting "remains the hub of our business and ATG is the engine in financing Swedish horse racing." Forsberg will continue in the role until December, when Anna Romboli, currently of Svenska Spel, takes over as CEO.
"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."
Casino Games Hub
For the first half of 2026, NGR fell 2% to SEK2.52bn and overall revenue was down 1% at SEK2.89bn, though operating profit rose 2% to SEK687m on reduced operating costs.
ATG's betting business ended the half with comprehensive net profit of SEK668m, up 2% from SEK652m in the first half of 2025. More gambling operator results are due from ATG's European peers as the Q2 reporting season continues.
Pre-tax profit for the half rose 2% to SEK693m, meaning the first quarter's stronger showing offset most of the second-quarter decline at the group level even as gross turnover from Swedish horse racing betting remained lower year-on-year through the period.
