Swedish gaming operator Aktiebolaget Trav och Galopp (ATG) said a “weak economy” and “sharply increased gaming tax costs” made Q1 2025 a “challenging quarter,” as net gaming revenue fell eight per cent year-on-year to SEK1.2bn (£93.5m).
Revenue for the company’s horse betting segment, its largest business unit, declined 10 per cent to SE867m (£67.6m).
Casino revenue was down 13 per cent to SEK143m (£11.1m), but sports betting revenue offset those losses with a 14 per cent revenue rise to SEK198m (£15.4m).
Nevertheless, ATG’s operating profit fell 31 per cent in the quarter to SEK276m (£21.5m).
Chief financial officer Lotta Nilsson said: “We’ve seen a slight increase in the number of customers across all segments, but they’re betting smaller amounts per week.
“The drop also results from negative calendar effects – like Easter falling later this year, affecting the usually busy V75 period – and fewer jackpots than last year.”
She added that the recent Swedish gambling tax rate rise from 18 per cent to 22 per cent caused an “isolated cost increase” of SEK51m (£3.97m) in Q1.
“To maintain our large customer base and grow long term, it's essential that we continue to evolve our gaming offering. We must remain competitive in a tough market while delivering exciting and responsible gaming experiences,” Viitala said.
