$/€ ATG Q1 Earnings Report: Net Gaming Revenue Crosses $ 119 Million Mark
Kate Marshal
30 April 2024
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Swedish gambling operator, Aktiebolaget Trav och Galopp (ATG), has reported a surge in its net gaming revenue (NGR) to $119.8 million in the first quarter of 2024, marking a year-on-year increase of 9.2%.
The boost in revenue was primarily driven by horse race betting, which made up nearly three-quarters (74.5%) of all gaming revenue, showing a growth of 13.3% compared to the same period last year.
Meanwhile, online casino revenue also saw a rise, with NGR increasing by 13.8% to $14.2 million. This growth in horse racing and casino revenues helped balance a 10.8% decrease in sports betting revenue, which came in at $14.9 million.
The overall revenue for the first quarter rose by 9% to $129.3 million, with an operating profit of $33.5 million.
In a recent move, ATG called on banks to halt payments to unlicensed gambling operators, following a report that showed a continued decline in player numbers in the fourth quarter of last year.
ATG noted that since the Swedish online gambling market was regulated in 2019, traffic to unlicensed operators has increased tenfold.
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