ATG Reduces Turnover and Results – Horse Betting Decreased While Sports and Casino Increased

FINLAND (February 27, 2023) — The Swedish Horse Race Totalisator Board ATG reports a decline and profit during the fourth quarter. Horse betting, where the company is number one, decreased while casino and sports betting increased.

Revenue fell 2.8 per cent to SEK 1,552 million (1,597). Net gaming revenue amounted to SEK 1,337 million (1,339).
Operating profit was SEK 444 million (500), with an operating margin of 28.6 per cent (31.3).

The profit before tax was SEK 457 million (504). The profit after tax was SEK 135 million (162), a decrease of 16.7 per cent compared to the previous year.

Cash flow from current operations amounted to SEK 642 million (675).

For the full year, the operating profit was SEK 1,686 million (1,920).

“The largest and most important gaming product, horse betting, is decreasing while sports and, above all, the casino is increasing. Growth in Denmark remains strong. The lower result is mainly an effect of change in revenue, product mix, and increased costs, including the launch of Big 9 “, the company writes.

Sports betting increased its revenue by 9 per cent during the year and ATG believes that it is number two in Sweden. Casino increased by 49 per cent.

“As I said, times are grim and there are many uncertainty factors to consider. We have cut a lot of our costs and are working on further streamlining operations,” writes CEO Hasse Lord Skarplöth.

SOURCE: Finwire / Börsvärlden.