Sweden’s AB Trav och Galopp (ATG) has recorded a 4% year-on-year decline in net gaming revenue for the second quarter of 2026, driven primarily by weakness in its core horse racing segment.
For the three months ending June 30, net gaming revenue (NGR) amounted to SEK1.3bn (€117.9m), falling from SEK1.36bn posted in the same period last year.
Total revenue was also 3% lower at SEK1.5bn, while net profit dropped 11% year-on-year to SEK352m, marking a difficult quarter for the Swedish operator.
Horse racing NGR bore the brunt of the decline, falling 7% year-on-year to SEK936m, making it the single largest contributor to the overall revenue shortfall.
Sports betting NGR was also 3% lower at SEK89m, though casino NGR provided a bright spot, climbing 10% to SEK177m during the quarter.
Despite the decline, horse racing retained its dominant position within ATG’s revenue mix, accounting for 72% of all NGR in Q2, compared to a 76% share in the same quarter of 2025.
Acting CEO Jörgen Forsberg, who assumed the role following Hasse Lord Skarplöth’s resignation in February, acknowledged the structural challenges facing the business heading into the second half.
“Horse betting remains the hub of our business and ATG is the engine in financing Swedish horse racing,” Forsberg said, underlining the segment’s continued strategic importance despite the revenue drop.
Gross turnover from horse racing betting in Sweden fell 8% to SEK2.93bn, while international horse betting gross turnover climbed 13% to SEK1.0bn, providing some offset against the domestic decline.
Swedish NGR fell 6% year-on-year to SEK1.2bn, whereas NGR in Denmark grew 25% to SEK104m, with ATG reporting growth across all product verticals in that market.
Casino NGR in Denmark surged 39% during the quarter, a standout performance that contrasted sharply with flat casino NGR of SEK120m recorded in Sweden over the same period.
Digital channels remained ATG’s dominant revenue source, generating SEK1.21bn of total NGR, though this was down 3%, while retail NGR declined sharply by 17% to SEK97m.
Operating profit fell 11% to SEK361m, with pre-tax profit 12% lower at SEK364m, as the revenue declines filtered through to the bottom line despite broadly stable costs.
For the first half of 2026, NGR fell 2% to SEK2.52bn, though operating profit edged 2% higher at SEK687m following reductions in operating costs, and ATG ended the period with a net profit of SEK668m, up 2% from SEK652m in H1 2025.
“Competition for customers’ time, attention and disposable income remains high,” Forsberg said. “It comes from both other gaming operators – licensed and unlicensed – and from an ever-increasing range of other digital services and experiences.”
Forsberg will continue in the acting CEO role until December, when Anna Romboli, currently of Svenska Spel, is scheduled to take over as the company’s new chief executive.
