ATG Reports Revenue Drop Amid Weak Economy
Swedish operator AB Trav och Galopp (ATG) reported a 3% decline in total revenues to approximately €382 million for the first nine months of 2025. Despite lower turnover, the company saw a slight improvement in net gaming revenue during the third quarter, signaling potential stabilization after a challenging year.
Revenue and Profit Performance
ATG’s net gaming revenue (NGR) for January–September 2025 reached around €339 million, representing a 3% decrease compared with the same period last year. Horse betting fell by 3%, casino revenue declined by 9%, while sports betting showed a 4% increase. Total group revenue amounted to €382 million, also down 3% year over year. Operating expenses excluding gambling tax dropped by 3% to about €200 million, reflecting the company’s ongoing cost control measures.
The gambling tax reached roughly €83 million for the period, weighing on profitability alongside lower revenues. As a result, ATG’s operating profit stood at approximately €96 million, with an operating margin of around 25%. The company described the results as solid given the economic headwinds impacting consumer spending across the market.
Customer Trends and Future Outlook
ATG recorded 1.3 million active customers during the nine-month period, a slight decline from 1.4 million in the previous year. The company highlighted that the drop in player activity was mainly due to fewer large jackpots and general economic uncertainty in Sweden. However, net gaming revenue for the third quarter increased by 1% compared to the same quarter in 2024, indicating a gradual recovery.
Lotta Nilsson, CFO of ATG, noted:
“2025 has been a challenging year but for the third quarter we see that the group’s net gaming revenues stabilised, they increased by 1% compared with the same quarter previous year.”
Looking ahead, ATG is preparing to launch its new V85 product, which it expects to strengthen customer engagement and attract new audiences. The company remains cautious but optimistic that continued innovation and cost efficiency will support steady performance into 2026.