Norsk Rikstoto revenue up despite pandemic

The Norwegian horse betting monopoly saw an increase in revenue in the first half of the year despite the suspension of local racing for a month.

Norway.- The state-controlled horse betting monopoly, Norsk Rikstoto, has reported a 5.7 per cent rise in revenue year-on-year for the first half of 2020 despite the impact of Covid-19.

Revenue for the six months ending June 20 reached NOK1.79billion (€168.6million), up NOK1.69billion on the first half of 2019. 

Digital channels remained the largest source of revenue, with NOK1.32billion coming from online and mobile, a rise of 19.1 per cent.

The increase in total turnover came despite a 71 per cent fall in on-course revenue from from NOK45.2million to NOK12.8million and a 15.3 per cent drop in turnover from commission from to NOK457.8million due to the suspension of Norwegian trot and gallop racing between March 13 and April 19 due to Covid-19.

Betting on overseas racing increased during the period, Norsk Rikstoto said.

The monopoly also saw growth in the number of new players, with the total number of active customers remaining stable. 

In accordance with licence requirements, Norsk Rikstoto generated NOK218million for the equestrian sector in the first half of the year. 

In April, Norway decided to allow Norsk Rikstoto to keep its monopoly on horse racing betting in the country after the current concession expires in 2021.

However, Atle Hamar, General Director of The Norwegian Gaming Authority, told Focus Gaming News in an interview last month that the regulator believed the operator needed to develop its products to remain attractive.