The betting operator puts the growth down to interest in Swedish horse racing due to the suspension of other sporting events.
Sweden.- While the cancellation of sporting events due to the Covid-19 pandemic hurt many betting operators, it appears to have been a boon for Sweden’s AB Trav och Galopp (ATG).
The betting operator has reported a 33.2 per cent rise in revenue year-on-year for H1 due to increased national and international interest in horse racing, which continued in Sweden while other sporting events were cancelled.
Total revenue reached SEK3.06billion (€295.5million), with gaming accounting for SEK2.54billion. Revenue from betting on horse racing climbed 19 per cent to SEK2.18billion.
A record 18 companies took bets on Sweden’s most important annual trotting event, the Elitloppet at Solvalla racecourse on May 31.
ATG’s activity also benefited through the addition of seven extra jackpots in its pool betting game V75.
Revenue from betting on other sports also increased, up 26.5 per cent to SEK148million despite the cancellation of most other sporting events, though part of that was through the consolidation of ATG’s acquisition of iGaming operator Ecosys.
Online casino revenue also saw strong growth up, 50 per cent year-on-year to SEK207million.
Online revenue accounted for 75 per cent (SEK1.91billion) of all takings for the first half, while retail’s contribution fell 3.1 per cent to SEK628million.
Revenue from rights fees for racing coverage climbed 37.4 per cent to SEK364million. Net profit for H1 rose 70.8 per cent to SEK970million.
Sports betting, including horse racing, was made exempt from Sweden’s new deposit limits for online gambling.
The measure was initially to cover all online gambling but was modified to target casino gaming only.