Concerns about the ongoing decline in Swedish horseracing have been highlighted following the publication of AB Trav och Galopp (ATG)’s annual report.

ATG, the operator of Sweden’s totalizator horseracing system, has reported 2% growth in net revenues, reaching SEK 5,361m (€471.7m) in 2024, compared to SEK 5,271m (€463.8m) in 2023. Yet, despite corporate growth, ATG’s horseracing segment continues to decline for the fourth consecutive year.

Tracking a downward trend, ATG’s horseracing income has fallen year-over-year: 2020: SEK 4,200m, 2021: SEK 4,050m (-3.57%), 2022: SEK 3,950m (-2.47%), 2023: SEK 3,912m (-0.96%), and 2024: SEK 3,894m (-0.46%).

Further metrics paint a bleak picture, as ATG’s totalizator reports a fifth consecutive year of decline in racing handle, dropping from SEK 16,500m recorded in FY 2020 to FY 2024’s volume of SEK 15,834m, marking a total decline of 5%.

Corporate growth has been driven by ATG’s secondary segments, with sports betting revenue rising by 7% to SEK 778m (FY 2023: SEK 722m), and online casino revenue increasing by 8%, reaching SEK 689m, up from SEK 637m in 2023.

Key developments in 2024 saw ATG upgrade its sportsbook capacity in partnership with Kambi Group and relaunch its online casino platform, introducing 600 new game titles. Group KPIs saw ATG report an increase in active customers to 1.4m (FY 2023: 1.3m), mainly due to enhancements in ATG’s online offering.

Despite the continued decline of  the horseracing totalizator, ATG reported operating profits of SEK 1,812m (€156m) in 2024, reflecting a 1% increase from SEK 1,787m in 2023. Profit for the year also rose by 1% to SEK 1,480m, compared to SEK 1,453m in 2023.

Year trading saw ATG paiy SEK 1,210m (€106.48m) in gambling tax, compared to SEK 1,063m (€93.54m) in 2023. Group accounts highlighted the Swedish government’s gambling tax increase, which rose from 18% to 22% in July 2024.

Hasse Lord Skarplöth: ATG Sweden

Despite setbacks, ATG provided direct funding to Svensk Travsport, increasing its annual contribution to SEK 1,624m (€142.91m) in 2024, compared to SEK 1,596m (€140.45m) in 2023, a 1.75% increase of SEK 28m (€2.46m).

ATG CEO Hasse Lord Skarplöth described FY2024 as “A turbulent environment has continued to affect ATG during the year. Our customers’ average spending has decreased, but we are pleased with customer growth to 1.4 million (1.3). This shows that our offering of exciting, fair, and smooth gaming experiences is strong. Net gaming revenue increased by 2 percent to SEK 5,361 million.”

In 2025, ATG will begin critical negotiations with the Swedish government to reform its board structure and governance. Svensk Travsport and Svensk Galopp seek to end government involvement in ATG’s board, as the state currently holds control over board appointments.

Racing stakeholders argue that ATG must be independent to better represent Swedish horseracing and its funding. ATG’s board is also pushing for horseracing to be excluded from the gambling tax increase, aiming to maintain the previous 18% rate.

Savings from tax adjustments would be used to modernise ATG’s V75 betting system, the core totalizator network for Swedish racetracks. ATG is also exploring expansion into Finland, with plans to partner with Suomen Hippos (Finnish Trotting) should Finland liberalise its gambling market in 2026.

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