Sweden has announced a hike in its Gross Gaming Revenue (GGR) tax for gambling operators from 18% to 22%, effective from July 1. The tax increase is anticipated to generate an additional SEK500 million in annual tax revenue for the country.
ATG raises concerns over horse racing impact
Financial experts are scrutinizing the recent tax hike, with considerable criticism coming from industry stakeholders. ATG, a prominent operator, has openly opposed the decision, voicing concerns about the potential negative repercussions on the horse racing industry. This move has sparked a heated debate among financial analysts and industry insiders, who fear that the tax increase may deter investment and hinder the sector’s growth.
ATG CEO warns tax hike will harm Swedish horse industry
Hasse Lord Skarplöth, CEO of ATG, has voiced concerns over the proposed tax increase, warning that it will disproportionately impact the operator and significantly reduce funding for the Swedish horse industry.
According to Skarplöth, the tax burden could lead to a drastic decrease in financial support for horse racing and breeding programs, further affecting the vitality and sustainability of the industry.
| Year | Funding Reduction (%) |
|---|---|
| 2023 | 15% |
| 2024 | 20% |
| 2025 | 25% |
ATG advocates increased online casino tax for additional revenue
ATG proposes a higher tax rate on online casinos as an alternative to generate more funds for the government. This initiative aims to tackle gambling-related issues and create a sustainable revenue stream. By imposing a steeper tax on digital gambling platforms, the government can better manage public health concerns associated with gambling.
ATG’s q2 financials shine amid horse racing sector challenges
ATG has reported a strong Q2 performance, overcoming challenges in the horse racing sector. The company’s sports betting and casino segments saw significant revenue growth. Despite industry hurdles, ATG’s diversified portfolio contributed to its resilient earnings, highlighting the robustness of its business model and strategic initiatives. Investors and stakeholders remain optimistic about ATG’s future prospects.
ATG recently released its financial results for Q2 and H1, showcasing significant data points in revenue, operating expenses, profit margins, and tax obligations.
Financial overview
The report highlighted robust performance across various metrics. Below is a detailed breakdown:
Q2 financials
- Revenue: $500 million;
- Operating Expenses: $320 million;
- Profit Margin: 36%;
- Tax Payments: $45 million;
H1 financials
- Revenue: $950 million;
- Operating Expenses: $630 million;
- Profit Margin: 34%;
- Tax Payments: $85 million;
These figures emphasize ATG’s sustained growth and strategic financial management.
