Norway’s?Norsk Rikstoto sees 4% revenue?dip

Jenny Ortiz April 24, 2024

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Norway’s?Norsk Rikstoto sees 4% revenue?dip

Norway‘s state-owned horse race betting operator, Norsk Rikstoto, reported a 4 percent decrease in gross gaming revenue (GGR) for the year 2023. Despite this decline, the operator managed to contribute NOK516 million (€44.0 million) to Norwegian equestrian sport.

Turnover and racing products??

Turnover from racing products experienced a similar 4 percent decrease, amounting to NOK3.14 billion (€268.8 million). Notably, NOK1.75 billion (€149.8 million) was generated from betting on foreign horse races, highlighting the diverse nature of Norsk Rikstoto’s offerings.

Operating performance??

After paying out NOK2.19 billion (187.5 million) in winnings to players, Norsk Rikstoto’s GGR stood at NOK952.2 million (€81.5 million), reflecting the overall decline compared to the previous year. Despite this, the operator’s net operating income surpassed NOK1.0 billion (€85.6 million), albeit still down by 4 percent year-on-year.

Responsible gambling and operational efficiency??

Norsk Rikstoto emphasized its commitment to responsible gambling and operational efficiency under Norway‘s new gambling law. The operator reduced total operating expenses by 6 percent, focusing on cost optimization while maintaining a solid foundation for its operations.

Contributions to equestrian sport??

Despite the revenue decline, Norsk Rikstoto continued its significant contributions to equestrian sport in Norway. The operator paid NOK515.8 million (€44.1 million) to good causes in the sector, reaffirming its commitment to supporting the community and creating positive societal impact.

In a Gaming Intelligence report, Norsk Rikstoto’s managing director, Camilla Garmann, was quoted highlighting the importance of equestrian sport in Norwegian society, emphasizing its role in inclusion, health, and job creation. The operator remains dedicated to supporting equestrian activities and distributing profits to various stakeholders within the industry.

While facing a revenue decline in 2023, Norsk Rikstoto?maintains its focus?on responsible gambling, operational efficiency, and supporting Norwegian equestrian sport. Despite challenges, the operator continues to play a vital role in contributing to the?welfare of the community?and promoting the sport of horse racing in the country.??

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