The third quarter shows a favorable financial situation for horse racing in Norway. Wagering on the regarded sports grew by 5.5% in the Year-over-Year (YoY) comparison, making this sector a rather stable one. Login Casino informs its readers about the latest news in bookmaking and explains in detail the situation in the Scandinavian country.
The Q3 report by the Norwegian national betting operator, Norsk Rikstoto, shows a positive tendency for the horse race betting sector in diverse directions. The recovery continues after the lockdown and tough Q2, now overpassing the results of the previous year. The third quarter in 2019 ended with €81.1M result, while now the operator reported about €86.6M.
Interestingly, but the first nine months of 2020 were also positive for the horse racing sector. The industry grew by 5.6%, just like Q3, and brought about €255M since January 1, 2020. By September 30, 2019, the similar rate was about €242M. It means that even the coronavirus-hit 2020 cannot stop the stable development of the beloved sports.
What has changed compared to previous periods?
Despite the fact that betting on horse racing is growing, the priorities of punters have changed. Thus, Norsk Rikstoto reports about the significant turn to the digital channels of bets making.
In the 2020Q3, mobile and online wagering made about 74% of the total industry's revenue or about €63.8M. Those numbers are going in parallel with the overall 2020 results, where the trackside betting on horse racing has dropped by 72%. Quarantine measures forced Norwegians to avoid visiting racetracks and focus on retail shops and online platforms. In 2020, the digital wagering facilities have brought about €188M out of €255M, which means about 74% of total bets. The digital trend growth in 2020 isn’t as surprising as it seems to be, as it has increased only by 18% compared to the first nine months of 2019.