Kindred reports double digit growth in Q3
Expansion in American market has helped spur growth.
Kindred Group, one of the largest online gambling operators in the world, has reported that it has seen double digit growth in the third quarter. While much of this has been on the back casino performance, the Sweden-based Kindred has also been aggressively expanding into the American market.
Among the figures of the report: gross winnings revenue saw a 6% increase to $409.5m; EBITDA grew by 13% to $115.5m; profit after tax came to $81m; and the number of active customers amounted to 1,738,504.
This Q3 report comes on the back of a strong showing throughout the first nine months of 2021, a year in which gross winnings revenue has increased by 33%, EBITDA by 76%, and profit after tax $302.1m.
The reason behind the slight lag between the third quarter and the growth trends of 2021 is the result of Kindred having to halt services in the Netherland for much of October.
This fact has not dimmed the enthusiasm of group CEO Henrik Tjärnström: “I’m pleased to present a strong Q3 performance… After a relentless sporting calendar and subsequent low sports seasonality, sportsbook activity slowed as options for other sources of entertainment improved. However, it was pleasing to see continued strong casino activity generating an increase in casino gross winnings revenue.”
The quarter also saw Kindred further enlarge its presence in the American market after it entered Iowa in September by opening a sportsbook through its brand, Unibet. After partnering with Caesars Entertainment in 2020, Kindred has now expanded into five states: Iowa, New Jersy, Pennsylvania, Indiana and Virginia. They are expected to enter Arizona in the coming months.
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