Latest News
Kindred Group plc – Interim report: January – March 2024 (unaudited)
First quarter 2024
- Total revenue was GBP 307.7 (306.4) million, in line with the first quarter of 2023.
- Gross winnings revenue (B2C) was GBP 297.6 (297.3) million.
- Underlying EBITDA increased by 20 per cent to GBP 59.3 (49.4) million.
- Profit before tax was GBP 39.8 (30.4) million.
- Profit after tax was GBP 31.4 (25.6) million.
- Earnings per share were GBP 0.15 (0.12).
- Free cash flow amounted to GBP 23.7 (29.0) million.
- Number of active customers increased by 3 per cent to 1,667,564 (1,623,568).
CEO Nils Andén comments on the first quarter of 2024
“We have had a solid start to 2024 with the underlying business operations performing well and operational initiatives moving forward according to plan. The headcount reduction plans announced at the end of last year are progressing as intended and the North America exit is set to conclude towards the end of the second quarter this year. Our growth plan that we launched during the fourth quarter last year, focusing on Europe and Australia, continues at pace with dedicated strategic growth projects across locally regulated markets.”
“Together with the encouraging performance of the B2B business, Relax Gaming, total revenue for the first quarter came in at GBP 307.7 million, in line with the same period last year. Underlying EBITDA for the first quarter came in at GBP 59.3 million, which is a very encouraging increase of 20 per cent compared to the first quarter 2023 and shows the continued positive impact of our cost control focus.”
“During the quarter, we launched the Kindred Sportsbook Platform (KSP) in a test market, and we are very pleased with the progress to date. KSP remains one of our most important strategic projects and will give us the flexibility and differentiation needed to improve growth in locally regulated markets.”
“Our share of Gross winnings revenue from locally regulated markets came in at a new all-time high of 84 per cent, indicating our continued focus to sustainable revenue and our commitment to a positive contribution to societies.”
“Following a solid start to the year we now have our eyes firmly set on a much sought after summer of sports with the UEFA Euros, the Copa America, and the Paris Olympics.”
Trading update up to and including 21 April 2024
The average daily Gross winnings revenue for the Group, up to and including 21 April 2024, was GBP 3.48 million, 6 per cent higher (8 per cent in constant currency) compared to the daily average for the full second quarter of 2023. Excluding North America, Gross winnings revenue is increasing 8 per cent (9 per cent in constant currency).
The sports betting margin after free bets for the above period was 11.3 per cent, which is ahead of the Group long-term average of 9.8 per cent and in line with the 11.3 per cent across the full second quarter of 2023.
The post Kindred Group plc – Interim report: January – March 2024 (unaudited) appeared first on European Gaming Industry News.
Latest News
Betsson Group Wins Social Responsibility of the Year Award at Global Gaming Awards EMEA 2025
The Global Gaming Awards Europe, Middle East & Africa 2025 reward the gaming industry’s strongest performers across the previous 12 months, with a strong focus on the EMEA region.
Betsson Group was proudly recognised with the Social Responsibility of the Year Award and as a Runner-Up for the Online Sports Betting Operator of the Year Award at the Global Gaming Awards Europe, Middle East & Africa 2025. The Global Gaming Awards have gained respect amongst industry heavyweights and are considered one of the most trusted award ceremonies in the industry.
The awards voting process involved a panel of over 50 industry executives who cast their vote for a winner and a runner-up across all categories except the categories in which they have a conflict of interest.
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Compliance Updates
UKGC Issues Urgent Warning on Unlicensed Platforms and Operator Responsibility
Tackling unlicensed gambling is central to the UK Gambling Commission’s objective of preventing gambling from being a source of crime and disrupting this illegal activity at scale.
The Commission has become aware of casino games supplied by licensed operators appearing on unlicensed websites available to the British consumers illegally.
Those markets are unregulated, and do not provide the same safeguards that are required of operators. They often target vulnerable customers, such as those who have self-excluded via the GAMSTOP scheme. The websites may have inadequate social responsibility and Anti-Money Laundering (AML) controls in place and leave customers open to risks of fraud, data privacy issues and unfair practices. It is therefore imperative that the Commission, in collaboration with the gambling industry and key partners take all possible steps to mitigate risk to GB consumers.
Operators providing Business-to-Business (B2B) gaming solutions including live games, live casinos and slots (B2B operators) can help the Commission tackle the illegal market by reviewing their own practices. The Commission has found that, in some instances, third party resellers are distributing games supplied by operators to the illegal market, often in breach of their contractual obligations. Commission licensees may have been negligent in allowing them to do so and in the process, place their own licence at risk.
The Commission advised operators to actively monitor their business relationships to ensure any partners are not participating in offering illegal gambling facilities to the GB market, and where identified, terminating relationships where non-compliance has occurred.
It is critical that licensees also actively engage with the Commission where such activity is identified, setting out the preventative measures adopted to ensure such activity ceases immediately. Actively notifying the Commission and setting out a clear plan to mitigate the issue at pace is a minimum requirement.
The Commission is adopting a proactive approach to this matter and may decide at any point to conduct test purchasing activity to evidence potential breaches.
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Latest News
Betsson and Boca Juniors Announce Renewal of Successful Partnership
Betsson, the leading Sports Betting and Online Casino operator, and Boca Juniors, Latin America’s best-known international club, announced the extension of their successful partnership. Betsson will continue supporting the club as its main sponsor and front jersey partner through December 2028.
Juan Roman Riquelme, President of Boca Juniors, said: “We are delighted. We were lucky enough to start this partnership with Betsson on 25 June 2023, and today, thanks to Betsson’s trust and the great work that is being done, we can renew it until the end of 2028. For me, this brings great happiness, and I am very grateful for the trust. I hope the future finds us celebrating together.”
Jesper Svensson, CEO of Betsson Operations, reflected on the impact of this collaboration, highlighting how the initial agreement, signed in June of 2023, marked a pivotal moment in Betsson’s growth in Latin America: “We have always admired the rich history and legacy of Boca Juniors, and we are truly honoured to continue supporting this extraordinary club. As a company with Swedish roots, we feel a deep connection through both shared history and passion. This partnership not only strengthens our presence in the region but also helps us engage with a global audience.”
Maximiliano Bellio, Betsson’s Country Manager for Argentina, said: “From the start, Boca’s leadership, especially Juan Román Riquelme, has shown great professionalism in working with us. This renewal reinforces our commitment to Latin American football and reflects our ongoing success in the region. With over 60 years of expertise, Betsson brings security and experience, and we are dedicated to promoting responsible gaming while enhancing the entertainment experience for legal-age fans.”
The post Betsson and Boca Juniors Announce Renewal of Successful Partnership appeared first on European Gaming Industry News.
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