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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.
Dublin
SolutionsHub opens Dublin office to support iGaming clients entering new €8bn market
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Expansion comes as Ireland rolls out new gambling regulatory framework, with industry valued at over €8 billion annually
SolutionsHub, a trusted provider of regulatory and operational solutions for the iGaming sector, has announced the opening of a new office in Dublin to support clients entering the Irish market as the country implements its new gambling regime.
The Gambling Regulation Act 2024, which established the Gambling Regulatory Authority of Ireland (GRAI) earlier this year, represents the most significant change to gambling oversight in the country in decades. Full licensing enforcement is scheduled for mid-2026, transforming a market currently valued at more than €8 billion annually and positioning Ireland as one of Europe’s most closely watched iGaming jurisdictions.
SolutionsHub’s new Dublin office provides a local base to assist existing clients and international operators seeking Irish or wider EU licences, positioning the firm at the centre of one of the world’s most dynamic technology and financial services hubs.
As part of the application process, the GRAI will conduct a risk-based review of the applicant’s suitability. Applicants must demonstrate sound governance practices, financial health, and compliance frameworks, such as anti-money laundering, responsible gambling, and risk management. Additional requirements include disclosures of beneficial ownership, tax clearance, any criminal history and/or previous regulatory action. SolutionHub’s presence will bolster all operator applications with in-the-market guidance and support.
“With the Gambling Regulation Act now in effect and enforcement deadlines approaching, demand for expert support is at an all-time high,” said Lee Hills, CEO of SolutionsHub.
“Several of our clients are already preparing to apply for Irish licences, and our new Dublin office ensures they have direct, on-the-ground guidance to meet the requirements and enter the market with confidence.”
SolutionsHub is recognised for securing first-of-their-kind approvals in iGaming, fintech, and blockchain, and for guiding companies through complex regulatory lifecycles in multiple jurisdictions. Unlike traditional consultants, the firm supports clients from initial licence applications through to long-term compliance and operational success.
“Dublin is already a global centre for technology and financial services, and Ireland is now set to become one of Europe’s most important regulated iGaming markets,” said James O’Kelly, Head of Corporate Development at SolutionsHub. “By establishing a permanent base here, we can work more closely with clients and partners, while also building our local team to support long-term growth, innovation and job creation under Ireland’s new gambling framework.”
SolutionsHub continues to be a trusted authority in licensing, compliance, and operational support. The firm’s Irish office positions it at the forefront of a new era for the country’s gambling sector, helping operators capitalise on growth opportunities while ensuring robust compliance.
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Andrew Humphreys Chief Product Engineering Officer
C-Suite Product Engineering Appointment at Bede Gaming
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Bede Gaming has announced a new leader in its Executive team with the appointment of Andrew Humphreys as Chief Product Engineering Officer.
Humphreys brings 16 years of experience in software engineering, with specialised expertise in end-to-end solutions and player experience. With a valuable customer-minded technical perspective, this addition to the platform provider’s seniormost team demonstrates a dedication to innovative UX in Bede’s product strategy.
An internal promotion, Humphreys climbed the ranks at Bede from a front-end developer and solution architect, progressing on through several positions of leadership and making a significant contribution to many of Bede’s key achievements along the way. As one of its longstanding employees, Humphreys has grown professionally with Bede, influencing its long-term strategic direction and witnessing firsthand the company’s transformational growth from start-up to a market-leading, international full-service platform provider.
Most recently, as Head of Product Engineering and a core member of the company’s senior leadership, Humphreys has led on product and technical solutions for customer projects, forward-thinking roadmap development, and introducing a performance-focused development culture throughout Bede’s product engineering teams.
This experience and tenure within Bede’s engineering department have positioned Humphreys for the newly created C-level position, in which he will retain responsibility for the continued delivery of high-quality products and features for the platform, including player account management, player engagement and front-end web & app.
“I’m thrilled to welcome Andrew to the Executive team. He has already demonstrated exemplary leadership and strategic thinking in managing our product development workstreams,” said Colin Cole-Johnson, Bede Chief Executive Officer. “Andrew has a keen eye for measurement, optimisation and continuous improvement that I’m sure will take our product engineering functions from strength to strength.”
“This promotion is an exciting step forward in my career, and one of many highlights that I have enjoyed during my time at Bede. As an engineering leader, I aspire to bridge the gap between our customers and our development teams. By fostering these relationships, we have delivered cross-functional, end-to-end solutions to an exceptional standard. I’m passionate about what we’ve built so far at Bede, and I’m excited to continue innovating with such a talented, dedicated team. I couldn’t see myself working anywhere else.” Humphreys said.
The introduction of the new Product Engineering C-Suite position comes as Bede’s Chief Operating Officer Paul Dinning announces his retirement at the end of 2025, after 9 years with the company.
The post C-Suite Product Engineering Appointment at Bede Gaming appeared first on European Gaming Industry News.
Affluck
iGaming Wise Officially Rebrands to Wise Connections
Reading Time: < 1 minute
Following two years operating as iGaming Wise, and more than three years previously as Affluck, the company is entering a new chapter under its new name: Wise Connections.
The rebrand reflects the company’s continued evolution and its commitment to delivering clear value, stronger matchmaking, and more direct, effective connections for partners across the iGaming sector.
Wise Connections is built on a simple idea: quality beats quantity. Instead of pushing generic introductions or relying on outdated directories, the platform focuses on personal, vetted, and direct connections. Every introduction is made manually through trusted channels like Telegram, LinkedIn, or email, ensuring that both sides meet with full context, purpose, and confidence.
The core services remain the same: Marketing & PR, Consulting, Affiliate Management, but they are now tied together under a stronger single identity. And the biggest focus moving forward is the B2B Matchmaking, which has already proven to be one of the most effective ways to help operators, providers, affiliates, and service companies expand into the right markets.
Founder & CEO Gjorgje Ristikj describes the change as a natural step in the company’s growth: “We wanted a name that reflects what we really do. We connect companies with people who matter, and we do it the right way, personally, transparently, and with purpose.”
Wise Connections is not just a new name, it’s a clearer direction. A more structured approach. And a stronger commitment to building long-term partnerships that actually move businesses forward.
The post iGaming Wise Officially Rebrands to Wise Connections appeared first on European Gaming Industry News.
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