Kindred toasts record revenues in Q2

Kindred toasts record revenues in Q2

Wednesday, July 26, 2017 Posted by James Walker
The earnings hike was primarily attributed to “new all-time high” gross winnings revenues

Fresh from its high-profile acquisition of 32Red, diversified gaming operator Kindred Group has reported record gross winnings revenue in the second quarter of 2017.

The Malta-based operator, which owns 13 leading brands spanning the sports betting, racing, poker, casino and bingo sectors, saw its profits rise by more than 40% to £20.4 million in the April-June period.

The earnings hike was primarily attributed to “new all-time high” gross winnings revenues of £166.6 million, up 27% on the second quarter of 2016. Gross winnings revenue represents the net receipt of bets and payouts, discounting the free bets granted for customer acquisition purposes.

In the second quarter of 2017, live betting accounted for 61.6% of turnover on sports betting, and 52.3% per cent of gross winnings revenue on sports betting.

“The marketing investments made in previous quarters have resulted in a new all-time high in gross winnings revenue,” Kindred Group CEO Henrik Tjärnström said in an earnings statement today.

Formerly known as Unibet Group, Kindred completed its £175.6 million acquisition of online casino company 32Red on June 6. After delisting from the AIM stock exchange, the acquired company added £2.6 million to Kindred’s balance sheet during the final days of the second quarter.

“Taking into consideration the lack of major tournaments this year, we are confident that we have continued to outpace market growth and have continued to take market share,” Tjärnström said.

Totally Gaming says: Kindred’s 40% earnings increase came as the company reported a slight, but notable, dip in active customers. The acquisition of 32Red has provided the group with significant added presence in the UK – the world’s largest regulated online gaming market – and the focus now will be to bolster its player base across all channels, utilising Kindred’s effective multi-product, multi-market strategy.

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