Kindred Group Post Record Figures amid Strong Performance

By Simon Wright, Last updated Jul 1, 2023

The Swedish operator the Kindred Group, who number the likes of Unibet and 32Red Casino among numerous brands that they own and operate in the iGaming space, have today released and announced their interim report for the period January 2021 – June 2021.

Key highlights include a growing number of active customers across the group, with the operator reporting nearly 2 million current active customers, this compares with 1,313,000 for the same period last year. Additionally during the second quarter of 2021, profit after tax amounted to £87m, a big jump on the previous year’s £26.8m.

Commenting on the results, Kindred Group’s Chief Executive Officer Henrik Tjärnström said: “I’m pleased to see yet another great quarter for Kindred with continued growth across both the sports and casino product segments and a new all-time high in active customers of over 1.9 million.”

“During the quarter, our business has performed exceptionally well with Gross winnings revenue increasing by 55 per cent compared to the same period in 2020 when the sports calendar was impacted by COVID-19.”

“Our dedicated focus on costs and scalability, along with a strong sports betting margin, have had a positive impact on underlying EBITDA, which increased by 121 per cent compared to the second quarter of last year. This equals an impressive EBITDA margin of 31 per cent.”

“The acquisition of the remaining outstanding shares in Relax Gaming, a high-margin and fast growing B2B business, is an important part of our long-term strategy and further increases our focus on product differentiation. I see great potential in this deal, granting us the ability to provide customers with more unique content, increasing our flexibility and improving our end to end customer experience.”

“All product segments continue to show solid momentum, with the sports segment benefiting from a strong sports betting margin of 10.7 per cent after free bets in the quarter.”

“Meanwhile, the casino segment has delivered a record quarter with 18 per cent growth compared to the same period last year, despite this being a sports-heavy quarter. This indicates that many of our casino customers remain loyal, even as restrictions start to ease across our markets, and is a testament to our customer experience.”

“The third quarter of 2021 has started strong with the average daily Gross winnings revenue for the first 18 days of July 2021 being 15 per cent (20 per cent in constant currency) higher than the daily average for the full third quarter of 2020.”

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