Kindred Enjoys Strong Revenue Rise for Second Quarter of 2023
The Kindred Group, the parent company of major online gambling brands, has announced its trading results for the second quarter (Q2) of this year, with an increase in revenue to GBP 307.3 million, a 29% year-on-year rise.
The rise in revenue for the second quarter this year shows that Kindred achieved an underlying EBITDA of GBP 55.7 million, which is up by 120% for the quarter and translates to a Profit before-tax figure of GBP 33.1 million.
Unibet and Relax Gaming are two of the nine gaming brands owned by Kindred, and the report shows the overall number of active players has increased by 17% to 1,561,444 from 1,336,706. This led to a B2C Gross winnings revenue figure of GBP 298.3 million, an increase of 28% in comparison to the same quarter in 2021.
Continued focus on a strong customer offering has resulted in revenue increasing 29 percent to GBP 307.3 million compared to the same period last year. As revenue increases, we see the true scalability of our business model. Together with the actions taken at the start of the year to optimize our cost base proving to be effective, underlying EBITDA reached GBP 55.7 million, representing a margin of 18 percent, or 20 percent excluding North America.
The statement also highlights the company’s continued drive to reduce revenue from high-risk players and focus on responsible gambling.
Launch in New Jersey and Pennsylvania
In the details of the trading report, Kindred boasts a strong quarter for the launch of its new platform in North American markets.
Its proprietary one-platform offering went live in New Jersey and Pennsylvania during Q2 this year. Initial results show a significant improvement in several indicators, including increased player retention, and the new player conversion has doubled.
Early signs show positive retention and conversion numbers, bringing us great confidence in our ability to improve performance with our proprietary platform.
Strong Confidence in the Future
The group reported that the Netherlands market and the Relax Gaming brand had also shown strong results in the last quarter. Senior management at Kindred said it was confident of performance for the second half of 2023 and believed the Group would achieve the EBDITA guidance figure of GBP 200 million.
The operator says it plans to launch its Kindred Sportsbook Platform at the end of this year, in a test version. It believes that developing its sportsbook in-house will lead to greater control and reduce potential risks.