One of the world’s leading online gambling operators, Kindred published its results for the first quarter on Wednesday, with stable performance across key European markets and growth in locally regulated revenue driving what Kindred CEO Nils Andén called a “solid start to 2024.”
The Unibet operator reported total revenue of £307.7 million for Q1 2024, a mark that stayed in line with Q1 2023’s £306.4 million.
Andén pointed to the improvement in underlying EBITDA as a signal of “the continued positive impact" of the company's cost control focus, since it increased from £49.4 million in Q1 2023 to £59.3 million in Q1 this year.
Profits were up year-over-year, as well. Profit before tax rose to £39.8 million from £30.4 million, and profit after tax increased to £31.4 million from £25.6 million.
Gross winnings revenue from locally regulated markets achieved a new all-time high with its 85% spike, which Andén remarked as an indicator of the company’s “continued focus to sustainable revenue and [its] commitment to a positive contribution to societies.” Kindred also sustained stable growth of 5% through its European markets, primarily driven by the Netherlands, the UK, and Romania.
Sports betting and casino
Kindred launched the Kindred Sportsbook Platform (KSP) in a test market, which Andén deemed one of the “most important strategic projects” for the company. According to the full earnings report, KSP remains firmly on track and was able to hit all Q1 targets for production readiness.
As the platform prepares to expand to further brands and markets, the next phase will focus on significant feature and functionality development alongside any pre-requisite compliance audits to be undertaken.
Q1 2024 reached the highest ever amounts of covered events in a first quarter period, with big expansions in esoccer and table tennis.
“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,” Andén said.
Kindred minted its second millionaire when a lucky Unibet player won a Dream Drop jackpot of €2.77 million after placing a €3.50 stake.
Significant events
The first quarter saw a number of key occurrences take place for the company.
In January, the company’s Board backed a $2.7 billion purchase offer from French gaming company FDJ that could potentially make the new organization the second-largest gaming company in Europe. Kindred’s Board unanimously recommended shareholders accept the offer, who now have until Nov. 19 to decide.
The company also officially confirmed Andén as the permanent CEO in February after he held the interim position since May 2023. Last April, Unibet’s parent company had originally undergone what was called a “strategic review of alternatives” that ramped up efforts to sell the company and triggered Unibet’s withdrawal from the North American market starting in November.
Andén noted that “the North America exit is set to conclude towards the end of the second quarter this year,” so more major moves may be on the horizon for Kindred in the coming months.
