A Malta-based legal sports betting giant reported favorable growth in the first quarter of 2023.
Kindred Group — the parent company of online betting sites, including Unibet — generated $381.8 million in revenue in Q1 2023, up from $307.4 million for the same period the year prior. The company reported an EBITDA of $58.9 million in Q1, up from $27.4 million for Q1 2022.
Kindred’s growth in Q1 2023 stemmed from the progress of its operations in the Netherlands, which saw revenue jump 24% compared to Q1 2022. It also benefited from the World Cup, which helped Kindred reach 1.6 million active customers in Q1, up 18% year-over-year.
“The World Cup once again proved to be a strong customer acquisition event and we managed to keep customers engaged,” said CEO Henrik Tjärnström. “This strong activity has put us in a good position for the second quarter where we will see many more major football league fixtures than usual due to the knock-on impact of the Winter World Cup on football league scheduling.”
Kindred’s strong results in Q1 come amid speculation of a merger or sale. The company’s board has started a review of strategic alternatives to maximize value and has hired investment bank PJT Partners, Canaccord Genuity, and Morgan Stanley to facilitate a potential transaction.
Despite the review, Kindred has wasted no time expanding its reach after an encouraging Q1.
Earlier this month, the company received final approval from the New Jersey Division of Gaming Enforcement to launch its Unibet proprietary platform in the state. The platform, which will improve the sportsbook’s performance, will go live in May. Unibet first offered online sports betting in New Jersey in 2019 — the sportsbook’s first foray into sports betting in the U.S.
Kindred has doubled down in North America by launching retail sports betting in Washington in partnership with the Swinomish Tribe. The community owns and operates Swinomish Casino & Lodge, which opened its sportsbook on April 3. The launch, which includes Unibet-banded kiosks, comes after Kindred and the Swinomish Tribe secured a six-year deal in October 2022.
Kindred has 13 retail sportsbooks in the U.S., including locations in Arizona and Pennsylvania. The company’s online wagering offerings via Unibet are also available in Indiana and Virginia.
