A Malta-based sportsbook is launching new operations in one of America’s largest legal sports betting markets.
Unibet — owned by gambling giant Kindred Group — is updating its proprietary sports betting app in Pennsylvania as it expands its market presence across the U.S., sources told Covers.
On July 10, Unibet’s online betting sites in the Keystone State were down for scheduled maintenance. The improvements include increased security measures and enhanced analytics and flexibility.
The updates to Unibet’s Pennsylvania site come a tad bit behind schedule, as the company previously planned to debut its improved platform during the second quarter of 2023.
Period of change
Unibet updating its Pennsylvania sports betting site comes amid a restructuring of its leadership.
In May, Kindred accelerated its plans for a sale by asking for bids from potential suitors to be submitted by the end of the month, according to a report from Bloomberg. The looming sale of Kindred came after the company announced a “strategic review of alternatives.” It saw Henrik Tjärnström step down as CEO and CFO Johan Wilsby resign amid the imminent changes.
Despite the changes in structure, Kindred remains an intriguing investment as the company continues to drive profits. Kindred, which also owns Bingo.com, reported $381.8 million in revenue in Q1 2023 — a 24% increase year-over-year. Pennsylvania is also a lucrative market.
The Keystone State reported a total sports betting handle of $495.5 million in May — a 13% drop from a $572.1 million handle the month prior. Pennsylvania’s online and retail operators posted $41.1 million in revenue (after promotional deductions) — a 17% uptick year-over-year.
Past experience
In April, Unibet received final approval from the New Jersey Division of Gaming Enforcement to launch its proprietary platform in The Garden State.
Unibet first offered online sports betting in New Jersey in 2019, marking the sportsbook’s first presence in the U.S. It also secured its first sponsorship deal in the U.S. following a multiyear pact with the New Jersey Devils.
