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NEWS 24 April 2019

Kindred reports strong Q1 despite Swedish market re-regulation

By Nathan Joyes

Operator Kindred Group reported gross winnings revenue of £224.4m ($207.8m) for Q1 2019, up 8% year-on-year.

Revenue from mobile grew 17%, to £173.8m, which amounted to 77% of Kindred’s total revenue.

Profit before tax dropped 13% year-on-year to £17.7m.

Revenue from the Swedish market for the quarter amounted to SEK 207.4 ($22m).

Kindred saw an all-time high in active customers during the quarter, reaching 1,631,636.

Henrik Tjärnström, Kindred Group CEO, said: “During the quarter we have had strong levels of activity across all markets and all-time highs in active customers and sports betting turnover. This is the result of our continued investment in marketing, where focus has been in relation to responsible gambling in Sweden and football sponsorships in the UK.

“As anticipated for several years, the re-regulation of the Swedish market resulted in significant short-term margin pressure, particularly in the first quarter.”

RELATED TAGS: Online | Industry | Sports Betting | Legal & Regulatory | Financial
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