Other financial targets include an underlying EBITDA margin of 21-22%, and a distribution policy of approximately 75-100% of free cash flow, after M&A.

Kindred will host a Capital Markets Day in London later today, where CEO Henrik Tjärnström and members of the management team will present the company’s long-term strategic direction and priorities for the coming years.

Priorities include gaining further market share by “being a trusted source of entertainment” in the group’s existing core markets in Europe and Australia, which are expected to grow with a CAGR of 7% between 2021 and 2026, as well as developing a strong position in the Netherlands.

Kindred also plans to leverage strategic investments such as the Relax Gaming acquisition and the development of the Kindred Sportsbook Platform, while also building on the foundation established in North America.

“I am delighted to share a more detailed view of our strategic direction and priorities we have set out at Kindred,” said Tjärnström. “We have been a driving force in the transformation of the industry and understood early on the requirements to succeed in a locally regulated and complex environment. We now have critical building blocks in place, and I am fully confident in the direction we are taking.

“It is also very encouraging to see the progress being made in the development of our Kindred Sportsbook Platform, with key milestones already achieved, towards a selected market launch around year-end 2023.

“The entry into the Netherlands has also exceeded our expectations and we are well underway to reach our ambition of a 15% market share by the end of the year.”