Kindred Group announces World Cup profits windfall

Kindred Group 2018 financial results first halfTHE Kindred Group has released figures which will have investors bullish about the second half of 2018.

Reporting on the second quarter and first half year highlights, the gambling company announced a profit of GBP £219 million for the second quarter of 2018, which was an increase of 31% on the opening quarter.

Chief Executive Officer of Kindred Group Henrik Tjärnström said the recent World Cup had proven to be a windfall for the company with an all-time high of 1,550,508 customers during the second quarter.

“Gross winnings revenue up 31 per cent and all-time high in active customers,” he said.

“The World Cup provided a significant all-time high in customer activity and continued strong organic growth, and unexpected results led to a sportsbook margin of 8.2 per cent after free bets.

“Gross winnings revenue increased 24 per cent organically and in constant currencies which means that we are continuing to gain market share. Gross winnings revenue from mobile grew by 29 per cent compared to the second quarter last year and amounted to 72 per cent of our total Gross winnings revenue. Of the Group’s Gross winnings revenue 43 per cent came from locally regulated markets.”

Kindred Group also reports underlying earning before interest, taxes, depreciation and amortization in the second quarter was £41.7 million, with a total profit before tax for the same period of £28.9 million.

Encompassing the first quarter earnings too, Kindred Group has announced a £55.4 billion profit for the first half of 2018.

“Our underlying EBITDA grew by 25 per cent compared to the same period last year (+27 per cent organic and in constant currencies),” Tjärnström said.

“In the period up to 22 July 2018, average daily Gross winnings revenue in GBP was 29 per cent higher compared to the same period in 2017. Adjusting for the impact of exchange rate changes, the growth was 30 per cent.”

The Kindred Group companies hold local gambling licences in UK, France, Belgium, Denmark, Germany (Schleswig-Holstein), Italy, Australia, Ireland, Romania and Estonia.

The Kindred Group also holds international gambling licences in Malta and Gibraltar. The Kindred Group pays betting duties in all markets in accordance with applicable local laws.

Subscribe
Notify of
guest

0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

iOS App
Android App
OnlineCasinoGames
Play the best Online Casino Games
Available to residents of United States
Welcome package of $20,000

18+. Gamble Responsibly. Full T&C's apply.

iOS App
Android App
BETMODE
Play, Win and Run the show with On-Chain Gaming
Available to residents of United States
75 Free Spins + Up To 50% Cashback

Deposit $500 or more and get 50% cashback. 18+ Gamble Responsibly. BETMODE T&Cs apply.

iOS App
Android App
ReefSpins
ReefSpins is for winners
Available to residents of United States
100% match up to $300

ReefSpins encourages all players to play responsibly and within their limits, gamble responsibly. Full T&C's apply.

BetOnline Casino
Trusted brand
Available to residents of United States
100 Welcome Free Spins

Sign up at BetOnline Casino and make a deposit to score 100 free spins on selected online slots. Full terms.

Bovada Casino
Bitcoin Friendly
Available to residents of United States
100% up to $3000

18+. Gamble Responsibly. Full T&C's apply.

Wild Casino
It's a jungle out there
Available to residents of United States
$5000 + 225 free spins

18+ gamble responsibly. First deposit only. Use code WILD250. Max deposit $1000. 5x turnover requirement. Full terms

0
Would love your thoughts, please comment.x
()
x