Kindred Group is exploring its options in the United States after recording pre-tax profits of £33.6m in the first quarter of 2018.
The Stockholm-listed firm didn’t fare as well as in the fourth quarter last year, with what had been an “exceptional sportsbook margin” normalising to 8.2 per cent in Q1 2018 after free bets had been taken into account.
Mobile revenues were up 34 per cent compared to the corresponding period 12 months ago, and made up 72 per cent of total revenues.
Kindred’s gross winnings revenue was £207.8m for the first quarter, an increase of 36 per cent, with underlying EBITDA in the period at £47.5m, up from £30.3m.
The number of active customers during Q1 was 1,383,201, up by over 150,000 on the previous year.
“Gross winnings revenue grew by 36 per cent as reported and by 23 per cent organically and in constant currencies, compared to the same period last year,” said Kindred Group CEO Henrik Tjärnström.
”Of the group’s gross winnings revenue, 42 per cent came from locally regulated markets. Our underlying EBITDA grew by 57 per cent compared to the same period last year (up 46 per cent organic and in constant currencies).
"In Europe, the development of local licensing systems has continued and in Sweden the parliament will vote for a new modern licensing system on 7 June 2018. Outside Europe, during the year we are investigating if and how we can launch any of our brands in the USA.
“In the period up to 22 April 2018, average daily gross winnings revenue in GBP was 52 per cent higher compared to the same period in 2017. Adjusting for the acquisition of 32Red and the impact of exchange rate changes, the growth was 40 per cent.”
