Online gambling operator Kindred Group has revealed second quarter gross winning revenues of £235m, up slightly on the £226.2m of the same quarter of 2019.
This result has been achieved despite the cancelling of sports events in face of the Covid-19 pandemic.
The growth, says the company, has come from improved technology, the proprietary racing platform and other events including esports and virtual sports alternatives.
It acknowledges, however, that ‘"it is probable that Kindred and other online operators have received a temporary benefit from the fact that most offline betting outlets in many countries have been closed throughout the second quarter."
EBITDA will be between £48-53m compared with £30.5m, principally through cost reductions that Kindred took in marketing, content and other direct costs.
“While these actions have protected profitability in the short term, now when sports are returning to more normal activity levels, we expect the marketing cost model of the business to normalise as well.”
Active customers in the quarter were 1.3 million down 11 per cent, thought to be the result of many players being motivated by sports events.
