Kindred has posted a seven per cent increase in total revenue for Q2, with the “vast majority” of its key markets growing year-on-year.
Revenue for the operator group climbed to £327.6m, up from £307.3m, with gross winnings revenue (B2C) rising six per cent to £317.2m.
Underlying EBITDA increased 32 per cent to £73.6m, with profit after tax in Q2 at £44.5m, up from £27.7m a year ago.
For the first half of the year, total revenue rose four per cent to £635.3m, with B2C revenue increasing by three per cent to £614.8m.
Kindred CEO Nils Andén said the company continues to “demonstrate our resilience and strategic execution, which is reflected in our strong performance across our market portfolio.”
“The vast majority of our top markets have grown year-on-year, which is very encouraging,” he added.
Strong sportsbook activity throughout Euro 2024 saw Kindred post a record high sportsbook margin of 12.1 per cent, which Andén noted is “considerably higher than the long-term average margin of 9.9 per cent” and is expected to be followed by a normalisation in the second half of the year.
“Our development in locally regulated markets has been particularly strong, with year-on-year gross winnings revenue from locally regulated markets growing 10 per cent (12 per cent excluding North America).”
Andén added that the Kindred Sportsbook Platform project is “firmly on track” ahead of its planned market roll-out later this year, with key features and functionality being released.
“Live customers from selected test markets are already using the platform and providing valuable feedback and insight for the product and development teams.”
