Kindred’s revenue in Q4 2022 increased 24 per cent year-on-year to £305m, with 1.85m active customers in that period.
However, the group admitted that it did not meet its expectations in Q4 due to factors including the reduced number of football fixtures being played compared to Q4 2021, despite the presence of the World Cup.
What’s more, the sports betting margin after free bets was 8.9 per cent, which was below the long-term average.
Kindred said it enjoyed strong development in markets such as the Netherlands, France and Sweden. However, regulatory changes and increased sustainability focus in Belgium, among other jurisdictions, affected revenue negatively.
Kindred has also made several changes to its offering in Norway, which also impacted revenue.
EBITDA for Q4 2022 is estimated at £39m, up from the £27.6m in Q4 2021.
Actions such as reducing losses in North America by decreasing marketing spend prior to the Kindred platform being launched are being taken to try to improve profitability in the short and medium-term.
