Online gaming operator Kindred reported its Q2 revenue was down from £363.7m to £238.7m, with a fall in sports betting contributing to the downturn.
Underlying EBITDA for the quarter fell 78 per cent, compared to the same period last year, to 25.3m.
Kindred CEO Henrik Tjärnström said: “After a period of short-term headwinds, I look to the future with confidence as we see good progress with the group’s key strategic priorities. We have received our long-awaited Dutch licence, our Kindred Sportsbook Platform (KSP) remains firmly on track, and Relax Gaming continues to show strong numbers. We are also nearing the end of a period of very tough Covid-19 comparatives, which have been giving a skewed view of our performance.”
“The second quarter is a seasonally low period of activity as sports leagues end, with major football tournaments only taking place every other year. With an exceptional period of sports in 2021, with Euros 2020 causing higher-than-normal activity during Q2 2021, we are now back to a normal sports calendar. This, together with a sports betting margin of 9.3 (10.7) per cent after free bets for the quarter (significantly lower than the same period last year), have resulted in a year-on-year decline of 28 per cent in sports betting revenue when excluding the Netherlands.”
He added: “During the last year, the UK market has been impacted by stricter affordability checks self-imposed by the industry. These measures can be expected to continue over the coming quarters. Whilst impacting revenues in the short term, this ensures a more sustainable customer base.”
