Stockholm-listed online gambling firm Kindred Group Plc has recorded a strong start to 2018, reinforced by an ambitious expansion strategy, and now has an eye on the US market.
Publishing its unaudited Q1 2018 results, Kindred noted a 36% group revenue uplift to £207 million.
The positive revenue momentum sees Kindred record growth across all key metrics and KPIs, with the company recording a period underlying EBITDA of £47.5 million.
“After an exceptional sportsbook margin in the fourth quarter last year, the margin has normalised in the first quarter of 2018 at 8.2% after free bets. Gross winnings revenue grew by 36 percent as reported and by 23% organically and in constant currencies, compared to the same period last year,” detailed Henrik Tjärnström, Group CEO of Kindred.
“During the first quarter, Gross winnings revenue from mobile grew by 34% compared to the first quarter last year and amounted to 72% of our total gross winnings revenue. Of the Group’s Gross winnings revenue, 42% came from locally regulated markets.”
And with the US on the brink of repealing PASPA, Tjärnström revealed his desire to further the company’s stateside operations: “In Europe, the development of local licensing systems has continued and in Sweden the parliament will vote for a new modern licensing system on 7th June 2018.
“Outside Europe, during the year we are investigating if and how we can launch any of our brands in the USA.”