Online gambling firm Kindred Group has issued its Q4 and full year highlights. Q4 figures were down on the corresponding period for 2017 to 2018, while results for the full year showed a healthy increase in gross winnings to $1.2bn from $970.1m. Underlying EBITDA for the 12 months stood at $263m versus $238.8m, while post-tax profit reached $169.9m against $151.6m.
In its report, the firm updated investors on American activity which has been high on its agenda since the repeal of PASPA in 2018. It told investors: “On 28 January 2019, Kindred Group signed a strategic partnership with Mohegan Sun Pocono in Pennsylvania. The agreement covers an initial five years, with the possibility to extend for two additional five-year terms, giving Kindred the ability to offer online and offline sports betting and online gaming in Pennsylvania.”
It added: “Previously, in August last year, Kindred Group entered into an agreement with Hard Rock Hotel & Casino Atlantic City, in New Jersey. This agreement spans an initial five years that can be extended 5+5 years and both these agreements are important first steps for Kindred to offer online Sports betting and gaming in the US.”
More generally the report noted: “In the fourth quarter of 2018 we have seen strong levels of activity, together with an all-time high in active customers. This has resulted in record Gross winnings revenue, proving that our long-term strategy, to maintain a sustainable business by increasing the number of active customers rather than the ARPU, is paying off. Despite the exceptional sportsbook margin in the fourth quarter of 2017 making the comparatives for this quarter very tough, we have still managed to grow the business by five per cent.”
It continued: “On 1 January, we successfully went live under the new local license in Sweden with five of our brands and we have also continued to lay the foundation for the USA early this year with the agreement in Pennsylvania.”
