Online gambling operator, Kindred Group has today reflected on its business activities over the current year so far and has stated that it has shown strong growth in regulated gambling markets, strong sportsbook activity and ‘encouraging’ developments in the United States.
As the gaming and betting industry is still navigating unprecedented times, due to the ongoing Covid-19 pandemic, Kindred bosses have praised the firms ‘diverse business model’ during the release of the corporations third quarter financial figures and company activity for the period of January through September 2020.
Overall the company experienced a stronger third quarter and reflections of recovery as it increased its gross winnings revenue by almost 25 percent, along with all time high peak number of active cutomers hitting some 1,650,153.
Despite the disruption to business and impact of Covid-19, Kindred showed resilience with a diverse array of products as it continued sustained momentum across active markets and an increase in gross winnings revenue of just over 280 million pounds sterling, up more than twenty percent compared with the same quarter in 2019.
In addition, despite experiencing a lower sportsbook market of around ten percent for Q3, Kindred had a strong sportsbook activity due to the finalisation of last season’s sports leagues and the start of the new seasons.
One notable online sportsbook of the Kindred Group is global betting brand, Unibet, which played a huge role in such activity, alongside Stan James and 32Red.
In turn, although the Coronavirus pandemic brought some impact and negativity, the corporations was able to utilise its online offering as many punters from around the world shifted their behaviours and activity from offline to online, including mobile betting, whereby they were able to place wagers across the Internet, rather than in retail sportsbook locations.
The Kindred Group has also stated that it has experienced encouraging developments in the United States and that the country remains to be a key investment market, with the firm pushing forward to launch its operator brands in the states of Iowa and Illinois within the near future to join its recent launch in Indiana.
What’s more, during the third qaurter, the company also witnessed a five percent market share in the state of Pennsylvania, with steady growth in Indiana and New Jersey.
CEO of Kindred Group Henrik Tjärnström commented on the recent gambling activity in both gaming and betting sectors, along with speaking out about the recent release of its Q3 report:
“Reflecting on the past six months, it is evident that societies across the world continue to struggle as a result of the COVID-19 pandemic.
Despite these challenges, and thanks to our diverse business model, I am pleased that we can report sustained momentum across our markets with gross winnings revenue of GBP 280.7, a 24% increase compared to the same period last year, and an all-time high in active customers.
It is encouraging to see the continued strong growth in the US, with the market share in Pennsylvania reaching above 5% during the third quarter.
With New Jersey and Indiana also growing steadily, I expect the US to become one of Kindred’s largest markets during the next couple of years.
As with all market entries, the initial investment phase is focused on building our customer base and, as a result, the US market has seen revenue negatively impacted by big bonus campaigns during the second half of the quarter, but still grew 22% sequentially.”