Kindred’s Q3 Revenues Slip, Operator Blames Challenges In The Swedish Online Gambling Market

Kindred’s Q3 Revenues Slip, Operator Blames Challenges In The Swedish Online Gambling Market

Online gambling operator Kindred Group has posted a decline in its Q3 revenues. Kindred’s Q3 revenue slipped by two percent to £226m (2018: 230.7m).

The company has grossed a total of £676.6m in revenue to date. The overall revenue figures so far represent a moderate 2.9 percent increase from £657.5m which the company made during the same period the previous year.

Commenting on the latest financial figures released by the gambling operator, CEO Henrik Tjärnström said: “Similar to what we saw in the first half of 2019, re-regulation in Sweden resulted in difficult market conditions in the third quarter.

“The current terms and conditions make it challenging to attract customers into the system and can lead to worsening channelization. This, in combination with a lower than usual sportsbook margin in September, resulted in significantly lower gross winnings revenue and a £12.8m decline in EBITDA contribution from Sweden compared to the third quarter in 2018.

“We also continue to experience headwinds in the Netherlands due to the removal of the iDeal payment solution.”

Kindred’s profits for the second quarter of 2019 had shrunk by almost 50 percent, according to the figures released by the gambling operator in July earlier in the year.

In May 2019, Norwegian Gaming Authority, Lottstift, had ordered Trannel International, a Kindred Group subsidy operating in Norway, to wrap up its business and shut down operations in the country.

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