Kindred sees 15% market share in Netherlands by 4Q22

Posted: Oct 27, 2022 16:00 Category: Europe , Online , Sportsbetting , Posted by Sharon Singleton

Kindred Group said its re-launch in the Netherlands has got off to a flying start and it expects to achieve a 15 percent share of the market by the fourth quarter. 

Dutch players were able to bet on the company’s site from July 4th after a nine-month absence from the Netherlands. The company said it saw 1.47 million active users in the country, which was down 16 percent from last year.

However, the year-on-year comparison is skewed by the final stages of the Euro 2020 tournament in the same period last year. 

Overall, Kindred reported 3Q22 revenue of GBP277.8 million, which was down by 7 percent. Profit after tax slipped to GBP60.3 million, from GBP71.8 million in the prior-year quarter. 

Kindred sees stronger 4Q22

CEO Henrik Tjärnström commented that despite a slow start to the quarter due to a tame sports calendar in July, activity increased rapidly as football leagues resumed in August.

“This is encouraging as we have the World Cup in Qatar taking place in November and December,” he said, adding he expects 4Q22 to be busy at Kindred for both casino and sports betting. 

The group also revealed its financial targets for 2025, which include revenue above GBP1.6 billion and an underlying EBITDA margin of 21 percent to 22 percent. 

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