Kindred’s revenue for Q1 came in at £247m, down by £105m compared to Q1 2021.
UK.- Kindred Group has reported revenue of £247m for the first quarter of 2022, a drop of 30 per cent year-on-year. Most of the £105m drop was due to the loss of revenue caused by Kindred’s block on customers in the Netherlands.
Kindred agreed to block Dutch customers from the launch of the Netherlands’ regulated online gambling market in October.
The Dutch regulator, the KSA, had said it would start to take action against all unlicensed operators that accepted Dutch players. Several other major operators also chose to block Dutch players until they receive licences. The Dutch cooling-off period came to an end on April 1.
However, Kindred said that without the loss of revenue from the Netherlands, its revenue would have been down by 5 per cent year-on-year. It said that was due to very strong results in the first quarter of last year during Covid-19 lockdowns in its major markets.
EBITDA for the quarter was £25m, down 76.4 per cent year-on-year.
Kindred publishes annual sustainability report
Last month, Kindred published its annual sustainability report as part of its objective to make 0 per cent of its revenues from harmful gaming by 2023. The group had announced last year that it intended to become the first online gambling company to report on safer gambling and sustainability metrics as part of its financial duties.
The new report shows that in 2021, Kindred made gross winnings of £1.26bn and EBITDA £332m (a 26 per cent EBITDA margin). Of the gross win, 4 per cent was calculated to have come from “high-risk customers“, which Kindred defines as players who have closed their account due to addiction or who were detected by Kindred’s player detection system (PS-EDS) for having a high risk.
Kindred recently announced that it was recruiting staff to work on the development of its proprietary sportsbook. Meanwhile, the group has continued to refuse to leave the Norwegian market despite the threat of fines.