Kindred Group kicks off 2018 with record customer activity

Online gambling operator Kindred Group reported revenue up one-third in the first quarter of 2018 thanks to record-high active customer numbers.

On Wednesday, the Kindred Group revealed that its revenue over the three months ending March 31 was up 36% year-on-year to £207.8m, while underlying earnings shot up 57.4% to £47.5m and after-tax profits spiked 83.4% to £33.6m.

Kindred CEO Henrik Tjärnström partially credited the gains to last year’s addition of UK-facing online casino operator 32Red, which contributed £17.9m in revenue and £2.6m in earnings to the Group’s Q1 scorecard. The acquisition also propelled Kindred’s active customer ranks to a record 1.38m in Q1, up from 1.23m in the same period last year.

All of Kindred’s product verticals were in the black in Q1, led by the casino & games category’s revenue of £103.2m, up from just £77.4m in Q1 2017. Sports betting revenue rose 42.6% to £94.7m, while poker improved nearly one-quarter to £4.6m. Only the ‘other’ category played spoiler, falling by £400k to £5.3m.