Kindred Group record revenue following 32Red acquisition

Stockholm-based online gambling operator Kindred Group reported record revenue in the second quarter thanks to contributions from new acquisition 32Red.

Figures released Wednesday show Kindred’s revenue hitting £166.6m in the three months ending June 30, a 32% rise over the same period last year (22% in constant currency terms). Earnings rose 52% to £33.4m while after-tax profits were up by a similar margin to £20.4m.

On June 6, Kindred completed its acquisition of online casino operator 32Red, which contributed revenue of £4.7m and earnings of £1.2m to Kindred’s Q2 results. Kindred is now focused on integrating 32Red’s operations into its own and expects to migrate 32Red onto the Kindred platform by Q2 2018.

Sports betting turnover shot up nearly 28% to £1.15b in Q2, while sports revenue improved 30% to £73.2m. Live betting accounted for 61.6% of turnover and 52.3% of betting revenue.