Kindred Group’s earnings jump despite sports betting halt

Nordic online gambling operator Kindred Group says it enjoyed a year-on-year earnings spike in Q2 despite the pandemic-related mass suspension of sports events.

On Wednesday, the Stockholm-listed Kindred Group reported that it expects its revenue for the three months ending June 30 to come in around £235m, up from £226.2m in the same period last year. Kindred will release its official interim report for the second quarter on July 24.

Active customer ranks fell 11% year-on-year to 1.3m in Q2 as sports betting opportunities dried up due to COVID-19 forcing major leagues to suspend operations. But Kindred says “solid growth” from its other gambling products, including eSports and virtual sports, along with the gradual resumption of major sports during the latter stages of the quarter, had “partly compensated” for the sports halt.

Kindred’s release made zero mention of its casino and poker performance, likely due the current media/regulatory focus on whether customers deprived of sports betting were transferring their affections to more ‘risky’ gaming products such as online slots.