Kindred Smashes Through £1bn GGR Barrier
Kindred Group has reported full-year growth of 23.9% for 2020, taking gross gaming revenue (GGR) to £1.13bn (€1.29bn/$1.56bn) for the year.
The majority of the firm’s income came from casino, poker and other gaming, giving the vertical a 34.6% boost to £642.1m.
Of the combined £642.1m, casino was up 35% to £579.0m, while poker revenue grew 54.5% to £32.9m. Remaining gaming activities were up 13.1% to £30.2m.
And despite the covid-19 pandemic leading to the closure of many sports events, sports betting revenue also grew by 12.1% to £488.1m.
Sports betting handle was £5.17bn across the year, which was a fall on the previous year, however increased margins in both live and pre-game bets culminated in a revenue rise.
Live betting revenue rose slightly to £253m and pre-game betting revenue was also up 16.4% to £307.4m.
Across the year players staked a total of £21.78bn, which equates to a 28.4% rise on 2019.
The bulk of Kindred’s income came from Western Europe, where revenue rose by 27% to £705.4m. The region saw betting revenue rise 10% to £330.1m and gaming grow 47% to £375.3m.
The Nordics contributed £262.2m in total, up 4%. Betting revenue grew 10.1% to £95.8m, but gaming was static at £172.4m. Swedish casino restrictions could be behind the lack of growth in casino revenue from this region.
Central, Eastern and Southern European revenue grew 28.9% to £101.8m, with gaming contributing £62.7m and £39.1m coming from sports betting.
Elsewhere, including the US, grew by 177.8% to £54.8m. Betting revenue almost doubled to £23.1m while gaming revenue was up by a staggering 300% to £31.7m.
The firm reported an operating profit of £205.8m, up by 190.3%., which amounted to pre-tax profit of £193.1m after deductions, an increase of up 187.8%.
Kindred paid £27.1m in tax, for a final profit of £165.2m, which equated to a 191.8% increase from 2019.
Group CEO Henrik Tjärnström said: “We have successfully managed to navigate these uncertain times and have continued to attract customers who enjoy a safe and entertaining gambling experience, resulting in several new all-time highs this quarter including active customers and gross winnings revenue.”
He added that 2021 had also started well, and “with a scalable business model and our house in order we are ready for what lies ahead”.
He reported that average daily gross winnings revenue for the first 38 days of 2021 was 41% higher (36% higher in constant currency) than the same period last year.