The Good, The Bad and The Scandi, Mixed Q2 for Top Nordics Betsson, Kindred

It’s been a mixed bag of Q2 results this financial year for top Nordics Betsson and Kindred.

Omni-channel Betsson, helmed by Pontus Lindwall, reported all-time high group revenue of €186.3 million (£158.01m/US$190.68m) for the second quarter 2022, but Kindred posted a 34 per cent year-on-year decline in total revenue to £238.7 million (US$288.05m/€281.43m).

Betsson’s good growth was driven by the performance of its sportsbook and increased activity in its emerging Latin American, Central and Eastern Europe and Central Asian (CEECA) markets.

Compared to Q2 the previous year, group revenue climbed eight per cent, casino revenue was up by just over one per cent and sportsbook revenue grew 22 per cent.

The number of active customers was up by nearly a quarter to almost 1.25 million regular players.

“Betsson’s second quarter featured continued good growth with all-time high revenue and further investments to support our expansion. Organic growth was 13 per cent,” said Betsson CEO Lindwall.

“The first weeks of July are off to a good start and despite the macro factors, we are rather optimistic as we look ahead to the rest of 2022, which has many planned activities for Betsson, including market launches in Mexico and Ontario, as well as the football World Cup during the seasonally strongest fourth quarter.”

Meanwhile over at the Kindred Group, the number of active customers in Q2 2022 declined to 1,336,706, from 1,907,276, y-on-y.

Despite underlying EBITDA falling by 78 per cent to £25.3 million (US$30.53m/€29.82m), CEO Henrik Tjärnström put a positive spin on the disappointment.

He said: “After a period of short-term headwinds, I look to the future with confidence as we see good progress with the group’s key strategic priorities.

“We have received our long-awaited Dutch licence, our Kindred sportsbook platform remains firmly on track and Relax Gaming continues to show strong numbers.

“We are also nearing the end of a period of very tough Covid-19 comparatives, which have been giving a skewed view of our performance.”

Same headwinds for Betsson and Kindred. Different sails.

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