Kindred Group, which operates online gambling brands such as Unibet and 32Red, reported a decrease in the proportion of revenue generated from harmful gambling in the fourth quarter of 2023. The percentage of revenue classified as being from harmful gambling stood at 3.1%, down from 3.3% in the previous quarter. This decline in problem gambling revenue was accompanied by an increase in the number of players whose behavior improved after intervention from Kindred. During the fourth quarter, 87.4% of customers displayed improved behavior after Kindred took some form of action, marking the highest quarterly total of 2023.
Alexander Westrell, Kindred’s director of communications, emphasized the company’s long-term view in addressing the decline in revenue from harmful gambling. He noted the steady decrease in harmful gambling revenue since 2020 and highlighted the progress in healthier gambling behavior after interventions, which has improved from 64.9% to 87.4% since the third quarter of 2021.
Kindred has been transparent in its reporting of harmful gambling revenue and improvement effect after interventions as part of its ‘Journey to Zero’. The company aims to reduce revenue from harmful gambling to 0% by 2023, and while it has not yet achieved this goal, efforts continue to reach it.
In addition to these updates, there was news of La Française des Jeux (FDJ) expressing interest in acquiring Kindred, with a proposed offer valued at SEK27.96bn. The acquisition could create the second largest operator in Europe’s gaming sector.
Kindred also shared preliminary financial results for its 2023 fiscal year, indicating an expected rise in revenue and underlying EBITDA. The update shows anticipated revenue of £1.21bn, a 13.3% increase from 2022, and underlying EBITDA of £204.5m, up 58.3%. These developments suggest a positive trajectory for Kindred despite the ongoing challenges in the industry.