29% Jump: Kindred Group Sees $393 Million Revenue Rise in Q2 2023
Kate Marshal
27 July 2023
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Kindred Group, the gambling giant behind brands like Unibet, 32Red, Bet24, and others, has posted a stellar revenue of $393 million in the second quarter of 2023.
The revenue growth soared by 29% compared to the same period last year.
The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also skyrocketed by 120%, reaching $71.3 million.
The huge revenue boost led to an EBITDA profitability of 18%.
The sports betting margin for the quarter was at 11.3%. Casino revenue jumped by 37% in the second quarter, with a 47% increase in revenue from their own studio, Relax Gaming.
The Netherlands was the star market for Kindred, as it contributed $81.4 million to the total revenue. In fact, without the Dutch impact, the revenue growth for the second quarter of 2023 was only 1%.
As for customers, Kindred reported a 17% increase in the number of active clients, reaching 1.56 million.
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