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Kindred Group Enjoys Record Earnings In Q3 2017
Kindred Group, owner of the popular online casino Unibet and one of the world’s largest online casino and gaming companies with more than twenty million customers spread out across nearly one-hundred different markets around the globe, reported record earnings in Q3 2017.
The company reported revenue of nearly $355m for the quarter, a 36% increase over Q3 2016.
“I am delighted to report record revenues and profitability for Kindred Group in the third quarter of 2017 driven by strong growth across our major markets and solid cost control,” said Henrik Tjärnström, Kindred’s CEO, in a statement released on its corporate website.
Mobile Huge Earner
In keeping with the wider trend currently taking place across the industry, Kindred credited much of its spectacular balance sheet to the success of its mobile offerings. An incredible 71% of the company’s Gross Winnings from punters came from mobile devices.
“Our focus on mobile strategy has enabled us to remain at the forefront of industry developments. In the third quarter, Gross winnings revenue from mobile grew by 51 per cent compared to the third quarter last year and amounted to 71 per cent of our total Gross winnings revenue,” Tjärnström said.
Kindred Acquires 32Red
In addition to mobile, Kindred also took its turn getting involved in the partnership and mergers trend currently sweeping the entire industry. All told the company controls a dozen or more online casinos, but that didn’t stop it from acquiring 32Red, an online casino most popular in the UK.
Interestingly, Tjärnström noted in the press release that 41% of Kindred’s revenue came from “locally regulated markets.” With regulatory environments and requirements constantly shifting, the company’s ability to operate so profitably in jurisdictions where regulation is heaviest is laudable and the sign of a strong company.
Kindred’s stock price rose 12% on the news of such a huge Q3, showing that investors also believe the company is well positioned, and poised to continue its success in the future.