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World Cup boosts Kindred customer numbers

| By iGB Editorial Team
Revenue, profit and EBITDA also up in second quarter as World Cup drives growth

Kindred Group has cited the impact of this year’s Fifa World Cup football tournament as the main driver behind a record number of active customers on its platforms in the second quarter.

A total of 1.55 million Kindred players were classed as active in the three months to June 30, up 32% from 1.17 million in the same period last year. The World Cup ran from June 14 to July 15 in Russia.

“The World Cup provided a significant all-time high in customer activity and continued strong organic growth, and unexpected results led to a sportsbook margin of 8.2% after free bets,” Kindred chief executive Henrik Tjärnström (pictured) said.

He added during an earnings call this (Wednesday) morning: “We’re very much continuing the trend of increasing our active customers and we very much believe this is the best way to grow our business.

“The 2018 World Cup was expected to be the biggest ever event for us at Kindred. Every other year when we have a major football championship I’m very pleased to see everyone across the company deliver to ensure we are ready for such a big tournament.”

Increased activity around the World Cup also led to a rise in key financials during the period, with revenue up 31% year-on-year to £219m (€246.5m/$288.3m). Underlying EBITDA hit £41.7m, up from £33.4m, while profit after tax climbed from £20.4m to £25.5m.

For the first half of the year, revenue increased by £319.8m to £426.8 and underlying EBITDA jumped from £63.7m to £89.2m.

Kindred, which counts 32Red and Unibet among its brands, has increased its headcount to more than 1,400 worldwide, with nearly 50 new hires in the three months up until the end of June.

In April, in order to provide more capacity for its workforce, Kindred relocated its two Malta-based offices into a single high-tech space at Tigne Point. The company employs more than 400 people in Malta alone.

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