{"id":264,"date":"2024-06-27T14:49:13","date_gmt":"2024-06-27T11:49:13","guid":{"rendered":"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/"},"modified":"2024-06-27T14:49:13","modified_gmt":"2024-06-27T11:49:13","slug":"kindreds-dutch-return-drives-strong-q3-earnings","status":"publish","type":"post","link":"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/","title":{"rendered":"Kindred&#8217;s Dutch Return Drives Strong Q3 Earnings"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/HJk9PlK2ZDY\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Kindreds execution in the Netherlands has &#8220;outperformed anticipations,&#8221; with income anticipated to climb quickly in the final quarter. The organization declared its initial quarterly income following its re-entry into the Dutch marketplace in the third quarter.<\/p>\n<p>Kindreds overall income in the third quarter of 2021 was \u00a3277.8 million, a reduction of 6.9% year-over-year. Of this, income from B2C operations constituted the majority, at \u00a3271.9 million, while income from B2B operations (Relax Gaming) was \u00a35.9 million.<\/p>\n<p>The primary reason for the drop in income was the operator&#8217;s exit from the Dutch marketplace at the start of the fourth quarter of 2021. Although the operator returned to the Dutch marketplace this quarter and produced income again, Kindreds income levels are understandably lower than before the nation&#8217;s regulation.<\/p>\n<p>Kindred stated it has 137,000 active users in the Netherlands, with daily income of around \u00a3400,000 since its launch on July 11, which is &#8220;above expectations.&#8221; CEO Henrik Tj\u00e4rnstr\u00f6m added that the enterprise has a market share of around 15% in the Netherlands.<\/p>\n<p>&#8220;We have had a robust start thanks to our strong brand recognition, unique products and exceptional team,&#8221; said Tj\u00e4rnstr\u00f6m.<\/p>\n<p>Excluding the Dutch marketplace, B2C income grew by 8%. <\/p>\n<p>The westernmost part of the continent accounted for a significant portion of business-to-business income. The Nordic region added a considerable amount, while the central and eastern regions contributed a smaller percentage.<\/p>\n<p>The remaining portion of the world&#8217;s income came from other regions.<\/p>\n<p>Specifically, in the United Kingdom, the company stated that its income increased by a tenth annually. The company noted that income still grew despite a significant decrease in bonus payouts.<\/p>\n<p>In Belgium, income decreased by a sixteenth annually, partially due to a lackluster sports schedule, while in France, income rose by a quarter annually, but was primarily driven by profits.<\/p>\n<p>In Sweden, income increased by nearly a third, primarily due to growth in the casino industry, while income in Denmark increased by an eighth.<\/p>\n<p>The operator did not reveal income in Norway, which earlier this month chose to stop serving Norwegian customers after the country&#8217;s regulatory body threatened to fine it.<\/p>\n<p>Income from locally regulated markets reached a significant sum, up from a smaller sum in the third quarter of the previous year.<\/p>\n<p>By product, sports betting contributed a large portion of income, casino and games (excluding poker) contributed more than half, poker contributed a small percentage, and other products contributed a very small percentage of income.<\/p>\n<p>On the cost side, the company paid a considerable sum in gambling taxes, up by nearly two fifths, due to the operator&#8217;s larger presence in regulated markets.<\/p>\n<p>Tj\u00e4rnstr\u00f6m noted that in the short term, regulated markets will always result in higher costs, including gambling taxes, but looking ahead, profits in these markets tend to recover. <\/p>\n<p>The initial pressure on margins entering these markets is inherent, but so is the trend of recovery, he stated. &#8220;We witnessed this in 2019, and we are observing it now.&#8221;<\/p>\n<p>The revenue share paid to partners decreased to \u00a39.7 million, while other costs of goods sold dropped to \u00a343.8 million.<\/p>\n<p>As a consequence, Kindred&#8217;s gross profit reached \u00a3154 million. After \u00a353 million in marketing costs, \u00a337.7 million in salaries, and \u00a323 million in other operating expenses, the company attained a net profit of \u00a325.9 million, a notable reduction from the \u00a373.1 million recorded in the third quarter of 2021.<\/p>\n<p>The company also received an additional \u00a336.9 million due to fair value adjustments related to payments associated with the acquisition of Relax Gaming. Including interest and taxes, total profit was \u00a357.9 million, slightly lower than the \u00a360.6 million recorded in the same period last year. Earnings per share declined slightly to \u00a30.26.<\/p>\n<p>Kindred also provided an update on performance from October 1st to 23rd. During this period, average daily revenue was \u00a33.3 million, an increase of 27% from the same period in 2021, when Kindred had no revenue in the Netherlands. Excluding the Netherlands, average daily revenue increased by 6% year-over-year.<\/p>\n<p>Kindred Q4 Growth<br \/>\nTj\u00e4rnstr\u00f6m highlighted that these outcomes are even more noteworthy because the operator anticipates further growth in the latter half of the fourth quarter.<\/p>\n<p>&#8220;We anticipate a very active period around and after November 20th,&#8221; stated Tj\u00e4rnstr\u00f6m. &#8220;Then December is the peak season for casinos. Thus, the peak of this quarter should be ahead of us.&#8221; <\/p>\n<p>The executive stated that, at present, there are no indications that the economic landscape has affected Kindred&#8217;s financial performance, but this situation could shift at any moment.<\/p>\n<p>Meister, the founder of Corvex, was named as the head of the nomination committee, granting him considerable influence over board appointments.<\/p>\n<p>Advocates urge Kindred&#8217;s board to sell<br \/>\nLast week, Kindred revealed a special gathering for shareholders where they could vote to choose new board members.<\/p>\n<p>Corvex subsequently expanded its investment, becoming Kindred&#8217;s primary shareholder. Following this announcement, they requested the chance to participate in Kindred&#8217;s nomination committee, enabling them to select board members.<\/p>\n<p>The only planned addition to the board is James Gemell, a partner at Corvex Management. Corvex is an investment fund that earlier this year obtained a 10% stake in Kindred and promptly declared its intention to push the operator&#8217;s board to seek a sale.<\/p>\n<p>Kindred&#8217;s board attempted to do so, but failed to locate a buyer at an acceptable price. iGB understands that some potential buyers had inquiries about how Kindred would adjust to the increasingly widespread issue of local regulatory markets.<\/p>\n<p>&#8220;Although we haven&#8217;t observed any specific signs of macroeconomic pressure, the current geopolitical instability continues to generate uncertainty across markets and industries, and we remain vigilant in monitoring these developments,&#8221; he stated.<\/p>\n<p>Sign up for the iGaming news newsletter <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kindreds execution in the Netherlands has &#8220;outperformed anticipations,&#8221; with income anticipated to climb quickly in the final quarter. The organization declared its initial quarterly income following its re-entry into the Dutch marketplace in the third quarter. Kindreds overall income in the third quarter of 2021 was \u00a3277.8 million, a reduction of 6.9% year-over-year. Of this, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kindred Group Exceeds Expectations in Dutch Market<\/title>\n<meta name=\"description\" content=\"Kindred Group\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Kindred&#039;s Dutch Return Drives Strong Q3 Earnings\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Kindred Group\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover the Best Online Casino Games | Licensed &amp; Trusted\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T11:49:13+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/\",\"url\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/\",\"name\":\"Kindred Group Exceeds Expectations in Dutch Market\",\"isPartOf\":{\"@id\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-27T11:49:13+00:00\",\"dateModified\":\"2024-06-27T11:49:13+00:00\",\"author\":{\"@id\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Kindred Group\",\"breadcrumb\":{\"@id\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/2024\/06\/27\/kindreds-dutch-return-drives-strong-q3-earnings\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Kindred&#8217;s Dutch Return Drives Strong Q3 Earnings\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/spindimensionnodepositbonuscodes.icu\/\",\"name\":\"Discover the Best Online Casino Games | Licensed &amp; Trusted\",\"description\":\"Explore the dynamic world of online gambling with our licensed casino. 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