Maltese firm Kindred Group recently released its interim financial report for Q1 2020, marking double-digit growth. The company’s revenues went up because of sports betting.

Good numbers for the group

The first quarter winnings recorded by the company amounted to £249.7 million, which is 11% higher on a year-on-year basis. Its EBITDA amounted to £42.5 million, even though it suffered because of comparability cost issues. During the quarter, sports betting amounted to almost 58% of the company’s revenue at £122.5 million. Kindred’s Unibet brand continued to grow strongly alongside its proprietary horse racing platform and its Kindred sportsbook portfolio galloped to growth.

The company was able to reduce the effect on its revenue by global shutdowns and sports cancellations during the first quarter. It offered 48,160 live betting events for users and streamed about 31,752 of these events on mobile and desktop devices.

Casino and poker also gain

The company’s casino and games vertical also recorded growth as the number of sports betting opportunities dried up. The company managed to adapt to the pandemic situation quickly because of which casino, poker, and bingo posted revenue of £127.2 million.

The company’s operating cost was £109.4 million and it spent £52.4 million on marketing. It earned a gross profit of £140.7 million which resulted in only £7.3 million in profit from operations. This was because of £24 million in comparability costs.

The total number of active customers also dropped from 1,603,903 in Q4 2019 to 1,531,302 in Q1 2020.

Its US operations brought continued growth in the first quarter with revenue jumping by 53% quarter-on-quarter. It has signed a multi-year agreement with Caesars Entertainment which will help it access the markets of Iowa and Indiana using the Unibet brand. In Sweden, the company had to face an £8 million fine by the Swedish Gambling Authority related to some promotional campaigns. It has appealed the decision in the Swedish Administrative Court but has already made provisions for paying the fine.