Kindred turnover 30% lower after leaving the Dutch market
In the first quarter of 2022, the turnover of Kindred, the parent company of Unibet, was 30% lower than the previous year. The company cites the exit from the Dutch market on October 1 as the biggest reason for the decline in revenue.
Since the effective date of the Remote Gaming Act, October 1, 2021, many unlicensed providers have stopped accepting Dutch customers. You can read more about it in the JetWin casino review.
One of these providers is Unibet, as the online provider hopes to receive a license from the Kansspelautoriteit (KSA) this year. To obtain this license, the company had to stop offering its services to Dutch customers as long as a license had not yet been granted. In the turnover figures, it becomes clear what consequences this had for Unibet's parent company Kindred.
Decline in turnover
In the fourth quarter of 2021, it already became clear exactly what consequences leaving the Dutch market had for Unibet and thus Kindred. This was one of the first moments when the drop in turnover was visible, and the company sent out a press release to point out the impact of leaving the Dutch market.
In the first quarter of 2022, compared to the first quarter of 2021, this is no different. Kindred's revenue is almost 30% lower than a year earlier in the same quarter. The first quarter of 2021 saw sales of £352.6 million (€421 million). The first quarter of this year saw sales of £247 million (€294.9 million), according to a post on Kindred's website.
Even without the exit from the Dutch market, according to Kindred, there would have been a slight decline in sales. However, in that case, there would only have been a 5% decrease. This decline is due to the higher sales due to the lockdown in the various countries by the coronavirus.
The news of the drop in sales also affected Kindred's shares. The stock market saw a 13.7% drop for Kindred. The price for Kindred shares stands at € 8.92, compared to € 10.23 on April 7, 2022. Just before exiting the Dutch market, on September 23, 2021, the price for a Kindred share stood at € 16.22.
At Kindred, like 29 other online providers, which include the online casino website https://indiancustomer.in/review/bollywood-casino/, they are awaiting a license for the Dutch market. The company still hopes to go live in the Netherlands this quarter.