Domestic struggles impact parent company of Unibet and 32Red

Difficulties on home soil have hit Kindred Group – the parent company of Unibet and 32Red among others – according to their latest financial results.

The Stockholm-listed operator last week reported revenues of £226 million for the third quarter of 2019, down two per cent on the same period last year, citing "challenging conditions in key markets", such as Sweden and the Netherlands.

Underlying Ebitda (earnings before interest, taxation, depreciation and amortisation) for the period was £37.2m, down £18.5m or 33 per cent, with the Swedish market making a major contribution to the decline.