Kindred hails US growth as revenue increases 131% in Q2
US business accounts for more than 2.5% of overall revenue after strong Pennsylvania performance
Kindred recorded gross winnings revenue (GWR) of $7.7m for its US business in Q2, an increase of 131% from the previous quarter.
The firm is benefiting from operating both sports betting and casino licenses in New Jersey and Pennsylvania, it said in its Q2 earnings report this morning.
The Stockholm-listed operator’s US offering, powered by teams in Cherry Hill New Jersey and New York City, accounted for more than 2.5% of Q2 group revenue.
The percentage is expected to grow as Kindred launches mobile betting in Indiana at the end of the month and potentially Iowa early next year.
Operating and marketing expenses for the US business came in at $10.4m during the quarter, up $2.6m from Q4 of last year.
EBITDA loss for the period dropped significantly to $2.7m from $7.8m in Q4 last year.
The firm’s market share in Pennsylvania grew to 4.5% in Q2, and according to figures by the Pennsylvania Gaming Control Board, it recorded revenue of $6.8m across both its betting and igaming verticals.
Across the wider group, Kindred saw Q2 gross winnings revenue grow 4% to $300.5m as EBITDA skyrocketed by 70% during the quarter.