Kindred US investment up 12.5% on increased marketing and operations
Operator expects losses to increase in Q4 as it invests further in marketing in New Jersey and Pennsylvania
Kindred’s investment in its US business increased 12.5% q/q to $2.3m in Q3, on marketing and operational growth.
The figure contributed to overall group EBITDA losses of $47.6m during the quarter, while revenues dipped 2% to $290m.
Group CEO Henrik Tjärnström said he expected investment in the US to increase even further in Q4, particularly as the firm continues to grow its operations and increase its marketing efforts in the market.
Speaking to analysts this morning, Tjärnström said the firm did not expect the US business to make a positive contribution for “a good few years”.
“In the numbers you see its investment in operations and marketing that we’ve made so far,” he said.
The firm moved into new headquarters in New York’s financial district in July, with the aim to grow its US workforce to 30 by the end of the year.
It launched its Unibet online casino and betting products in New Jersey in June and September and most recently opened its first retail sportsbook at the Mohegan Sun in Pennsylvania.
Kindred’s mobile betting and casino offerings will launch in Pennsylvania in early November, withadditional investment in marketing to be made in both states,
On further expansion he said: “We are looking at the USA as several markets and now we are in two of them, as well as working to see what other type of market access we can secure if the economy makes sense.”