Kindred, a renowned online gambling operator, has achieved a significant milestone in its North American expansion plans with the approval of its proprietary gaming platform by the New Jersey Division of Gaming Enforcement (NJDGE). This regulatory green light paves the way for Kindred to launch its platform in the state of New Jersey in May, marking a crucial step in the company’s strategic objectives.
Regulatory Approval Milestone:
Kindred has received the final seal of approval from the NJDGE for its proprietary gaming platform.
The platform’s anticipated launch in New Jersey signifies a significant progression in Kindred’s North American expansion strategy.
North American Expansion Strategy:
The approval granted by the NJDGE is integral to Kindred’s efforts to establish a strong presence in North America.
The company plans to roll out its platform in Pennsylvania during the second quarter of 2023, further solidifying its foothold in the region.
Enhanced Flexibility and Performance:
The Kindred platform is set to offer advanced capabilities, including improved flexibility and enhanced performance driven by analytics and data.
These features aim to deliver an elevated gaming experience to customers and replicate the success Kindred has achieved in the European market.
CEO’s Perspective:
Henrik Tjärnström, CEO of Kindred Group, expressed his satisfaction with the approval and the imminent launch in New Jersey.
He highlighted the platform’s ability to provide a similar level of entertainment and experience that European customers have enjoyed.
Financial Performance and Strategic Adjustments:
Kindred Group reported a 15% year-on-year decline in revenue for 2022, totaling £1 billion.
The company’s underlying EBITDA for 2022 was £129.2 million, representing a significant decline of 61%.
Kindred Group intends to take immediate actions to enhance profitability, focusing on reducing losses in the North American market, reprioritizing investment projects, and optimizing group operating expenses to enhance scalability.
Kindred’s regulatory approval for its proprietary gaming platform in New Jersey signifies a significant step towards realizing its North American expansion ambitions. The imminent launch in New Jersey and the planned expansion into Pennsylvania are pivotal in Kindred’s strategic growth plans. With advanced features and a commitment to delivering a top-notch gaming experience, Kindred aims to replicate its European success in the North American market. Additionally, the company’s focus on improving profitability and strategic adjustments underscores its determination to navigate and thrive in the evolving online gambling landscape.