Online betting firm Kindred Group has announced their third-quarter 2020 financial results, noting that revenues for the period were up 24.5% from last year.
Financial results for the period ending September 30th, 2020 were:
- Gross winnings revenues of £280.7 million, up 24.2%
- Sports betting revenues of £120.9 million, up 10.5% from last year
- Online casino revenues up 38.5% to £145 million
- Customer activity up 21.2% to £1.48 billion
- Margin down to 8.2%
- Regulated market revenues made up 61% of the total share
- Poker revenue up 30.8% to £6.8 million
- American revenues of £16 million
- Cost of sales up to £117.7 million
- Administrative costs down 6.3% to £53.8 million
- Operating profits of £61.4 million
- Income tax paid of £8.2 million
- Net Profits of £52.5 million, up 190.1% from last year
Covid has seen a lot of Kindred's team working from home, and company CEO Henrik Tjärnström said, "As an organisation we continue to endure the pandemic and our dedicated teams are doing a terrific job as they run the business from their homes. The ability of the entire Kindred team to adapt to these new circumstances, and turn it into a strength, demonstrates our progressive attitude as a company.
"I am both proud and pleased to see how well we have all managed to deal with this difficult situation."