Kindred Group Financial Profile: Revenue Analysis, FDJ Acquisition & European Gaming Market Position

The €2.45 billion FDJ acquisition created Europe’s second-largest gaming operator by revenue. Under CEO Nils Andén’s leadership from May 2023, Kindred delivered strong growth in regulated markets with 2023 revenue reaching £1.21 billion, up 13% year-over-year. The company operated through two main segments: B2C online gambling (Unibet, 32Red, Maria Casino) and B2B gaming technology (Relax Gaming). In 2024, 83% of gross winnings revenue came from locally regulated markets, demonstrating the company’s strategic pivot toward compliance-focused growth.

Company History

Anders Ström founded Unibet in 1997 from his London flat. The company started as a telephone betting service. It launched its first online betting website in 1999. Unibet pioneered online gambling in Europe during the early 2000s. The company went public on Nasdaq Stockholm in 2004. It rebranded as Kindred Group in December 2016 to support a multi-brand strategy. Major acquisitions included 32Red in 2017 and Relax Gaming in 2021. FDJ completed its acquisition in October 2024 for €2.45 billion. The deal created FDJ United, now Europe’s second-largest gaming operator.

CEO Profile

Nils Andén became CEO in February 2024 after serving as interim CEO from May 2023. He originally joined Unibet in 2006 and held multiple leadership roles including Head of Poker and Chief Marketing Officer. Andén left the company in 2016 before returning as Chief Commercial Officer in 2020. Under his leadership, Kindred delivered £204.5 million in underlying EBITDA for 2023, meeting annual targets. He successfully navigated the company through its exit from North America and the FDJ acquisition process. Following the FDJ deal, Andén now serves as Chief Online Betting and Gaming Officer for FDJ United.

Key Business Segments & Revenue Streams

Kindred operated two primary business segments. The B2C segment generated 97% of revenue through online sports betting, casino games, poker, and bingo across nine brands. Unibet was the flagship brand serving European and international markets. 32Red focused on the UK casino market. Maria Casino targeted Nordic bingo and casino players. The B2B segment operated through Relax Gaming, providing gaming content and platform services to third-party operators. Relax Gaming grew revenue 33% in 2023, demonstrating strong scalability. Casino and games contributed 57% of B2C gross winnings revenue. Sports betting generated the remainder. The company held licenses in over 26 regulated jurisdictions including the UK, Netherlands, Sweden, France, and Australia.

Financial Profile

Kindred demonstrated strong revenue growth trajectory in 2023 despite regulatory headwinds. Revenue increased 13% to £1.21 billion, driven by Netherlands expansion and UK market strength. The company achieved its underlying EBITDA target of £204.5 million, up 58% year-over-year. Profitability improved through cost optimization initiatives and North American exit. The company generated 82% of revenue from locally regulated markets, up from previous years. However, regulatory challenges in Belgium and Norway created revenue pressures. Free cash flow reached £69.6 million for 2022, demonstrating solid operational efficiency. The FDJ acquisition at 10.9x 2023 EBITDA represented a premium valuation. Post-acquisition, Kindred forms a core component of FDJ United’s international expansion strategy.

Financial Data

Core Financial Metrics (Last 3 Years)

Metric	2022	2023	2024 (Q3 YTD)
Total Revenue	£1.07 B	£1.21 B	£0.93 B
Gross Winnings Revenue (B2C)	£1.04 B	£1.17 B	£0.87 B
Underlying EBITDA	£129.2 M	£204.5 M	£147.7 M
EBITDA Margin	12.1%	16.9%	15.9%
Profit After Tax	£120.1 M	£47.2 M	£65.9 M

Revenue by Region (Last 3 Years)

Region	2022	2023 (Q4)	2024 (Q3)
Western Europe	Data unavailable	£169.7 M	£182.5 M
Nordics	Data unavailable	£65.3 M	£65.5 M
Central/Eastern/Southern Europe	Data unavailable	Data unavailable	£29.1 M
Other Markets	Data unavailable	Data unavailable	£6.0 M

Latest Financial Report

Kindred’s Q3 2024 results showed total revenue of £294.5 million, up 4% year-over-year. B2C gross winnings revenue reached £283.1 million, growing 3% annually. The company reported 1.7 million active customers, an increase of 9% from Q3 2023. Western Europe drove growth with 7.5% revenue increase, led by strong UK and Netherlands performance. However, CEO Andén warned that exiting unregulated .com markets would impact the £250 million EBITDA target for 2024. Underlying EBITDA reached £63.4 million despite £30.9 million in strategic review costs related to the FDJ acquisition. The company successfully completed its North American exit during Q3 2024.

12-Month Earnings Summary

For the twelve months ending Q3 2024, Kindred demonstrated resilience through major transitions. Total revenue grew modestly as the company balanced North American exit with European market expansion. The Netherlands became a key growth driver, contributing significantly to Western European performance. Casino and games segment maintained strong momentum, representing 57% of gross winnings revenue. Relax Gaming’s B2B business continued scaling effectively with 33% revenue growth. However, regulatory pressures in Belgium and Norway offset gains elsewhere. The FDJ acquisition completed in October 2024 marked a transformative milestone. Kindred’s focus on regulated markets positioned the company well for sustainable growth under FDJ United.

References

1. Full-Year Report 2023 – Kindred Group Investor Relations
2. Kindred Group Applies for Delisting – PR Newswire
3. FDJ Completes €2.45bn Acquisition of Kindred Group – iGaming Business
4. FDJ UNITED Very Strong 2024 Results – Business Wire
5. Kindred Q3 2024 Financials and Delisting – Casino Beats
6. Kindred Group Confirms Nils Andén as Permanent CEO – NEXT.io
7. Kindred Group History Timeline – Official Website
8. Kindred Group – Wikipedia