France’s premier lottery and sports betting operator, La Française des Jeux (FDJ), announced that its takeover proposal for Kindred Group has been approved by the Swedish regulator. As a result, the French betting powerhouse will launch its offer on February 20.

According to FDJ, its offer document secured the official approval of the Swedish Financial Supervisory Authority (SFSA), allowing it to proceed with its deal. The French operator also added that its offer, set to be launched tomorrow, will go live for a maximum period of 39 weeks.

The completion of the tender offer would remain subject to additional regulatory approvals and FDJ’s acquisition of at least 90% of Kindred’s issued capital.

In the meantime, Kindred will hold an extraordinary general meeting on March 15. During the meeting, the operator group will discuss whether to amend the Articles of Association to allow for the implementation of a squeeze-out procedure in case FDJ acquires 90% or more of Kindred’s capital.

The Deal Would Close in November

FDJ’s offer is available in English and French on its official website and confirms many of the previously announced aspects of the deal. According to the announcement, FDJ will pay SEK 130 per share to acquire Kindred’s business.

Under the terms published by FDJ, the deal would close on November 28.

FDJ’s board of directors has already greenlit the move, while Kindred’s board advised shareholders to approve the deal.  

As the merger looms, Capital Research and Management Company, a subsidiary of The Capital Group Companies, reduced its shares in Kindred Group. This came amid a spike in Kindred Group’s share price.

In other news, FDJ recently published its FY 2023 results, reporting solid growth and robust results. The company’s revenues hit $2.82 million, marking a YOY increase of 6.5%. EBITDA, on the other hand, stood at $705.9 million, representing an increase of 11.3% and a margin of 25.1%.

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Kindred’s flagship Unibet brand has unveiled a new campaign to raise awareness about heart health issues within the cycling community. Called Follow Your Heart, the new campaign represents a partnership between the operator and the Dutch cycling team Tour de Tietema (TDT).

As a part of the initiative, Unibet joined forces with the team to develop an online learning tool in response to the growing concern over heart health issues within the cycling community.

Furthermore, a free and interactive augmented reality experience will feature digital versions of TDT’s owners, Bas Tietema, Devin van der Wiel and Josse Wes who will guide users through an eight-step process to perform resuscitation.

The campaign’s goal is not only to increase awareness of the health problems faced by cyclists but to also increase survival rates by teaching sports fans in the Netherlands and Belgium how to save lives.

The initiative will be promoted by TDT members who will wear a custom exclusive jersey featuring campaign imagery. The TDT-Unibet team already wore the jersey featuring the campaign name on the chest, hearts on the sleeve and eight lifesaving skills on the back during the Tour of Antalya.

Kindred Wants to Teach Fans How to Save Lives

Lennart Kessels, Kinded Group’s general manager for the Netherlands, commented on the initiative, saying that sports are in Unibet’s DNA, which is why Follow Your Heart is a natural fit for the company. Kessels hopes that the campaign will inspire Dutch cycling fans to learn valuable lifesaving skills.

This awareness campaign fits well with our focus on increasing social engagement, and we hope that, together with Tour de Tietema, we can inspire as many Dutch people as possible to complete the AR experience.

Lennart Kessels, GM Netherlands, Kindred Group

Kindred Group’s general manager for Belgium, Dennis Marien, also shared his thoughts, pointing out that this is not the first time Kindred has raised awareness for the eight life-saving skills. Previously, the operator promoted this invaluable skillset together with Club Bruges.

By tailoring this now to cycling, we hope to educate even more Belgians about the importance of these life-saving techniques. As playing responsibly is one of our key focuses, the link to acting responsibly in sports is evident.

Dennis Marien, GM Belgium, Kindred Group

Finally, Bas Tietema, one of the owners of Tour de Tietema, shared his thoughts, providing insight into his motivations behind the campaign. He described himself as a person who always follows his heart but also one who couldn’t help but notice that a less well-functioning heart can make people very insecure. Considering the proliferation of stories about health problems within the cycling world, the need for health awareness became evident to Tietema.

We, within the team, didn’t know how to perform lifesaving actions. With our cycling team, we reach a lot of people, so we wanted to use that reach to draw attention to this current issue.

Bas Tietema, co-owner, Tour de Tietema

In other news, Kindred recently published an update on its Journey towards Zero initiative.

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Kindred Group has released another update on its Journey towards Zero, an initiative that has seen the company minimize the funds it takes from problem players. According to Kindred, only 3.1% of its revenue in Q4 2023 came from harmful gambling. This is an improvement from Q3 when the company took 3.3% of its revenue from harmful gambling.

In the meantime, the healthier gambling behavior effect after interventions was 87.4%. This represents a noticeable increase compared to 86.4% in Q3, 2023. Kindred reaffirmed its desire to further increase this number. The company continues to stand firm in its commitment to a healthier and sustainable industry.

Further data shows that in 2023, the share of Kindred’s revenue coming from harmful gambling fluctuated between 3.1% and 3.3%. However, the company remains bullish on decreasing this figure further until it no longer takes money from harmed players. The company is hellbent on improving its business practices and making further strides in its Journey towards Zero.

The initiative seeks to transform gambling and cement Kindred as a trusted source of entertainment. The company continues to increase transparency and support a fact-based dialogue about problem gambling.

The Progress Highlights Kindred’s Company-Wide Commitment

Alexander Westrell, Kindred Group’s director of communications, commented on the progress Kindred has recorded, saying that addressing the decline in revenue from harmful gambling requires a long-term view. He added that the Journey towards Zero initiative has shown a steady decrease in money Kindred has taken from harmful gambling since 2020.

Westrell also pointed out that since Q3 2021, healthier gambling behavior after interventions has improved from 64.9% to a stellar 87.4%.

This progress shows in our transparent reporting and consistent work. It highlights our company-wide commitment, and has become a core part of Kindred’s DNA.

Alexander Westrell, director of communications, Kindred Group

For reference, Kindred has been communicating its share of revenue from harmful gambling ever since 2021. The company also continues to regularly provide updates on the improvement effect after intervention.

In other news, Kindred just partnered with Optimove for CRM marketing solutions. Under the agreement, Optimove will power Kindred’s flagship Unibet brand with the tools it needs to grow.

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Kindred announced that it has secured a new extensive agreement with sports data and analytics specialist Stats Perform. This will provide the former company with access to the latter firm’s RunningBall and Opta product suites and includes comprehensive, real-time official sports data feeds and statistics.

According to Kindred, the new deal will allow it to provide its customers with a frictionless in-play betting experience and trusted proposition betting markets centered on player performance.

The partnership comes as Kindred continues to develop and upgrade its proprietary sportsbook platform, Kindred Sportsbook Platform (KSP). By leveraging the official in-play sports data feed RunningBall and Opta player statistics, Kindred will be able to provide customers with tons of entertaining and informative content.

In the meantime, high-quality and low-latency data will ensure that the overall experience is fast and frictionless.

Kindred described Stats Perform’s RunningBall and Opta products and services as “important components” for achieving a high level of differentiation. The former company also praised the data specialist for its Content Player Pro, which makes the delivery of contextual insights, previews, live expected goals and in-game momentum possible.

Kindred concluded that the new deal is in line with its ambition to build a superior product and experience that is steeped in differentiation.

The New Deal Expands a Long-Standing Partnership

Stats Perform’s chief betting officer, Andrew Ashenden, expressed his excitement about the new agreement. He pointed out that this new deal deepens an already long-standing and highly productive partnership.

We are excited to help take Kindred to great heights through our market-leading, built-for-betting RunningBall and Opta products. We are delighted that Kindred recognizes the value we will unlock together in this exciting new partnership.

Andrew Ashenden, chief betting officer, Stats Perform

Andreas Reimblad, director sportsbook at Kindred Group, was similarly pleased with the expanded partnership, saying that it will “unequivocally benefit” his company’s fans and customers.

We firmly believe that Stats Perform, with its expertise, trusted brands, consistent and unique data points, will be an ally as we continue to develop and roll out our proprietary sportsbook platform.

Andreas Reimblad, director sportsbook, Kindred Group

Reimblad added that the partnership will set new standards in delivering a unique and superior sports betting experience.

In other news, Kindred just posted its Q4 results, highlighting strong metrics across the board. In the meantime, La Française des Jeux (FDJ), the leading lottery and sports betting operator in France, suggested that it is planning to acquire Kindred.

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Capital Research and Management Company, a subsidiary of The Capital Group Companies, Inc., reduced its shares in Kindred Group. On Wednesday, Kindred confirmed that it received notification about the reduced number of shares and voting rights by Capital Research and Management Company.

Per the notification, as of January 22, 2024, Capital Research and Management Company now holds 8.63% of shares and voting rights in Kindred. This strategic move comes at a time when La Française des Jeux (FDJ) announced a $2.5 billion bid to acquire Kindred recently. With the proposed strategic bid, FDJ seeks to propel its global presence, after it already has established strong footprint across Europe.

Considering FDJ’s announcement, Kindred’s shares skyrocketed recently. As of January 22, 2024, the company’s shares were up 17% on the Stockholm Nasdaq.

Throughout the years, Capital Research and Management Company’s stake in Kindred varied. An all-time high share and voting rights in Kindred, some 15.33%, were held by the company back in October 2021. More recently, Capital Research and Management Company reduced its stake in July 2022 to 10.86%.

“Kindred Group plc hereby announces that it, on 23 January 2024, has received a notification of major holdings from The Capital Group Companies, Inc., a company with its registered office in Los Angeles, USA. The notification relates to a reduced number of shares and voting rights in Kindred by Capital Research and Management Company, a subsidiary within The Capital Group Companies, Inc. which holds the relevant position in Kindred Group,“

reads a statement released by Kindred Group

Preliminary Q4 Results Point To Growth in EBITDA and Revenue

Amid the announced takeover bid from FDJ, Kindred released its preliminary Q4 2024 results, pointing to an increase in revenue and uptick in EBITDA. In total, Kindred’s revenue for the fourth quarter hit £312.9 million ($398 million), a result that marked an increase of 2% year-over-year.

On the other hand, underlying EBITDA for the period grew as well, hitting £56.8 million ($72.2 million). In contrast, for the fourth quarter in 2022, underlying EBITDA halted at £39.1 million ($49.7 million).

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Kindred Group, the principal club sponsor of Middlesbrough FC, has vowed to donate its front-of-shirt sponsorship space for the upcoming match against Millwall FC. According to the gambling operator, its logo will be temporarily replaced by the logo of the MFC Foundation.

Kindred, which is the company behind leading betting brands such as 32Red and Unibet, said that the move seeks to draw attention to the foundation’s award-winning work. MFC Foundation’s work consists in raising aspirations and improving the life chances of people across Teesside.

The increased visibility will promote the non-profit’s invaluable work. For reference, MFC Foundation’s activities are supported and funded by a number of influential commercial partners, such as Kindred Group.

Kindred is also a supporter of MFC Foundation’s Think With Your Feet, a program that enables local men to meet, play soccer and discuss their mental health issues.

In addition to donating its front-of-shirt sponsorship space for the upcoming match weekend, Kindred also donated its hospitality access to the Millwall fixture to participant from MFC Foundation’s Walking Football and East Cleveland Fitness sessions.

Under the agreement, Boro’s players will also wear MFC Foundation’s logo during the warm up session on Saturday.

Kindred Group Is Committed to Making a Change

Kindred Group’s managing director for the UK, Neil Banbury, explained that the company is determined to implement a new kind of sponsorship model. To that end, Kindred seeks to be a positive influence and promote initiatives such as the MFC Foundation’s programs.

We are in a position to positively influence clubs and communities and take that responsibility seriously. That’s why it’s great to be able to highlight MFC Foundation – and its range of work across the region – in this weekend’s game.

Neil Banbury, MD UK, Kindred Group

Meanwhile, Lynsey Edwards, MFC Foundation’s head, thanked Kindred for its support, praising the opportunity to reinforce the importance of MFC Foundation to the wider soccer community.

We’re grateful to the support from our partners that supports the varied work we do across the region, and we look forward to building on that in the months ahead.

Lynsey Edwards, head, MFC Foundation

In other news, Kindred recently added live casino content from OnAir Entertainment to its portfolio.

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Kindred Group will benefit from OnAir Entertainment’s dedicated live casino content and strengthen its presence in the vertical through the addition of new & dynamic titles.

OnAir Entertainment brings a diverse selection of titles, including traditional live casino games as well as game shows designed to elevate the entertainment value operators can provide their audiences.

Kindred and Games Global have vowed to deliver an experience that does not only strengthens their respective presence in the segment but also elevates the overall standards for live casino offering. Details about this are forthcoming. Right now, Kindred and OnAir Entertainment will work on more immersive gaming delivered through the live casino offering.

Among the titles included in Kindred Group’s brands are such studio accomplishments as Travel Fever, one of the newer releases, along with Blackjack and Roulette. Both companies welcomed the opportunity to strengthen their respective portfolios by expanding their reach and introducing more players to live casino gaming as part of this new collaboration.

Games Global CRO Julie Allison was confident that the companies had plenty to offer by crafting an experience that would both delight players but also raise standards industry-wide.

Creating Value in the Live Casino Sector

Kindred Group Head of Casino Gareth Jennings was similarly confident in the success of this new tie-up, arguing that gaining access to OnAir Entertainment’s portfolio of live titles was something that the company was specifically looking for.

“Our players can anticipate an elevated gaming experience,” Jennings promised. Kindred Group has taken similar collaborative steps with other companies from iGaming as well, including Swintt, covering multiple jurisdictions for both companies.

As to Games Global, the company recently introduced its OnAir Entertainment live casino games to another prominent industry player through a tie-up with Betsson Group.

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Kindred Group has published its unaudited interim report for the period from January to September 2023. Revenue in the third quarter remained stable, leading to positive year-to-date results.

In Q3, Kindred’s revenue reached GBP 283.9 million (roughly $360 million), representing an increase of 2%. Gross winnings revenue from the business-to-customer division increased by a single percent to GBP 274.7 million ($348 million). In the meantime, underlying EBITDA increased by 6% to GBP 42.6 million ($54 million).

Kindred also reported that profit before tax and profit after tax were GBP 15.1 million ($19.1 million) and 12.6 million ($16 million), respectively. Earnings per share in Q3 reached GBP 0.06 ($0.076) and the company recorded a 7% increase in active customers (now 1,563,762).

The company reported a decline in cash flow, which amounted to GBP 24.5 million ($31 million) at the end of the quarter.

The year-to-date revenue stands at GBP 897.6 million ($1.137 billion), representing an 18% increase. Gross winnings from the B2C segment increased by 16% to GBP 870.3 million ($1.1 billion), while underlying EBITDA increased by 64% to GBP 147.7 million ($187.2 million).

Profits before and after tax for the year-to-date period were GBP 78.6 million ($99.6 million) and 65.9 million ($83.5 million), respectively. Earnings per share reached GBP 0.30 ($0.38). The overall free cash flow for the period was GBP 56.5 million ($71.6 million).

Kindred added that it expects FY 2024 underlying EBITDA of GBP 250 million ($317 million). The company is still assured that it will achieve its EBITDA target of GBP 200 million ($253.5 million) in 2023.

Kindred to Exit North America & Lay Off Workers

Nils Andén, Kindred’s interim chief executive officer, commented on the results, reporting continued growth in Kindred’s casino segments in the UK and Netherlands. Despite that, the company was set back by a number of regulatory challenges.

While the company remains a leader in the Netherlands, its sports betting business underperformed, leading to suboptimal overall performance. Still, Andén expects Kindred to meet its EBITDA target unless it is further set back by unimpressive activity within the betting sector.

In the meantime, Kindred continues its strategic review as the company seeks to improve shareholder value through a third-party transaction. CEO Andén used the opportunity to announce two major operational initiatives, including the company’s controlled exit from the North American market, a reduction in headcount and operational costs and an increased focus on core markets.

Taken together, expected annualized gross cost savings from exiting North America and reducing headcount and other operational costs are estimated to be approximately GBP 40 million.

Nils Andén, CEO, Kindred

Andén is confident that Kindred is in a good position to do better and deliver favorable growth across its core markets.

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Following a series of distribution deals inked in Q2 2023, Swintt has announced an exciting partnership with Kindred Group, a renowned player in the online gaming sphere. This new alliance will see Swintt’s games making their way onto Kindred Group’s platforms licensed by Malta Gaming Authority (MGA), Sweden’s gambling regulator Spelinspektionen, the Netherlands Gambling Authority, Kansspelautoriteit (KSA), and, soon, the UK Gambling Commission. 

Swintt’s Strategic Move to Bolster Its Presence in Regulated iGaming Markets

The primary objective behind this move is to strengthen Swintt’s presence in vital regulated iGaming markets. The shared values and ideologies between Swintt and Kindred Group also make this partnership a perfect match. However, the real excitement lies in the enriched gaming experience that awaits players on Kindred Group platforms, thanks to Swintt’s impressive portfolio of titles.

Players can now delve into a world of captivating themes and innovative bonus features offered by SwinttGames. Notable titles in this collection include “The Crown,” “Aloha Spirit XtraLockTM,” “Candy Gold,” and the recently launched sensation, “Electric Elements.”

For fans of classic slots that evoke the charm of traditional land-based casino games, SwinttPremium offers a diverse selection. This category boasts popular “Book” slots like “Master of Books Unlimited” and “Seven Books Unlimited.” Moreover, Dutch players can now enjoy their favorite land-based slot titles online, including the newly-released “Duolito Gardens.”

Swintt’s CEO Enthusiastic About Partnership’s Potential for European Brand Exposure

David Mann, CEO at Swintt, expressed his excitement about this collaboration, stating: “By making SwinttGames and SwinttPremium releases available to such a wide cross-section of customers, we’ll be able to further raise the profile of our brand across Europe while helping Kindred Group on its ongoing mission to deliver a safe and enjoyable online experience to all casino players.”

Gareth Jennings, head of RNG Casino at Kindred Group, expressed his agreement by stating that Kindred Group believed it had partnered with a company that delivered on both fronts. He also mentioned his anticipation of incorporating Swintt’s innovative range of titles into Kindred’s brands in Malta, Sweden, the UK, and the Netherlands.

Another recent partnership saw Swintt collaborate with ZEAL Network, a leading online provider of state-licensed lottery products in Germany, to expand its game offerings in the country. ZEAL Network integrated Swintt’s complete portfolio of slots, including the popular SwinttPremium games, to enhance its offerings and strengthen Swintt’s presence in the regulated German market.

In June, Swintt further expanded its reach in Malta and Germany with a partnership with NetBet, while in May the company also expanded its presence on the Lithuanian market with a deal with 7Bet.

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The gambling regulator in Norway, Lotteritilsynet, announced on Thursday that a dozen gambling operators, offering their services illegally in the country are expected to leave the market. Overall, 15 operators are currently in the process of withdrawing from the market, revealed the regulatory watchdog. While Lotterilsynet did not name Kindred, it referred to the leading gaming and betting giant as “the company behind Unibet.”

In addition to Unibet, the gambling regulator confirmed that bet365, Come On, Betsson, Betsafe and Nordicbet are about the withdraw from the gambling market in Norway. Further game sites that are going to leave the market, according to Lotteritilsynet, include Bingo, Major player, Maria Casino, Norway’s vending machine, CasinoEuro, The People’s Republic, Mobile bet, GetLucky and The mobile vending machine.

The announcement comes after Kindred led a lengthy legal battle for its presence in the market. In 2019, the gambling regulator in the country ordered the company’s subsidiary, Trannel, to discontinue its offering for Norwegian customers. Trannel, the company behind the brands Bingo and Unibet, among others, disagreed with that request and decided to appeal the legality of Lotteritilsynet’s order to discontinue its offering.

Last year in June, the Oslo District Court ruled in favor of the regulator. This resulted in Trannel being warned of daily compulsory fines unless it exited the market. Kindred’s subsidiary then filed a complaint against the fines which was ultimately rejected by the Borgarting Court of Appeal back in June this year. Now, in light of the latest announcement, it looks like the end of the years-long legal battle has come.

“The company behind Unibet, Betsson, ComeOn and Bet365 has operated illegally in Norway for several years. Now they are in the process of withdrawing from the Norwegian market after we have carried out inspections against them,“

reads a statement released by Lotteritilsynet

The Country’s Market Is No Longer Attractive to Illegal Operators

The gambling regulator in Norway explained that its market is no longer attractive for “illegal gambling companies.” It said that payment processing and illegal TV advertising bans work well.

Moreover, Lotteritilsynet said that the withdrawal of illegal gambling operators from the country shows that its regulations are effective. The regulatory watchdog also said that such operators find it more difficult to offer their services in the country.

“This is a company that is neither allowed to offer nor market gambling to Norwegians. That several of the largest gambling companies that operate illegally in Norway withdraw will prevent gambling problems and contribute to a safer and more responsible gambling offer in the Norwegian market.“

Henrik Nordal, director of the Lotteritilsynet

Henrik Nordal, Lotteritilsynet’s director, explained that the aforementioned brands offered their services to Norwegians without the necessary permissions. According to him, their withdrawal will help reduce problem gambling and contribute toward the health of the regulated gambling market in the country.

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