Kindred Group to exit North American market

As part of its strategic review, Kindred Group has decided to exit the North American market by the end of the second quarter 2024, subject to the regulatory process. The Group also announced decisive actions to drive growth on core markets and dedicated cost reduction initiatives, which includes a reduction of over 300 employees and consultants throughout 2024. These initiatives are expected to result in annualized gross cost savings of approximately £ 40 million.

The re-allocation of financial and tech resources towards existing core markets will improve ability to capitalize on core market potential and gain market share. These initiatives include additional brand extensions of hyper local casino brands in selected markets, re-allocation of marketing investments and tech resources to selected markets and strategic projects with convincing growth opportunities and continued product differentiation through exclusive content. Additionally, Kindred introduces further cost reduction initiatives as previously mentioned. “The cost reduction actions announced today are both necessary and decisive. While it is never a desire to inform valued colleagues of redundancies, this puts us in a stronger position to secure long-term growth for Kindred across our locally regulated core markets. We can now focus our resources and tech capacity towards strategic initiatives and selected markets where we see clear potential to grow our market share”, explained Nils Andén, Interim CEO of Kindred Group.