Nordic born and Stockholm Nasdaq listed operators Kindred Group and Leo Vegas both just released their 2016 full year financial results. Great news for both companies and their shareholders; by inference not so great for those of use who contributed to the results from the playing side of the fence.
Leo Vegas, the younger of the two, managed to increase gross gaming revenues 70% (€58.4 million) to €141.4 million compared with 2015. EBITDA was up 15% to €21.3 million.
Kindred, owner of the Unibet brand enjoyed similarly impressive growth. Gross revenues were up 54% to £544 million. EBITDA was up 56% to £120.7 million.
More players, more mobile players
More active players, and a growing share of these using mobile devices was a key driver of both companies’ very solid results.
Kindred boasted 16.5 million registered customers as at 31 December 2016, 1,150,027 of them considered to be active during the 4th quarter and most of them betting using their mobile devices. Play on mobile accounted for 71% of total revenue in Q4.
A similar story at Leo Vegas. Considerably more active players and mobile devices accounting for 67% of deposits in the 4th quarter. The strength of their live casino offering cracked a mention in the highlights. ‘Broadest product offering in the industry‘, is probably a fair boast, with 7 different platforms including their in-house developed Authentic Gaming tables (to be added by Unibet).
Both companies enjoyed share price gains following their respective releases.