Swedish-based Kindred Group has reported that its profits doubled in Q2 2020 due to tight cost controls. The revenue jump comes despite the dramatic decrease in sports betting activity in the early part of 2020. Gross Gaming Revenue for casino games grew by 42% in Q2 to a total of £150.4 million. However, sports betting took a nosedive with a 45% reduction in revenues quarter-on-quarter.
More About Kindred Group
Kindred Group operates some of the most prestigious online gambling brands in Europe, including Unibet and 32Red. Both brands offer sports betting and casino games. Clearly, as this report indicates, casino gaming has seen the lion’s share of the revenue this year so far.
There’s no doubt that a substantial chunk of the increased revenues (and profits) came from live dealer gaming. Players flocked online to play blackjack, roulette, and other casino games as casinos across the continent were forced to close their doors during the pandemic.
>>> Read : “Kindred Sees Revenue Jump But Profits Slump in Q1“
32Red a Top Casino Destination
You can read a full 32Red casino review here. While reporting on Kindred Group, we should mention that 32Red is one of our top-rated live casinos. We gave it a 5/5 rating, with emphasis on its superior selection of live dealer games.
Players at 32Red can look forward to:
- A full range of live games from Evolution Gaming. This includes baccarat, blackjack, roulette, and live game shows like Dream Catcher and Crazy Time.
- Hundreds of video slots from Microgaming and NetEnt, including classics like Starburst and Immortal Romance. There’s also a fine selection of progressive jackpot slots.
- Regular live dealer bonuses and promotions. 32Red often hosts live casino game tournaments with guaranteed prize pools.
- It’s also a UKGC-licensed casino, meaning it has the prestige and trust of approval from the world’s top gambling regulator.
Will Sports Betting Bounce Back in Q3?
Clearly, when casino gaming is more popular than sports, that’s good for operator revenues and profits. Several firms have been reporting record revenues and profits this year. However, in Kindred’s financial report, it stated that sports betting began to pick up towards the end of Q2 with the return of football and several other sports across the world.
Will sports betting fully recover in 2020? We’ll have to wait and see. It will be interesting to observe how this affects both revenue and profits in future financial reports from the Kindred Group and others. Either way, 2020 has been a great year for live casino gaming, and we hope that run continues into Q3 and beyond.