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Kindred Group Exits Iowa, Focuses on Multi-Product States
Kindred Group, the parent company of Unibet, has announced it will exit Iowa by the end of 2022, focusing instead on states that offer multiple gambling products. The decision was revealed by CEO Henrik Tjärnström during an earnings call for Q3. Kindred Group will launch a retail sportsbook with the Swinomish Tribe in Washington state early next year.
Kindred Group has sportsbook operations in several states, including Arizona, Indiana, Virginia, and Ontario. The company reported $9 million in gross winnings revenue for Q2, a 15% increase from the same period last year. Kindred Group expects to break even in the US and Canada by 2026.
Despite the exit from Iowa, Kindred Group remains committed to the US market. The company has market access rights to Illinois and Ohio through an agreement with Penn Entertainment. Kindred Group's Iowa and Indiana operations were facilitated through an agreement with Caesars Entertainment.
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