Kindred Group, the owner of Unibet, has announced its plan to withdraw from the US market in light of its Q3 results. The company aims to achieve annual cost savings of £40m ($50.8m) by Q2 of next year by reducing its workforce by 300 employees and focusing on core markets for growth.

In Q3, Kindred reported a 2% increase in revenue to £283.9m, with total revenue for the year-to-date at £897.6m, marking an 18% increase from the same period last year. Gross winnings revenue showed a similar growth trend, rising by 1% this quarter and 16% year-to-date.

Notably, underlying EBITDA has seen a significant 64% increase so far this year, but in Q3 it only grew by 6% compared to the previous year. Interim CEO Nils Andén addressed this discrepancy, stating, “We experienced continued growth in our casino segment and made progress in the Netherlands and UK markets. However, regulatory challenges in certain core markets and a decline in sportsbook performance tempered our growth.”

The company’s decision to exit the North American market will allow for the reallocation of resources towards core market growth initiatives. These initiatives include expanding local casino brands and offering exclusive content across various products. Andén described this move as putting Kindred in a better position for long-term growth in their regulated core markets.

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