Every week, CasinoBeats breaks down the numbers behind some of the industry’s most fascinating stories. Our latest headline reflection features financial results from BetMGM and Kindred, as well as M&A action in the slot industry. 


Kindred CEO Nils Andén has stated that the revenue growth across the fourth quarter and 2023 is a sign that the company can “grow profitably within highly regulated markets”.

In addition to describing Groupe Française des Jeux’s recent public cash offer for Kindred as “good news”, Andén has also been appointed as permanent CEO of the group after holding the position on an interim basis since May 2023.

Publishing its Q4 and full year 2023 financial report, Kindred declared a Q4 total revenue of £312.9m, a two per cent increase year-over-year (Q4 2022: £305.5m). 

For the full year, revenue grew by 13 per cent to £1.21bn (2022: £1.07bn). 97 per cent of the revenue was generated from B2C operations, while three per cent came from their B2B Relax Gaming operations.

Q4’s gross winnings revenue improved by two per cent YoY to £301.6m (Q4 2022: £295.1m), while for the full 2023, revenue rose by 12 per cent to £1.17bn (2022: £1.04bn).

Kindred noted that growth in the Dutch and UK markets, as well as a strong performance in casino operations, helped B2C revenue in Q4 in comparison to the previous year. 

Andén commented: “The final quarter of 2023 saw a sustained above-market performance in the Netherlands, UK, and Romania, which combined with continued growth in our B2B segment (Relax Gaming) generated total revenue of £312.9m and underlying EBITDA of £56.8m for the period, an increase of 45 per cent compared to the same period last year.

“During 2023, we provided guidance of £200m in underlying EBITDA, and I am very pleased that we have delivered on that target. Our performance demonstrates that Kindred is able to grow profitably within highly regulated markets. During 2023, 82 per cent of gross winnings revenue was generated from locally regulated markets.”


Alabama state Rep. Chris Blackshear and Andy Whitt have introduced House Bill 152, which would authorise the regulation and taxation of casino gaming, sports betting and lottery in the state.  

To ensure the full stability of the regulatory framework in the region, the Alabama Gaming Commission will also be established.

It follows continued efforts to progress gaming legislation in the state after House Speaker Nathaniel Ledbetter put together a committee to advocate for gambling legislation in Alabama last year. 

In HB 152, there would be a state tax on net gaming revenue from casino-style gaming and sports betting. The measure would levy a 24 per cent tax rate on casino-style gaming, to be paid within 20 days after the end of each calendar month. 

About 95 per cent of the tax revenue generated from casino-style gaming will be allocated to a gaming trust fund, while a portion will go to the General Fund Budget Reserve Fund and also back to gaming establishments across the state.

Funds will be donated to the General Fund until it reaches a total of $300m. Today, it sits at around $150m, according to Blackshear. 

Retail and online sports betting in Alabama would be taxed at 17 per cent, with 90 per cent of tax revenue being allocated to the gaming trust fund and another 10 per cent toward each county commission of the state. Funds given to counties are to be allocated toward law enforcement.


BetMGM CEO Adam Greenblatt has stated that the operator can focus on player acquisition and retention, as well as strengthen its market position, following strong organic growth in 2023.

The company’s FY23 net revenue from operations has grown by 36 per cent year-over-year to $1.96bn, the upper end of its $1.8bn to $2bn guidance range.

A same-state growth of 14 per cent was also reported in net revenue from digital operations, in addition to key metrics improving YoY across igaming and sports betting including average monthly actives, first-time depositors, hold percentages, bonus levels, NGR per active and cost per acquisition.

BetMGM also stated that it achieved positive EBITDA in the second half of the year, with an expected FY23 EBITDA loss of approximately $67m.

Greenblatt commented: “Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth while executing against key strategic initiatives that lay the foundation for 2024 and beyond.”

Across North America, BetMGM is now live in 28 markets – five igaming and online sports betting markets and 23 solely sports betting markets – with four market launches in the past year: Ohio, Massachusetts, Puerto Rico and Kentucky.

The operator has a 14 per cent market share in US igaming and sports betting, as well as a 22 per cent market share in Ontario.

Greenblatt added: “The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages.”


Evolution has completed the acquisition of slot streaming provider Livespins, purchasing its entire issued share capital for a total up-front cash consideration of €5m. 

Initiating the deal through its subsidiary company Evolution Malta Holding Limited, Evolution has also agreed to pay an earn-out based on Livespins’ performance in 2026. 

Subject to certain closing conditions, the transaction will be completed in the second quarter of 2024.

“Livespins is a unique proposition that has shown solid engagement metrics and adoption by players and one we believe will be a great addition to the Evolution portfolio,” stated Martin Carlesund, CEO of Evolution.

“Over the years, we have garnered a reputation for identifying new and interesting technology which is why I’m thrilled that we have reached an agreement with Livespins.”

Keeping its branding within the Evolution Group, Livespins allows players to “bet behind” their favourite streamers, influencers or brand ambassadors as they play, creating a social betting experience.

Chris Scicluna, CEO of Livespins, noted: “This is an unprecedented milestone for Livespins and we couldn’t be happier to be joining the Evolution Group.

“We are still in the start-up phase of our business and to attract the attention of Evolution is incredibly rewarding. It also is a reflection of all the hard work that our team has poured into this concept since we launched and the unwavering belief that this product would revolutionise the industry.”


EveryMatrix closed 2023 with a third consecutive quarter of profit margin being above 50 per cent, contributing towards a record-breaking financial performance.

Reflecting on the fourth quarter and the historic full-year financial results, Group CEO Ebbe Groes has described the past year as “mind-blowing”, adding that “the future is very bright” for the company in 2024 and beyond.

Publishing its results, EveryMatrix declared a Q4 revenue of €76m, up 92 per cent year-over-year, while net revenue came in at €36m, an 87 per cent improvement YoY and a new quarterly high.

EBITDA stood at €20m, up 194 per cent YoY thanks to “strong sports trading margins and significant growth across its casino segment”. EBITDA margin was 56 per cent, with cash position at €51m.

For the full year, EveryMatrix posted revenues of €240m, up 89 per cent YoY, while net revenue rose by 75 per cent YoY to €114m (2022: €65m) and was four times better than 2019’s €28m.

Off the back of the sports trading margins and casino growth, 2023 EBITDA improved by 155 per cent YoY to €60m, with a margin of 52 per cent.

Groes stated: “2022 was phenomenal but this year’s numbers are mind-blowing. Every business unit and every one of our employees has contributed to a stellar set of financials proving we really are among, if not, the industry’s fastest-growing igaming technology supplier.”