Every week, CasinoBeats breaks down the numbers behind some of the industry’s most fascinating stories. Increased casino activity in France and first-quarter financial results from Kindred, Evolution, Betsson and more all feature in this week’s round-up.


Kindred declared a total revenue of £307.7m in its first-quarter 2024 results, which is in line with £306.4m earned during the same period the previous year.

This figure includes the company’s B2C business and other revenue from B2B business Relax Gaming, which amounted to £10.1m, an 11 per cent increase YoY.

B2C gross winnings revenue improved slightly year-over-year to £297.6m (Q1 2023: £297.3m), with 84 per cent of the revenue coming from locally regulated markets, an all-time high. Active customers rose by three per cent to 1.66 million (2023: 1.62 million).

Kindred noted that factors which contributed to B2C revenue included strong development in the UK and the Netherlands, growth across casino in other core markets, as well as active customers in casino rising by six per cent.

However, B2C revenue was also impacted by a “weak performance in non-locally regulated markets, with gross winnings revenue declining by 16 per cent” in comparison to the same period the previous year.

Gross profit was £172.6m (2023: £172m) with a gross profit margin of 56 per cent “driven by movements in revenue and cost of sales,” which was £135.1m (2023: £134.4m). Marketing costs amounted to £52.7m (2023: £54.8m).

Underlying EBITDA rose by 20 per cent to £59.3m (2023: £49.4m), driven by a “significant focus on cost optimisation across both marketing and administrative expenses and the reduced negative contribution from the North American market following its announced closure”.

Profit after tax was £31.4m (2023: £25.6m), earnings per share were £0.15 (2023: £0.12), free cash flow amounted to £23.7m (2023: £29m). Kindred added that its “cost reduction initiatives are effective and driving improvement in results”.

CEO Nils Andén commented: “We have had a solid start to 2024 with the underlying business operations performing well and operational initiatives moving forward according to plan.

“The headcount reduction plans announced at the end of last year are progressing as intended and the North America exit is set to conclude towards the end of the second quarter this year.

“Our growth plan that we launched during the fourth quarter last year, focusing on Europe and Australia, continues at pace with dedicated strategic growth projects across locally regulated markets.”


Svenska Spel declared a net gaming revenue of SEK 1.96bn (€168m) for Q1 2024, down one per cent YoY (Q1 2023: SEK 1.98bn), which the operator attributes to the restructuring of its casinos, following the closure of its Casino Cosmopol properties in Malmö and Gothenburg.

Although these February closures impacted results, the Swedish operator has stated that its underlying business remains stable with strong results from Tur, as the company restructures with the aim of creating “long-term sustainable value”.

Sport & Casino revenue amounted to SEK 549m, down three per cent YoY (2023: SEK 565m) after impacts were seen on sports betting margin and pool game outcomes.

Tur revenue improved by six per cent in comparison to the same period the previous year to SEK 1.24bn (SEK 1.16bn), assisted by Eurojackpot and continued growth for Triss. 

Casino Cosmopol & Vegas revenue fell by 32 per cent YoY to SEK 169m (2023: SEK 247m) after the closure of two of its casinos in Malmö and Gothenburg, as well as the reduction in opening hours for its Stockholm casino.

Online revenue improved by six per cent YoY to SEK 1.09bn (SEK 1.03bn), amounting to 56 per cent of the total net gaming revenue.

During the quarter, Svenska Spel reorganised its operations to allow for future investments, which resulted in a reduction of its workforce.

Commenting on the past quarter, Svenska Spel CEO and President, Erik Strand, said: “We have reorganised, reduced the workforce, and from April 1 have a new organisation in place. 

“In this way, we have freed up resources that we can invest in transformation, strengthened gambling responsibility work and growth. These are important investments for long-term sustainable value creation.”


Autorité Nationale des Jeux, France’s gambling authority, has stated that gross gaming revenue from the country’s operators rose by over three per cent year-over-year, with casino activity growing by more than eight per cent.

The authority added that ahead of a sport-filled summer with the UEFA European Football Championship and the Olympic Games, operators must be more vigilant to customers showing potential signs of problem gambling.

The 2023 report on France’s gambling market by the ANJ noted that all market segments achieved GGR growth for the first time since 2019, with overall turnover improving by 3.5 per cent in comparison to the previous year to €13.4bn.

Casino activity rose by 8.1 per cent YoY to a record level GGR of €2.7bn. The authority stated that 73.8 per cent of casinos have now returned to a GGR level that is higher than what was achieved in 2019, with slot machines contributing the most towards GGR at above 80 per cent.

Activity across the seven gaming clubs improved to help GGR increase by 10.9 per cent in comparison to the previous year to €119m (2022: €107.3m).

“This good health of the market demonstrates that demanding regulation is not an obstacle to development,” commented Isabelle Falque-Pierrotin, President of the ANJ.

“This growth makes all the more relevant the objective of reducing the number of excessive gamblers that the ANJ has placed at the centre of its action for the years to come.”


Evolution Gaming reported a successful start to 2024 as Q1 operating revenue rose by 16.7 per cent to €505.1m.

Fuelling net profit of €269.2m, the firm was also boosted by EBITDA growth of 15.2 per cent to €345.8m, as well as the elevation of its table games offering.

Specifically, live casino for the firm improved by 19.8 per cent, playing a key role in boosting revenue as it looks to leverage its position as a market leader within this space.

Evolution CEO Martin Carlesund emphasised that amidst the positive outlook, there is still work to do for the firm as it looks to continue RNG growth into new regions. 

Carlesund stated: “Revenue from Live Casino increased by 19.8 per cent year-on-year and, compared to the previous quarter, we added €25.7m in revenue. Although a strong start to the new year, much remains to be done to fully leverage our position in the market and serve the underlying demand.”

The firm’s CEO also lauded the group’s table games performance as key market growth had a substantial impact on the overall evolution of the group’s table offering. 

He continued: “During the period we have continued to increase our table capacity to meet the market demand, and I am pleased to say that the progress made in Q4 has carried over into this year.

“We have continuously accelerated our recruitment and made good progress in our building expansion projects in several studios – all together we have a much improved balance between supply and demand today compared to last year.” 


Casino growth fuelled a positive start to 2024 for Betsson as revenue reached €248.2m, a 12 per cent spike on the same period last year. 

Overall, the firm’s casino output grew by 19 per cent to €180.5m, driven by an elevation of customer activity and a 15 per cent increase in active customers. 

Furthermore, the group also benefited from the launch of 306 games as it moved to significantly enrich its casino output in a myriad of global markets. 

Summing up the period for Betsson, CEO Pontus Lindwall, stated: “For Betsson the first quarter of 2024 was characterised by a continued positive development with high customer activity, good growth and strengthened profitability, as well as new growth-oriented initiatives. 

“The high customer activity drove strong growth in gaming turnover for both casino and sports betting, with year-over-year increases of 14 and 25 per cent, respectively. Casino revenue increased by 19 per cent year over year.”

The firm’s activity in Argentina was hindered by a turbulent political backdrop as Lindwall stated that a devaluation of the Argentine peso of more than 50 per cent in December served to have a negative effect on reported revenue for the group in the first quarter.

Western Europe provided positivity for the group as it enjoyed a 58 per cent revenue increase as igaming engagement in Italy was bolstered by the stability of the StarCasino brand, which has a strong footing in the region. 

Growth was also experienced in Belgium as it served to offset a challenging period in Germany and contribute to an overall increase in revenue in Western Europe. 

Lindwall added: “Betsson’s ambition is to generate stable earnings growth in the long run. The strategy to achieve this is based on geographic diversification and growth investments within existing markets, new markets, B2B and M&A. 

“Betsson went live in Cordoba, Argentina during the quarter, which means that the Group now offers games under local gaming licences in three Argentine provinces. In new markets, a new online casino offering was launched in Belgium through the acquired company betFIRST, based on the category A+ licence. 

“The licence enables a complete online casino offering including slots, table games and live casino. B2B continues to be an important strategic area where previous years’ investments continue to bear fruit and continue to perform strongly during the quarter.” 


Kambi has revealed a positive start to its 2024 operations as the impact of the departure of Napoleon Games was minimal for the firm, publishing €43.2m in Q1 revenues. 

Providing further insight into the firm’s results during a live stream, CEO Kristian Nylén emphasised that in spite of revenue from the Napoleon deal being unaccounted for during the Q1 period, there wasn’t a significant impact felt in the firm’s performance. 

According to David Kenyon, the group’s CFO, the positive performance underlines that Kambi has long term stability and can continue to grow following departure from North America. 

Revenues for the first quarter were registered at €43.2m (Q12023: €44m), while cash flow excluding working capital and M&A slightly increased to €5.4m (€3.2m). 

Furthermore, the firm reported EBIT operating profit for Q1 2024 remained stable at  €4.4m (€4.5m) at a margin of 10.2 per cent (10.3 per cent). EBITA on acquired intangible assets was €5.8m (€5.8m) at a margin of 13.3 per cent (13.1 per cent).

Nylén further commented that ‘it is not impossible’ for financial targets until 2027 to be achieved either through organic growth or M&A. 

He went on to reveal that “organic growth is definitely the main road for” the supplier as it continues on a transformative path for 2024.