{"id":1040,"date":"2023-12-01T06:11:34","date_gmt":"2023-12-01T03:11:34","guid":{"rendered":"https:\/\/xxbet-company.com\/kindred-departing-north-america-could-spur-sale\/"},"modified":"2023-12-01T06:11:34","modified_gmt":"2023-12-01T03:11:34","slug":"kindred-departing-north-america-could-spur-sale","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/de\/kindred-departing-north-america-could-spur-sale\/","title":{"rendered":"Kindred Departing North America, Could Spur Sale"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Inhaltsverzeichnis<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/de\/kindred-departing-north-america-could-spur-sale\/#Kindred_Could_Be_Takeover_Target\" title=\"Kindred Could Be Takeover Target\">Kindred Could Be Takeover Target<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/de\/kindred-departing-north-america-could-spur-sale\/#Another_One_Bites_the_Dust\" title=\"Another One Bites the Dust\">Another One Bites the Dust<\/a><\/li><\/ul><\/nav><\/div>\n<p>Kindred Group (OTC: KNDGF) announced Wednesday that it\u2019s leaving the North American market and cutting 300 jobs in a move some industry observers believe could spur a sale of the Swedish gaming company.<\/p>\n<figure aria-describedby=\"caption-attachment-265800\" data-style=\"width: 858px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" fetchpriority=\"high\" class=\"wp-image-265800 size-post-thumbnail-858xAUTO\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/The-Kindred-Group-logo-on-the-side-of-its-offices-858x483.jpg\" alt=\"The Kindred Group logo on the side of its offices\" width=\"858\" height=\"483\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/The-Kindred-Group-logo-on-the-side-of-its-offices-858x483.jpg 858w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/The-Kindred-Group-logo-on-the-side-of-its-offices-430x242.jpg 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/The-Kindred-Group-logo-on-the-side-of-its-offices.jpg 960w\" sizes=\"(max-width: 858px) 100vw, 858px\" title=\"\"><figcaption class=\"text-description\">The Kindred Group logo outside its offices. The company said it\u2019s leaving North America and cutting 300 jobs. (Image: Kindred Group)<\/figcaption><\/figure>\n<p>The operator said its departure from North America should be completed by the end of the second quarter of 2024. Kindred\u2019s Unibet brand, popular with European bettors, failed to gain traction in the US and lives in just five states \u2014 Arizona, Indiana, New Jersey, Pennsylvania, and Virginia. Kindred <a href=\"https:\/\/www.casino.org\/news\/gaming-operator-kindred-confirms-sale-of-company-as-revenue-improves\/\" rel=\"nofollow noopener\" target=\"_blank\">announced a strategic review<\/a> in April, and Wednesday\u2019s news serves as an update on that process.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>In addition to non-headcount opex savings, Kindred has also addressed its organisational structure with the intent to achieve a leaner and more efficient organisation focused on selective growth initiatives,\u201d according to a statement issued by the firm. \u201cThis will include a reduction of over 300 employees (including employees in North America) and consultants during 2024. The cost reduction initiatives are expected to result in annualised gross cost savings (opex and capex) of approximately GBP 40 million ($50.51 million).\u201d<\/p>\n<\/blockquote>\n<p>Interim CEO Nils And\u00e9n described the cost-cutting\u00a0 moves as \u201cnecessary and decisive.\u201d The company added that the moves will allow it to refocus on its core markets.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Kindred_Could_Be_Takeover_Target\"><\/span>Kindred Could Be Takeover Target<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While Kindred didn\u2019t comment to this effect in Wednesday\u2019s press release, strategic reviews often stoke speculation of a possible sale, which has been the case with the Unibet parent.<\/p>\n<p>In July, reports indicated that MGM Resorts International (NYSE: MGM) and an unnamed UK-based gaming entity could be considering takeover offers for Kindred. While no deal has emerged yet, either party could make sense as a suitor for Kindred.<\/p>\n<div class=\"callout\">\n<p>Speculation of MGM\u2019s interest in Kindred surfaced in May, and it makes sense on multiple levels, with <a href=\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/\" rel=\"nofollow noopener\" target=\"_blank\">Keith Meister\u2019s Corvex Management<\/a> being one of the driving forces behind Kindred considering a corporate action. He\u2019s also a director at MGM, which already has a Swedish acquisition via LeoVegas.<\/p>\n<\/div>\n<p>Likewise, UK operators such as Flutter Entertainment (OTC: PDYPY) and Entain Plc (OTC: GMVHY) could look to bolster European market share \u2014 something buying Kindred could accomplish. Several months ago, rumors surfaced that Kindred held talks with Entain, Evolution AB, and Flutter.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Another_One_Bites_the_Dust\"><\/span>Another One Bites the Dust<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With news of Kindred\u2019s plan to exit North America, it\u2019s fair to say the ultra-competitive US sports wagering landscape has claimed another victim.<\/p>\n<div class=\"callout\">\n<p>Since the now-famous 2018 <a href=\"https:\/\/www.casino.org\/news\/ohio-officials-weigh-in-on-1b-net-revenue-record-at-racinos\" rel=\"nofollow noopener\" target=\"_blank\">Supreme Court ruling<\/a> on the Professional and Amateur Sports Protection Act (PASPA), many foreign companies have entered the US sports betting market only to ultimately sell themselves or throw in the towel after failing to gain adequate market share.<\/p>\n<\/div>\n<p>To date, the only foreign operators that have noteworthy success in the US are Flutter and Entain, the former by controlling FanDuel and the latter via its 50% stake in BetMGM. Even in those cases, FanDuel and BetMGM are largely viewed as American companies.<\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/kindred-leaving-north-america-cutting-300-jobs\/\" rel=\"nofollow noopener\" target=\"_blank\">Kindred Departing North America, Could Spur Sale<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\" rel=\"nofollow noopener\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Kindred Group (OTC: KNDGF) announced Wednesday that it\u2019s leaving the North American market and cutting 300 jobs in a move some industry observers believe could spur a sale of the Swedish gaming company. The Kindred Group logo outside its offices. The company said it\u2019s leaving North America and cutting 300 jobs. (Image: Kindred Group) The <a href=\"https:\/\/xxbet-company.com\/de\/kindred-departing-north-america-could-spur-sale\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":1041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/1040"}],"collection":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/comments?post=1040"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/1040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media\/1041"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media?parent=1040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/categories?post=1040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/tags?post=1040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}