According to the company, the New Jersey Division of Gaming Enforcement (NJDGE) has approved the proprietary platform. It is set to go live across the state’s online casinos and sportsbooks in mid-May.
The new platform will provide improved flexibility and performance with more analytics and data for sports bettors to consume. In addition, Unibet users in New Jersey can access products and content through a broader range of options and offerings via the Unibet app and website.
The operator highlighted that the new platform would align with the company’s commitment to responsible gambling and adhering to local regulations and community needs.
“I am very pleased that we are now able to launch our own Kindred platform in New Jersey, and I am immensely proud of everybody at Kindred who has made this possible.” Said Henrik Tjärnström, Kindred Group CEO.
Previously, the Kindred platform was already available for customers in Europe. With this launch, the Kindred Group is “now finally able to show off the true Unibet product” to its U.S. customers, Tjärnström said.
After New Jersey, Pennsylvania will be the next stop for the Kindred platform to go live in the second quarter of 2023.
Kindred Group operates in the online gambling and gaming industry, holding various licenses for sports betting, online casinos, bingo, and poker. Established in 1997, its geographical target markets include the Nordics, Western Europe, Central, Eastern, and Southern Europe.
Since 2019, Kindred Group has expanded its market to the U.S. with Unibet, its sports betting service.
Unibet launched its online casino and sports betting service in New Jersey four years ago through an affiliation with the Hard Rock Hotel and Casino Atlantic City. This was the sportsbook’s debut on the U.S. sports gambling scene.
A few weeks later, the Kindred Group launched Unibet Sportsbooks in Pennsylvania at Mohegan Sun Pocono.
Since then, Unibet has secured its first sponsorship deal with the New Jersey Devils, which includes in-arena and digital promotions.
Apart from New Jersey and Pennsylvania, Unibet is available in several other states, such as Arizona, Indiana, and Virginia.
Iowa was also part of the lineup before the operator left the market by the end of 2022 due to a lack of opportunity for iGaming legalization and expensive marketing costs. At the same time, the company passed on the opportunity to enter another unnamed state.
Losses in 2022
The new proprietary platform will benefit the group, as they need to significantly reduce the company’s cost base in the country. It will also help reduce the group’s cost of sales, which reached $8.7 million in the fourth quarter of 2022.
In Kindred’s 2022 financial update, the company was experiencing underlying EBITDA losses of $18 million, with marketing costs more than doubling the gross win revenue in the fourth quarter of 2022.
Kindred plans to continue reducing costs by focusing on states offering more than just legalized sports betting. If necessary, the company might exit more jurisdictions to refocus its investments.
After rolling out the platform in North America, the company will continue to monitor its performance and review its cost-effectiveness. They will continue to strive to become a top 10 operator across their footprint of states, with a low to mid-single-digit market share.