September 2022 was a real roller coaster for Kindred Group - the company that is behind, among other things, behind Unibet.. The Stockholm Excessive Company went on a small bang due to regulatory problems in USA.
Return to the Netherlands and new sportsbook technology
The stock price was 86.64 sec as of September 1, and got a boost thanks to the return on the Dutch market in addition to the development of its own Sportsbook technology. As a result, the stock price had the highest closure on September 16 at 96.96 sec.
Henrik Tjärnström, CEO of Kindred Group, confirmed that the operator was on his way to securing a market share of 15% in the Netherlands by the end of 2022. In addition, the sportsbook technology will be launched by the end of 2023.
Regulatory problems in USA led to decline
Due to Kindred Group's ongoing legal battle for operations in USA, there was nevertheless a correction at the end of the month.
The American Lottery Authority Namely, Kindeded's subsidiary trannel a day fines of $ 116 676 to continue to offer its services in USA. They believe that they do not have a license to run the business in USA. Kindred Group said they were fundamentally disagreed with the decision and will continue to appeal through the courts.
The market was frightened by this large fine, and Kindred Group's stock fell dramatically after the Lottery Authority's announcement. As a result, the lowest point for the month was 83.08 sec and ended with a stock price of 83.78 sec as of September 30, 2022.
Source:
- EGR Global