Kindred will temporarily cease its services to Dutch citizens
LONDON, September 30, 2021 / PRNewswire / – Kindred Group plc has taken the decision to temporarily cease all service to Dutch citizens from today. Kindred’s ambition is to be a sustainable operator in the Netherlands contribute to Dutch society once the license is granted. Today’s decision was made due to recent policy changes the Netherlands, on which Kindred will seek further clarification.
Kindred Group plc (Kindred) today decided to temporarily cease other services to citizens of the Netherlands. The decision was taken due to recent policy changes communicated by the Dutch Minister of Legal Protection on September 20 and the opening of the market to licensed operators on October 1, 2021.
Kindred believes that the Minister’s letter Sander dekker does not explicitly ask operators to cease services to Dutch citizens as long as the prioritization criteria published in 2019 are met. Kindred will now seek further clarification on the intention of the Dutch government and the KSA.
“The opening of the online gambling market in the Netherlands is a very positive step for everyone involved. We look forward to receiving our Dutch license in 2022, and thus making a positive contribution to Dutch society as a valuable expert in achieving a sustainable gaming market ”, said Henrik Tjärnström, CEO of Kindred Group.
“We have always placed a safe gaming environment at the heart of our strategy and operations, and we already comply as much as possible with all Dutch licensing requirements. We remain fully dedicated to consumer protection, addiction prevention and the fight against fraud and crime. An important part of this is our ambition to reach zero percent of revenue from dangerous gambling by 2023, “concludes Henrik Tjärnström.
Kindred is preparing for the opening of the licensing process in the Netherlands under the Remote Gaming Act and has been working on the preparations for a license application in the Netherlands, and has successfully completed all required audits. Once the preparations are complete, Kindred will now, according to the regulatory deadline it has to meet, apply for the Dutch license in the fourth quarter of 2021.
Kindred has been successful in increasing its profitability in locally regulated markets over the past few years, in line with its long term strategy. As long as services to Dutch customers are stopped, this decision should have a negative impact on the Group’s EBITDA of approximately £ 12million per month against Kindred’s own forecast prior to any potential mitigation action.
CEO of Kindred Group Henrik Tjärnström will host a conference call in English on October 1, 2021 at 10:00 a.m. (CEST). For those who wish to participate in the conference call, please call:
Sweden: +46 8 566 42 705
UK: +44 33 3300 9264
United States: +1 646 7224 902
This disclosure contains information that Kindred Group is obliged to make public in accordance with the EU Market Abuse Regulation (EU No 596/2014) and the Swedish Securities Markets Act (2007: 528). The information has been submitted for publication, through the contact person, the 30-09-2021 23:00 CET.
For more information:
Patrick kortman, responsible for business development and investor relations, [email protected], +46 723 877 438
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
SOURCE Kinship Group