Kindred Group has just published their Q2 2021 report and they claim that 4.3% of their net revenue in the second quarter of the financial year of 2021 has been generated as a result of harmful gambling by their customers. In the first quarter of 2021, Kindred reported the revenue generated from harmful gambling was 3.9% of the total revenue and so the revenue generated from harmful gambling has actually gone up in Q2 when compared to Q1. However, when you compare Q2 to Q4 of the financial year 2020, it remains the same at 4.3%.
On the other hand, the gambling operator also reported that they have been able to improve the rate of interventions from 76.6% in Q1 to 76.9% in Q2. The interventions rate in Q4 of 2020 was 75.7%. Therefore, as far as rate of interventions is concerned, the trend has improved slightly but steadily for every quarter since Q4, 2020.
Kindred has a new target involving a clean 0% revenue obtained from harmful gambling by the end of 2023. That way, they’re setting themselves up for a goal of industry stability with a focus on players who can gamble responsibly. They announced their goal to achieve 0% of revenue from harmful gambling in February of 2021 and they pledged to report on this stat with the revenue reports of each quarter going forward as part of the ‘journey towards zero’.
Who are Kindred Group?
Kindred is an online gambling operator which focuses on the UK market. Kindred runs several of the UKs biggest online gambling brands such as Unibet, 32Red and Maria Casino. They have offices in Gibraltar, London, Stockholm, the United States, Europe and Australia but are officially registered in Malta. The company is traded publicly in the Stockholm Stock exchange and reported total revenue of £751.4 million in 2017. The revenue has gone up substantially since 2017, as per their 2021 Q2 report, they generated a total revenue of 363.7 million in just one quarter. Kindred employs just under 2500 employees in locations all over the globe. The company was founded in 1997.
What exactly is harmful gambling?
Gambling is supposed to be a source of entertainment, but as we all know, it often turns into something a little more sinister. When a player is not able to fully control their gambling and go beyond boundaries, it can be considered harmful gambling. Gambling can be addictive and online gamblers are especially at risk considering that they can access real money gambling sites at any time and from anywhere. Gambling can be harmful in the sense that when a player is addicted to gambling, he/she may end up losing a lot more than they can afford to and continue to chase losses, this way, it turns into a vicious cycle. Uncontrolled gambling can harm a person’s finances, personal relationships, professional career and more.
Responsible Gambling in modern day online gambling websites
The antidote to harmful gambling would be responsible gambling. While it is important for individual players to gamble in a responsible manner and have certain boundaries for themselves, the online gambling industry cannot put the onus solely on the end users. Achieving responsible gambling is a joint effort between online gambling operators and online gamblers. In fact, any licensed and reputed online gambling website is now required by regulations to offer certain features and information that fosters responsible gambling.
Online gambling platforms offer a range of responsible gambling features such as self – exclusion, self – imposed limits, risk assessments and even contact information to reach out and receive professional deaddiction and gambling therapy services. Gambling watchdogs like the UKGC have initiated measures to seek the opinion of players who have experienced problem gaming.
Self – exclusion is a responsible gambling feature where a player is locked out from their online gambling account for a pre-determined amount of time or in some occasions, permanently. This period is called the cool – off period and has been shown by scientific studies to be effective in giving the player some breathing space and re-gaining control of their gambling. On the other hand, self – imposed limits can be defined by the user and when they run up against the limit, they can no longer continue gambling. For instance, if a user sets up a daily loss limit of £100, and has already lost a £100 on a particular day, his\her gambling account is automatically suspended for that day and will only be unlocked the following day, allowing them some cool – off time.
Kindred aims to achieve Zero Revenue from Harmful Gambling by 2023
Kindred Group are one of the only online gambling operators who have promised to publish their revenue from harmful gambling each quarter and have also set a target to bring down revenue from harmful gambling to 0% by 2023.
Kindred uses a range of monitoring and alert mechanisms and responsible gambling features to identify at risk players and intervene before things get out of hand. Kindred continues to invest in their revolutionary behavioural monitoring system which is called the Player Safey – Early Detection System which is key in eliminating harmful gambling. Furthermore, the company also lays emphasis on spreading awareness and educating their customers at every chance possible about responsible gambling and how to self asses for risk.