Kindred to wait for KOA licence at cost of £12m per month
Kindred Group has confirmed that it will temporarily cease its Dutch market activities choosing to abide with the KOA regime’s new ‘cooling-off’ command as its business awaits licensing approval.
The Stockholm-listed operator was not featured amongst the ten operators granted licences by regulator Kansspelautoriteit (KSA), that launched the Netherlands KOA regime this morning.
Kindred accepted the decision but urged KSA to clarify amendments made to the market’s cooling-off orders, imposed by Dutch Minister for Legal Protection Sander Dekker on 20 September.
Changing the market’s pre-licensing requisites, Dekker had ordered KSA to inform all KOA applicants to cease their market operations from the 1 October.
Kindred stated that it had followed all KSA cooling-off commands during its KOA procurement, in which the group passed all licensing audits.
“The opening of the online gambling market in the Netherlands is a very positive step for all involved. We look forward to receiving our Dutch license during 2022, and thereby positively contribute to the Dutch society as a valued expert in achieving a sustainable gambling market”, said Henrik Tjärnström, CEO Kindred Group.
Kindred governance remains confident that the company will secure its KOA licence by April 2022, in accordance with KSA’s new regulatory timeframe.
The temporary suspension of Dutch activities is expected to have a negative impact on Group EBITDA of approximately £12 million per month against Kindred’s current forecasts.
“We have always put a safe gambling environment at the very core of our strategy and operations, and already now comply as much as possible with all Dutch license requirements. We remain fully dedicated to consumer protection, preventing addiction and combatting fraud and crime. An important part of this is our ambition to reach zero per cent revenue from harmful gambling by 2023”, Tjärnström concluded.