Swedish igaming operator Kindred Group has completed the acquisition of Blankenberge Casino-Kursaal (Blancas NV), which was negotiated in October 2020. As a result, Kindred Group will now have control over the namesake Casino Blankenberge in Belgium, after Rank Group Plc. agreed to the terms laid out by Kindred.
What Does This Partnership Mean for Kindred Group?
Originally, the two parties, Kindred Group and Rank Group Plc. discussed the potential acquisition of the casino brand in 2020. An agreement was reached after on October 29, 2020 when Kindred Group agreed to acquire 100% of the shares in Blancas NV, which operates Casino Blankenberge. The deal is estimated at GBP 25 million on a cash-free and debt-free basis.
This comes on the tail of Blancas NV applying and successfully renewing its casino licenses in Belgium, with the Belgian Gaming Commission giving the go-ahead for another 15-year extension starting in January 2021. This extension will also bolster Kindred Group’s leadership in the European market and allow it to focus on more regulated assets in individual markets.
The group’s commitment to Belgium remains high as the operator continues to direct marketing efforts towards Belgian customers and the arrival of Blancas NV will allow it to benefit from an established brand that is a known name in the local market. The Blancas NV team will continue to operate under Dominique De Wilde under the Kindred Group umbrella.
Kindred Group’s growing clout in the Belgian gaming market is part of a year-long strategy and consideration that reflects on the Group’s commitment to achieving two distinct objectives – first, Kindred is only interested in regulated markets and as such all partnerships need to be aligned with this.
Secondly, the group is focused on entering promising and high-yielding revenue areas that have established regulatory rules and make it possible for the Group to quickly acquire assets or establish its own.
Before Kindred concluded the Blancas NV acquisition, the company posted other successful milestones this year. Kindred Group confirmed that it was on track to hit record-breaking H1 2021 results in 2021. The company also posted its full-year results for 2020, which reported that it had reached over GBP 1 billion in gross gaming revenue (GGR). Kindred managed to expand its footprint with several market access deals in Arizona and California, marking the launch of future sport betting operations.
Kindred Group vowed to quell all revenue from harmful gambling behavior an objective that will be achieved within the next two years. The outlook for 2023 is that the Group would have completely eliminated this revenue as it continues to enforce its responsible gambling solutions across the board, including self-exclusion, behavior-analytical software and more.
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