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FDJ launches a recommended all-cash tender offer for Kindred to create a European gaming champion

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  • In order to implement its ambition to become an international gaming operator, FDJ is announcing the filing of a tender offer to acquire the entire share capital of Kindred
    • Kindred is one of Europe’s leading online betting and gaming companies, operating the Unibet brand
  • The offer is being made at a price of SEK 130 per share in Kindred, which is listed on Nasdaq Stockholm
    • This price represents a premium of 24% over the closing price on 19 January 2024 and 35% over the weighted average price for the last 30 trading days, and corresponds to an enterprise value of €2.6 billion
  • This acquisition will create a European gaming champion with an enhanced financial profile
    • Second-largest operator in Europe’s gaming sector
    • Stronger revenue and earnings growth
  • FDJ and Kindred share high standards for responsible gaming and a business model that combines performance and responsibility
    • The combined Group will only operate on markets that are locally regulated or on the path of becoming regulated
  • This transaction will create value for FDJ shareholders. In particular, it is expected to lead to a more than 10% accretion in dividend per share, starting from the 2025 financial year to be paid in 2026
  • This offer is unanimously recommended by Kindred’s Board of Directors
    • Five key shareholders, holding a combined 27.9%[1] of the capital, have irrevocably undertaken to support the transaction and tender their shares
    • The transaction will take the form of an all-cash tender offer, which will be launched on 19 February 2024 for a maximum period of nine months. The completion of the tender offer remains subject to regulatory authorisations and to FDJ’s acquisition of at least 90% of Kindred’s capital

 

Stéphane Pallez, Chairwoman and CEO of FDJ Group, said: “I am pleased to announce today the proposed acquisition of Kindred. Fully aligned with our strategy, it will give the Group a diversified and balanced profile, based on several pillars: the monopoly activities, mainly the lottery, on our French historical market and, since November, in Ireland, with the acquisition of the Irish lottery operator PLI; and online sports betting and gaming activities open to competition in Europe. In this market, Kindred is one of the leading operators, combining strong brands, best-in-class technology platforms, an attractive growth profile and a committed approach to responsible gaming. Given their respective histories, strategic strengths and core values, FDJ and Kindred are highly complementary, and I will be delighted to welcome Kindred’s management team and many talented individuals into the combined Group following this transaction. The combination will result in a stronger strategic positioning and significant value creation for the benefit of our shareholders and broader stakeholders.”

Nils Andén, CEO of Kindred, said: “I’m delighted with today’s transaction announcement between FDJ and Kindred, creating a leading European gaming operator with the financial and strategic capabilities to further expand its global footprint. I believe that combining with FDJ, Kindred can accelerate the delivery of long-term strategic projects, continue to grow in core markets, and provide a trusted source of entertainment to customers. It will also speed up our path towards 100% locally regulated revenue. I’m excited to bring Kindred’s extensive experience and know-how into FDJ’s organisation, contributing to the development of a leading online gaming business. I’m also very proud that FDJ acknowledges and values the skilled employees and strong assets within Kindred.”

 

In order to implement its ambition to become an international gaming operator, FDJ is announcing the filing of an all-cash tender offer to acquire the entire share capital of Kindred, a company listed on Nasdaq Stockholm. This offer is unanimously recommended by Kindred’s Board of Directors.

 

Kindred, a leading operator in the European online betting and gaming sector

Kindred is one of Europe’s leading online betting and gaming operators:

  • Kindred provides a diversified online offering (sports and horse-race betting, poker and casinos), including brands such as Unibet and 32Red.
  • With revenue (after betting duties) of £893 million in 2023, Kindred is one of the top five operators in Western Europe, present in seven of the top ten European markets, including the Netherlands, the United Kingdom, France, Sweden and Belgium.
  • Kindred has been an online betting and gaming operator for over 25 years and has extensive digital expertise and proven technology platforms.

 

The combination between FDJ and Kindred will create a diversified European champion

This transaction will create a highly digitalised European champion that is diversified both in terms of its offering and its geographic footprint:

  • The FDJ Group’s international presence will expand to account for approximately 20% of its gross gaming revenue (GGR)[2], compared to 6% currently.
  • Online share of GGR will rise from 14% for FDJ to 29% for the combined Group.
    • Kindred’s cutting-edge digital expertise and technology platforms will accelerate FDJ’s digitalisation for online markets.
  • The combined Group will offer a wide gaming range on markets open to competition (online sports and horse-race betting, online poker and online casinos).
      • Online betting and gaming markets open to competition will account for 19% of the new Group’s GGR, versus 2% at present.
        • In France, thanks to the acquisition of Unibet, the FDJ group will become the third largest operator in the online sports betting and gaming open to competition sector.

 

FDJ and Kindred share high standards of responsible gaming and a business model that combines performance and responsibility. The combined Group will only operate on locally regulated – or on the path of becoming regulated – markets

FDJ and Kindred deploy the best practices in responsible gaming and sustainable development in their respective activities. This will enable the new Group to pursue a growth model that combines performance and responsibility.

The combined Group will only operate on markets that are locally regulated or on the path of becoming regulated and plans in particular to exit the Norwegian market.

 

FDJ’s acquisition of Kindred strengthens the FDJ Group’s financial profile

In 2023, Kindred generated revenue (after betting duties) of £893 million and recorded EBITDA of £205 million, with an EBITDA margin on revenue of 23%. Kindred is targeting EBITDA for 2024 to exceed £250 million.

The combination of Kindred and FDJ will create a Group that is significantly more attractive financially, including:

  • Accelerated growth in revenues and in free cash flow; accretion in recurring EBITDA margin – beyond FDJ’s standalone target of at least 25% by 2025;
  • A significant increase in the Group’s earnings per share and earnings growth.

FDJ will finance this acquisition using a large part of its available cash and through a bridge loan with leading French banks.

The FDJ Group:

  • Reiterates aiming a mid-term net debt to recurring EBITDA ratio of ≤2x;
  • Will aim to refinance the bridge loan on attractive market terms and will target an investment grade rating.

 

FDJ’s acquisition of Kindred will create value for FDJ shareholders

  • The combined Group will benefit from scale, iconic brands and proven technology platforms.
  • The consolidation of Kindred into the FDJ Group will create tangible value for the Group’s shareholders with a more than 10% accretion in dividend per share starting from the 2025 financial year to be paid in 2026, based on a distribution rate of 75% of the Group’s combined adjusted net income, post completion of the transaction.

 

An offer unanimously supported by both Boards of Directors

The tender offer has been supported by both Groups’ Boards of Directors. Kindred’s Board of Directors recommends that Kindred’s shareholders tender their shares to FDJ’s tender offer.

  • FDJ has obtained an irrevocable agreement from five Kindred shareholders, representing 27.9% of the capital, to tender their shares.
  • The offer price is SEK 130 per share, representing an enterprise value of €2.6 billion based on Kindred’s financial position at the end of 2023.
  • The proposed price represents a premium of 24% over the closing price on 19 January 2024, of 35% over the weighted average price over the last 30 trading days and of 36% over the last 90 trading days.

The tender offer will be launched on 19 February 2024 for a maximum period of nine months, subject to: the usual conditions precedent for a tender offer on the Swedish market; obtaining regulatory approvals, in particular from the Swedish Financial Markets Authority and the French Competition Authority; the amendment of Kindred’s articles of association to allow the implementation of a squeeze-out procedure in the event of FDJ acquiring at least 90% of Kindred’s share capital; and the acquisition by FDJ of at least 90% of Kindred’s share capital.

Campaign for Fairer Gambling

Crime Still Dominates U.S. Online Gambling – Legalization Increases Total Losses by 261%, Warns CFG

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The Campaign for Fairer Gambling (CFG) releases a supplement to its USA National Online Gambling Report 2024 which exposed that illegal online gambling takes 74% of total gross gambling revenue (GGR) in America. Commissioned by CFG and produced by online market intelligence platform, Yield Sec, the supplement analyzes all 50 states according to their regulatory status and shows that state legalization of online gambling – without the reduction and removal of illegal online gambling – increases total losses for American consumers by up to 261%.

The supplement groups US states into one of three regulatory realities:

• States with no legal online gambling (e.g. California, Texas)

• States with one form of legal online gambling – sports betting (e.g. New York, Florida)

• States with all forms of legal online gambling – sports betting and casino (e.g. Michigan, New Jersey).

The CFG State Supplement #1 demonstrates the effect of GGR per capita (the total marketplace value for legal and illegal online gambling divided by population) as a percentage of average income 2024 to further illustrate the burden across American consumers:

Total online GGR (Legal + Illegal) per capita as a percentage of income:

– USA National: GGR per capita is 0.62% of average income

– States with no legal online sports betting or casino (e.g. California, Texas): GGR per capita is 0.31% of average income

– States with legal online sports betting only (e.g. New York, Florida): GGR per capita is 0.77% of average income

– States with both legal online sports betting and casino (e.g. Michigan, New Jersey): GGR per capita is 1.12% of average income.

The supplement data makes clear that legalization of online gambling, without enforcement against illegal online gambling, increases the total loss and harm. When states legalize online sports betting only, GGR per capita as a percentage of income increases by 148% (from 0.31% to 0.77%). When both online sports betting and casino are legalized, it jumps by 261% (from 0.31% to 1.12%). If legalization truly replaced illegal gambling, the dominance of illegal gambling would diminish – but, the reality is that this is not a zero-sum game.

“Ohio is the alarm bell America needs to hear. Just one year after legalizing online sports betting in 2023, losses for Ohioans had already reached 1.33% of average income per capita to online gambling – the heaviest burden in the country, and more than twice the national average. Across the US, we’re not seeing illegal gambling being replaced, we’re simply seeing total consumer losses grow. In states with full legalization, losses are now 261% higher than where there’s no legal online gambling at all. This isn’t progress, it’s escalation,” states Derek Webb, Founder of CFG.

Ismail Vali, founder and CEO of Yield Sec, added: “Yield Sec surveillance shows that the legal industry is being undermined at every turn by criminal competitors who offer greater value, bigger bonuses, and lower barriers, since they pay no tax, no licensing and exploit all forms of regulation in the absence of sincere monitoring, policing and enforcement against them.

“It is a vicious cycle: failing to deal with crime causes loss from theft. Across the country, legalization without enforcement against illegal operators, only gives criminals another edge. The outcome is predictable: legal revenue collapses, tax income shrinks, and criminals walk away with hundreds of millions. If states want to make the money they should, enforcement against crime must come first and always – to reduce and remove illegal gambling’s appeal and availability.”

The post Crime Still Dominates U.S. Online Gambling – Legalization Increases Total Losses by 261%, Warns CFG appeared first on Gaming and Gambling Industry in the Americas.

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HIPTHER Community Voices: Interview with Dr. Maria Loumpourdi, founder and Managing Director of Made From Within

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In this interview, we speak with Dr. Maria Loumpourdi, founder and Managing Director of Made From Within, a CPD-accredited leadership development provider. She shares her journey into leadership and coaching, the philosophy behind her work, and how evidence-based development can drive real change—particularly in high-growth sectors like iGaming. 

 

What originally sparked your interest in leadership development and coaching? Was there a defining moment that set you on this path? 

The spark started very early. As a kid, I was always very curious and loved learning, but more than that, I loved sharing what I learned. I even remember trying to memorise a 24-volume encyclopaedia just so I could drop interesting facts into conversations. Looking back, that passion for learning and helping others grow was always there. 

When it came time to choose a university path, education felt like the natural choice. I loved it (and still do), but I quickly started to feel uneasy about how rigid the school system is.  More often than not, we teach what’s prescribed, not necessarily what kids want or need to learn. That made me think more seriously about adult education, where people have more agency in their development and are often more personally invested. 

That decision led me to corporate learning and development. I started in the Learning & Development department of an iGaming company, and within a year, I moved into a leadership role heading L&D in the manufacturing sector. That role gave me hands-on experience in managing teams and developing as a leader myself. By that time, I had already completed a master’s in educational leadership and had been accepted into a doctoral programme. At that point, I already knew my research would focus on leadership development. 

Another key realisation came when I started developing leaders. I began to see that while training is a necessary first step, it cannot, on its own, lead to lasting behavioural change. That’s when I realised coaching was the missing piece; it’s what helps people truly internalise and apply what they’ve learned. I became an accredited coach and eventually a coaching supervisor (a coach of coaches), and that shifted how I approached development. 

Everything came together when I completed my doctorate and published my book, Leaders Made From Within. That was an important moment for me because it also marked the launch of my company, Made from Within. It was the point where everything aligned: my love for learning, leadership, developing others, and the belief that real change (whether individual or organisational) comes from within

 

Made From Within is CPD-accredited and globally active. What inspired you to start it, and what impact are you most proud of so far? 

Made From Within wasn’t a business idea; it was the result of over a decade of real-world experience, empirical research, and a deep understanding of what works (and what doesn’t) when it comes to leadership and organisational development. I spent many years building my expertise, holding senior roles in international organisations, and seeing firsthand what drives real performance and sustainable business growth. Just as importantly, I saw the common patterns that hold people and businesses back. Many of the lessons I learned (both the successes and the hard-won mistakes) shaped the foundation of Made From Within

I started Made From Within because I wanted to offer something practical, evidence-based, and rooted in real experience; instead of unsupported theories, popular opinions, or trends. The leadership and personal development space is currently crowded, and I was very intentional about two things: 1. making sure that my background clearly shows I am not another self-proclaimed guru on social media, and 2. ensuring this wasn’t just another one-size-fits-all offering. At Made From Within, we don’t do off-the-shelf. We work closely with clients to understand their goals, context, and challenges, then build tailored solutions that reflect their reality. We’ve also developed CPD-accredited programmes for individuals and teams who want to grow in a structured and credible way. 

What I’m most proud of is how much we’ve achieved in such a short time. Made From Within has already supported leaders and teams across organisations and industries, enabling behavioural and organisational change. We’re now expanding access by offering our accredited courses directly through our website, which allows more people to develop themselves on their own terms, and at their own pace.  

 

Your career spans several industries—from banking and manufacturing to iGaming. What pivotal experiences have shaped your leadership philosophy? 

While some leadership challenges (like earning trust, managing conflict, or leading through change) are universal, I’ve found that every industry comes with its own unspoken rules and unique pressures. The culture portrayed on the company website is rarely (if ever) the full picture. Experiencing these differences first-hand has taught me that effective leadership isn’t about following one fixed approach. It’s about learning when to listen, when to challenge, and how to earn credibility in novel environments. 

One of the experiences that shaped my approach happened in my very first week as a department head in the manufacturing sector. I was asked to represent the function in a customer audit, even though I had just stepped into the role and barely had any exposure to the industry or the company. During the audit, the client questioned how certain KPIs were calculated. I hadn’t prepared the presentation and didn’t have the answer. It would’ve been easy (and probably expected) to say, “I’m new”, or shift the blame to the person who created it. But I saw it as an opportunity to lead. 

I admitted I didn’t have the answer at that moment and promised to come back with it by the end of the day. When I approached the team member who had prepared the figures, they told me they couldn’t remember. This person was already on their way out of the company, having previously received feedback that they weren’t ready for the role I had stepped into. Still, I didn’t point fingers. I worked with the team to find the answer, verified the data, and returned to the client with a clear explanation. We earned the client’s trust, salvaged the audit, and celebrated with the team despite the initial mistake. 

That experience grounded one of the core principles of my leadership philosophy: when you lead, you take ownership. You don’t blame others, you don’t throw people under the bus, and you don’t step back when things go wrong. If you’re in a leadership role, you take responsibility and step up even when it’s not directly your fault. That’s the kind of leader I’ve worked to be across every industry I’ve been part of. 

 

In iGaming, rapid growth often outpaces structured development. How can coaching help companies build stronger leadership pipelines during periods of scale? 

In iGaming, growth often happens so quickly that people find themselves in leadership roles before they’ve had the time (or the opportunity) to develop the skills or confidence to lead. Coaching helps bridge that gap. It provides a safe space for new and emerging leaders to speak openly about their challenges, reflect on their behaviours, set development goals for themselves and their teams, and work toward those goals with a coach acting as both a thinking partner and an accountability partner. 

It’s just as valuable for senior leaders. Coaching can help them build executive presence and avoid slipping into autopilot decision-making, which, in a fast-paced environment like iGaming, can have serious long-term consequences for both individuals and the business. 

I’ve seen the impact of coaching firsthand. I’ve worked with people who were on performance improvement plans (essentially on their way out), and within six months, they were promoted into leadership roles. What changed? Their mindset, their behaviour, how they communicated, how they built relationships, and how they demonstrated their competence. Coaching made that shift possible. 

Coaching meets people where they are, which is exactly what’s needed during periods of rapid scale. Especially in iGaming, where employee turnover often reaches or exceeds 30% (meaning one in three employees leave each year) offering coaching, even as a smaller operator or supplier, can be the difference between losing talent (often to competitors) and building a strong leadership pipeline. 

 

What advice would you give to iGaming companies looking to invest in leadership development for the first time? Where should they start? 

My key piece of advice is this: don’t buy off-the-shelf leadership development programmes. Every year, over $360 billion is invested on leadership development globally, but only 10–20% of that has a measurable return on investment. The reason? Most programmes aren’t tailored to the actual needs of the business and its leaders. 

If you want real impact, you need to start with a proper analysis of your organisation’s current leadership needs and challenges. Get clear on what effective leadership looks like in your organisation, involve senior leadership teams from the beginning, and design a programme that fits; not just something that looks good on paper. When done right, tailored programmes can achieve up to 10x the ROI. 

In my book Leaders Made From Within: The Blueprint for Developing Leadership in Individuals and Organisations, I share the 5D Leadership Development Process (Define, Design, Deliver, Deploy, and Debrief), a model grounded in my doctoral research. It’s a practical, evidence-based process to building leadership capability, and it’s especially relevant for high-growth sectors like iGaming. 

 

What skills or leadership traits are most important for success in iGaming—and how can coaching help develop them? 

Success in iGaming requires a combination of leadership skills due to the industry’s fast pace, volatility, and competitiveness. In my experience developing talent in this industry, some of the most critical skills include: 

  • Self-awareness and self-regulation: Leaders need to manage themselves under pressure and stay grounded. Coaching supports this by helping individuals recognise patterns, triggers, and habits; and understand how these affect their performance and relationships in a structured way. 
  • Building relationships and networks: In a fast-moving and relatively young industry, strong cross-functional collaboration is essential. Coaching helps leaders improve their communication, influencing, and trust-building skills, especially when leading international teams where alignment is harder to achieve. 
  • Creativity and innovation: iGaming leaders often face ambiguous situations without a clear playbook. Coaching provides space to step back, think differently, challenge assumptions, and explore new solutions, which is something daily operations rarely allow time for. 
  • Decision-making: Rapid scaling requires leaders who can make informed, timely decisions without having all the answers. Coaching helps leaders gain clarity, improve their judgment, overcome indecision, and build confidence in high-stakes or complex situations. 
  • Business acumen: Leaders need a broader understanding of how the business operates, not just within their own function. Coaching encourages a more strategic mindset by connecting day-to-day decisions to long-term business outcomes. For example, a commercial leader should understand product development, and vice versa. Everyone needs at least a baseline understanding of the financial and regulatory side of the business.  

In short, coaching develops these skills not through theory, but through structured reflection, real-world application, accountability, and feedback.  

The post HIPTHER Community Voices: Interview with Dr. Maria Loumpourdi, founder and Managing Director of Made From Within appeared first on European Gaming Industry News.

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Maverick Games Launches Sports Betting Operations in Ontario

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Maverick Games has launched sports betting operations in Ontario, through a partnership with Delasport.

Maverick Games will offer Ontarian players a premium sports betting experience, built on Delasport’s superior technology and known for its unique innovative features that players love including personalization, recommendations, gamification, quick bets, player engagement features, and more.

Maverick Games is the second brand to launch on Delasport’s technology in Ontario, with another full turnkey brand set to go live soon. Delasport also recently unveiled its innovative sports betting jackpot network game, SuperPot. The company will showcase this unique product at the Canadian Gaming Summit next month and begin rolling it out to Ontarian operators shortly thereafter.

“We are proud to see Maverick Games live and thriving with our one of a kind sportsbook solution at its core. They have been a fantastic partner from the start, and this launch further demonstrates how fast and efficient our technology is when paired with a clear vision and strong collaboration,” said Rosaire Galea Cavallaro, VP of Business Development at Delasport.

“Maverick Games’s sports vertical is a major step forward for us and launching it with Delasport has been the right move from day one. The platform’s performance and flexibility allow us to deliver the kind of user experience we believe Ontario players deserve. We’re excited to now bring that vision to life,” CEO Matt Rathbun said.

The post Maverick Games Launches Sports Betting Operations in Ontario appeared first on Gaming and Gambling Industry in the Americas.

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