Kindred Group plc and FDJ UNITED are showing two very different, yet equally bold playbooks in iGaming.
Kindred Group managed to turn flat revenue into strong profitability by focusing on efficiency. Despite topline numbers staying level, the group delivered double-digit EBITDA growth by expanding margins, strengthening cash flow, and exiting unprofitable distractions. Their streamlined approach suggests a shift toward quality of revenue over sheer volume—a move many operators might soon have to replicate.
FDJ UNITED, meanwhile, demonstrated how resilience trumps luck. The company recorded a 58% surge in EBITDA, proving that disciplined strategy and operational focus can pay off, even as the broader market cools. Though profits dipped, FDJ UNITED’s £103 million free cash flow showed that smart capital management keeps the house in control. Exiting North America didn’t weaken them; instead, it sharpened margins and reinforced their stronghold across Europe.
Together, these two operators highlight a critical lesson: growth in today’s gaming landscape isn’t about chasing every market. It’s about knowing where to double down and how to walk away.
