In a significant shift for the online gambling industry, Mikael Reimblad has announced his departure from his role as Director of Sportsbook at Kindred. Reimblad, who has been a cornerstone of Kindred’s sportsbook division since February 2021, shared the news via a LinkedIn post, marking the end of a substantial chapter in both his career and the company’s history.
Reimblad’s tenure at Kindred began over a decade ago, in June 2012, when he joined the organization as a development manager of sportsbooks. His impressive career with Kindred saw him rise through the ranks, taking on pivotal roles including Head of Sportsbook Development and Head of Sportsbook Product Management and Operations. Before his time at Kindred, Reimblad gained valuable experience at IGT as a Product Manager for betting and bingo, and at Unitbet, where he held several significant positions within their bingo operations.
Announcing his decision on LinkedIn, Reimblad expressed mixed emotions about his departure. “I will shortly be leaving Kindred for a new and exciting opportunity around the corner,” he wrote. Reimblad reflected on his multifaceted career, revealing how it allowed him to live and work in various countries, including Malta, the UK, and Sweden. His journey took him around the world, where he not only gained professional experience but also forged life-long friendships with numerous talented individuals.
The pride Reimblad feels for his team and their accomplishments was evident in his message. “I am immensely proud to have been part of, and led, such an amazing team, especially over the last couple of years. Firstly, we managed to do what a lot of people didn’t believe we could do – develop a proprietary sportsbook platform. At the same time, we grew the sportsbook team to over 100 talented individuals worldwide.” He added that although he won’t see the full roll-out, it was a proud moment when the Kindred Sportsbook Platform (KSP) was finally launched earlier this year.
This departure coincides with what has been described as a “transformational” year for Kindred. The company has enacted significant changes, including the strategic decision to exit the North American market by the end of Q2 2024. This move is part of a broader strategic review that also involves reducing the workforce by 300 jobs across various business areas.
In leadership changes, Nils Andén was made permanent CEO in February following a temporary stint in the role. Andén stepped in after Henrik Tjärnström resigned as CEO in May of the previous year. Moreover, the landscape for Kindred could shift dramatically following an offer by La Française des Jeux (FDJ), the French lottery and gaming giant, to acquire all outstanding share capital of Kindred. FDJ’s offer is valued at SEK27.
.96bn (£2.10bn/€2.47bn/$2.68bn) and is anticipated to make the combined entity the second-largest gaming operator in Europe, dubbing it a “European gaming champion” with stronger revenue and earnings growth.
Work on this acquisition has been progressing, with FDJ publishing the public tender offer documents in February. This document initiated an acceptance period set to conclude by 19 November this year. Kindred’s board has “unanimously” recommended that shareholders accept the offer.
News of FDJ’s proposal came on the heels of Kindred’s financial report for Q1, which revealed a 22.7% increase in net profit to £31.4 million, driven by cost reduction initiatives across several business areas. Revenue for the quarter was marginally higher compared to the previous year, clocking in at £307.7 million, a 0.4% increase year-on-year.
Among other recent developments, Kindred, along with its Spooniker subsidiary, received a notable financial penalty in Sweden. The Swedish regulator Spelinspektionen initially fined Kindred SEK100 million for offering unauthorized bonuses and lotteries without a licence in March 2020. Kindred appealed this decision, and the Administrative Court in Linköping reduced the fine by half to SEK50 million in July 2021. Recently, the same court further reduced the fine to SEK30 million.
As Reimblad departs, Kindred faces a pivotal moment in its history. The company is navigating through a complex landscape of strategic shifts, leadership changes, and potential acquisitions, all while maintaining its focus on growth and regulatory compliance. Reimblad’s tenure may be coming to an end, but his contributions have undoubtedly shaped Kindred’s path forward.
