Kindred Group is to exit North America by the end of June 2024 as part of its ongoing strategic review, cutting 300 jobs.
Financial and technical resources will be redirected to existing core markets. It added that this will improve ability to capitalise on core market potential and gain market share.
Kindred’s Unibet brand has been active in Pennsylvania since September 2019, launching as a retail sportsbook in partnership with Mohegan Sun Pocono.
The company has also rolled out the platform in New Jersey already active in the state via Unibet, which is also operating in Virginia, Arizona and Washington, as well as Ontario, Canada.
In addition to the North American exit, Kindred expects save $50m from the wider reallocation of resources.
Nils Andén, Kindred’s Interim CEO, says: “The cost reduction actions announced are both necessary and decisive.
“While it is never a desire to inform valued colleagues of redundancies, this puts us in a stronger position to secure long-term growth for Kindred across our locally regulated core markets.
“We can now focus our resources and tech capacity towards strategic initiatives and selected markets where we see clear potential to grow our market share.”