Stockholm-listed Kindred Group Plc has this morning confirmed that it will not pursue its licensing application for the regulated Spanish online gambling market.
The European online gambling group details that it had begun its DGOJ licensing application process in December 2018. However, a strict deadline to adjust its platform provisions for Spanish market compliance requirements sees Kindred withdraw its application — ‘with immediate effect’.
The strategic decision sees Kindred focus its current directives and corporate resources on potential US jurisdiction openings and to further advance the firm’s position within the re-regulated Swedish online gambling marketplace.
In its update, Kindred confirms that it will maintain its future options available with regards to developing a Spanish market profile.
“Kindred remains fully committed to the Group’s strategic objective of increasing its revenue from locally licensed markets and look forward to revisiting its Spanish licence application once the process opens again” reads Kindred’s Spanish market statement
The Stockholm enterprise underlines that it does not generate any revenues from the Spanish market, however, Spain maintains a ‘strategic importance’ for Kindred Group’s global operations housing the firm’s tech and innovation hub in Madrid.
Kindred governance will present the firm’s interim 2019 trading update on Wednesday 24 July, notifying corporate stakeholders of US and Swedish market developments.