Stockholm-listed online gambling operator Unibet Group today announced that its Board of Directors has proposed the group’s name to be changed from Unibet Group plc to Kindred Group plc. The new name is believed to deliver improved clarity, flexibility, and synergy within the operator’s multiple brand management strategy.
The company explained its Board’s proposal with the fact that Unibet is growing rapidly and changing constantly. The operator currently manages ten different gaming brands as it believes the addition of operations drives increasing benefits. According to the Board, Unibet also needs to further focus its attention on deriving the full potential of the said brands and this is why it would be better if the group’s name is different from the name one of its brands bears.
It was pointed out in a statement from earlier today that the Unibet online gaming brand is one of the strongest consumer-facing brands, known for the provision of online casino, poker bingo, and sports betting options. However, the group’s Board expressed concerns that there may be certain confusion arising with regard to the distinction between the whole gambling company and the brand it manages.
The proposed name change comes as an important part of Unibet’s growth strategy but, as the operator itself pointed out, it will not affect its brands, with Unibet, Stan James, iGame, Bingo.com, and MariaCasino being among those. Once and if adopted, the name change will also include a change in the gambling group’s “graphic identity” and will thus create better clarity and flexibility, which will result in optimized efficiency.
The proposal is to be voted on by Unibet owners at an Extraordinary General Meeting, which will probably take place on December 6, 2016 in Stockholm. If the name change is approved, the gambling group will start trading on Nasdaq Stockholm under the Kindred plc name on December 12, 2016.
Commenting on the announcement, Unibet Group Board of Directors Chairman Anders Ström said that clarity is particularly important within such a rapidly changing industry as gambling is. According to the official, the proposed name change will prevent consumers from confusing the brand with the whole group and will create better conditions for future growth.
Unibet Group CEO Henrik Tjärnström added that adopting a name that differs from their brands will provide them with strategic flexibility and will secure their leading position within the industry. The executive further commented that they have played an important part in the industry’s progress over the years and that they will continue doing so in future.
