Kambi reveals solid revenue growth in second quarter of 2017
Sports betting technology supplier Kambi has revealed that its revenue increased by 3% in the second quarter of 2017.
In its quarterly report to investors the company confirmed Q2 2017 revenue of €14.1m up from €13.7m in the same period of 2016.
Operating profit for the three-month period amounted to €300,000, down from €2m in Q2 of 2016 while profit after tax also dropped from €1.8m to €100,000.
Company cash flow from operating activities, which excludes the company’s working capital, fell from €100,000 in Q2 2016 to a loss of €500,000.
Despite this, Kristian Nylén, CEO of Kambi remained optimistic in a statement released with the figures, saying: “I am pleased to report that Q2 was a successful trading period for Kambi. Not only has the day-to-day performance of the business remained strong, but Kambi has managed to further strengthen its foundations for future growth.”
Kambi also took the opportunity to announce the extension of its pre-existing agreement with 888sport, with Kambi becoming 888’s sportsbook of choice for the long term. Since its arrangement with 888sport began in May 2013, the operator’s annual sports revenue has grown from $7m to over $52m in 2016.
A further exclusive deal has been agreed with Colombian sportsbook operator Corredor Empresarial, which currently operates over 25,000 betting outlets around Colombia. Under the terms of the deal Kambi will assist in the creation of a new Colombia-focussed online sportsbook which will be known as BetPlay.
Nylén added: “We are very pleased to have secured a multi-year extension with one of our key customers, 888sport. We believe the longer term benefit from securing 888sport for years to come, far outweighs the shorter term impact the re-negotiation has on our financial results.
“I am also delighted that Corredor Empresarial has chosen Kambi as its trusted partner for the launch of a Sportsbook in its home market of Colombia. We believe this deal will lead to significant business opportunities for both parties.”
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