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Kambi Group reports 15% decline in Q1 2022 revenue

Kambi Group has reported revenue of €36.9m ($39.3m) for the first quarter of 2022, a 15% decline from the prior-year period.

kambi q1

Operating profit was €7.3m, down 61% year-on-year, while profit after tax amounted to €5.4m, a decline of 64%. Earnings per share declined by 63% to €0.178, and cash flow from operating and investing activities amounted to €5.5m, a 67% decline.

Highlights for the period, as noted by Kambi, include the extended long-term partnership with Kindred Group until 2026, the strengthened North American partner network with the signings of NorthStar Gaming and MaximBet, and the obtained regulatory approval of Ontario and the subsequent launch with partners on day one of the market opening in Q2.

“The first quarter of the year proved to be another busy period at Kambi as we delivered new partner signings, contract extensions, continued market expansion and multiple product and technology advancements,” said Kambi Group CEO Kristian Nylén.

“Operator turnover was up 25% when adjusting for the migration of DraftKings which proves the underlying financial performance of the business remains strong. This growth comes despite being up against tough Q1 2021 comparatives and the temporary impact of regulatory headwinds in the Netherlands, which we expect to ease soon.”

Nylén added: “In short, the future looks bright for Kambi with high interest in the sportsbook and services we offer today, as well as those we are developing for tomorrow.

“With Kambi reaching the milestone of 40 partners during the quarter, the scale of the Kambi network has never been greater nor more diverse, and I believe we have only scratched the surface of what's possible.”

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