Kambi sees 11% revenue fall during expectedly “challenging” Q3
Sports betting supplier Kambi saw an 11% fall in its Q3 revenue, reporting total revenue of €36.7m ($36.7m) for the quarter.
Operating profit fell considerably to €3.9m, with cash flow also down as the provider cited a traditionally “challenging” period for sports betting, given the “quiet” sporting calendar – especially in Europe and the US.
Nevertheless, among its Q3 highlights, the supplier emphasised an operator turnover increase of 12% – driven by new market launches and partnerships.
Kambi also highlighted its acquisition of “front end specialist” Shape Games. Since Q3, the provider has partnered with Apollo Global Management-owned Great Canadian Entertainment, also signing the terms of a termination agreement with operator Penn Entertainment (which previously announced it would move onto its own proprietary platform).
Kambi CEO Kristian Nylén said: “The third quarter is always the most challenging for the sports betting industry given the quiet sporting calendar and this year was no exception.
“It was also a quarter marked by growing global economic uncertainty and higher cost of living, trends which show little sign of subsiding any time soon.
“Despite this, Kambi proved its resilience once more and I am pleased to report another busy quarter for the business with operator turnover growth of 12%.”
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