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Kambi reports 66% revenue increase for Q4

Kambi has reported revenue of €57.8m ($61.5m) for the fourth quarter of 2022, a 66% increase from the prior-year period.

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Such revenue includes a €12.6m termination fee from PENN Entertainment, with Kambi also reporting full-year 2022 revenue of €166m, up 2% from full-year 2021. EBITDA for Q4 2022 climbed 104% to €27.3m, but declined by 20% year-on-year to €63.4m for full-year 2022.

Operating profit for the quarter amounted to €18.7m, up 164% from Q4 2021, but full-year 2022 operating profit declined by 39% year-over-year to €34.8m. And profit after tax for Q4 2022 increased by 148% year-over-year to €15.1m, as full-year 2022 profit after tax declined by 43% year-over-year to €26.5m.

Kambi noted various highlights from the fourth quarter of 2022, including operator turnover growth of 20% year-over-year and 43% sequentially, which was driven by the return of a busy US sporting calendar along with market expansion.

Other highlights included a “successful soccer World Cup” in Qatar in December 2022 which saw strong platform stability, as well as a new partnership with Brazilian fantasy sports operator Rei do Pitaco.

“The year finished with a flourish with the business delivering across several key areas, providing the perfect springboard into 2023,” said Kambi CEO Kristian Nylén. “Operator turnover continues to rise with Q4 turnover up 20% year-on-year and 43% sequentially, buoyed by a busy US sporting calendar.

“The soccer World Cup was also an important event for us during the period. Overall, player engagement was excellent with the World Cup final the highest turnover for a soccer game in Kambi’s history. However, the trade-off was a significant reduction in domestic soccer fixtures as top leagues took a mid-season break.

“Looking back on the full year, it was one where Kambi was able to make significant strategic progress, whether it was securing partnership extensions with Kindred and Parx, the numerous new partners we signed, the leap forward in our UX capability through the acquisition of Shape Games, the continued modularisation of our service to increase our addressable market or the development of our algorithmic trading capability.”

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