Sports betting supplier Kambi has reported revenue of €45.7m ($49.4m) for the second quarter of 2024, an increase of 6.5% year-on-year.
For the first half of 2024, the supplier's revenue was €88.9m, up 2.3% compared to the first half of 2023.
Operating profit (EBIT) for Q2 2024 was €6.2m, reflecting a 67.6% rise, with the margin improving from 8.6% to 13.5%.
For the first half of 2024, EBIT reached €10.6m, up 29.3%, with the margin rising from 9.4% to 11.9%.
EBITA (acq) for the second quarter was €7.5m, up 50% and €13.3m for the first half, up 23.1%.
Cash flow, excluding working capital and mergers and acquisitions, was €8.1m for Q2 2024. For the first half, cash flow stood at €13.5m, a significant rise of 297%.
Earnings per share for the second quarter of 2024 were €0.155, an 86.7% increase compared to Q2 2023. For the first half of 2024, earnings per share were €0.260, up 36.8% from the same period the previous year.
During this quarter, Kambi entered an exclusive nationwide partnership with the Choctaw Nation of Oklahoma, aiming to expand its presence in the US market, particularly through Choctaw Casinos & Resorts.
The company also successfully launched sportsbook services for LiveScore in the UK and Svenska Spel in Sweden ahead of the UEFA European Championship (Euros).
In corporate changes, Werner Becher was announced as the successor to Kristian Nylén as CEO, effective 25 July 2024. Becher brings experience from his previous role at Sportradar.
Additionally, Kambi's Board decided to withdraw its 2027 financial targets due to slower-than-expected progress towards regulation in key markets. The company completed its fourth share buyback program and announced a new long-term capital allocation policy aimed at returning capital to shareholders.
Nylén, the outgoing CEO, noted a 3% year-on-year increase in operator turnover, which was 20% when excluding the impact of the Penn online migration. He attributed this to a busy sporting calendar and growth of new and existing partners, with higher-than-average margins from the June games in the Euros tournament.
Kambi’s Q1 2024 results showed revenue of €43.2m, a 1.8% decrease from the previous year, with an operating profit of €4.4m, a 2.2% decrease and stable EBITA at €5.8m. The supplier had also reported a 68.75% increase in cash flow for the first quarter, along with the extension of its retail sportsbook partnership with Penn Entertainment and successful launches in Nigeria and the Netherlands.
