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NEWS 25 July 2018

Kambi revenues rise in Q2 as it steps up US efforts

By Caroline Watson

Sports betting supplier Kambi Group has reported a 25% year-on-year increase in revenues to €17.6m ($20.6m) for the second quarter of 2018.

Operating profit (EBIT) was €2.4m for Q2, with a margin of 14% and €4.4m, and a margin of 13% for the first half of 2018.

Profit after tax amounted to €1.7m for the second quarter of 2018 and €3.2m for H1 2018 respectively.

Q2's encouraging results were aided by World Cup margins, while Kambi also made progress in the US following the federal repeal of the Professional and Amateur Sports Protection Act in May.

The supplier has already secured two US-based customer deals, with daily fantasy sports operator DraftKings and online gaming operator Rush Street Interactive. Both agreements will see Kambi supply each operator with online and retail services in the US.

At the time of the deal, Kristian Nylén, Kambi Group’s CEO, said: "Kambi has long kept a close eye on the US market, carefully building a business and technology to suit the likely state-by-state regulation of sports betting, as well as meet the requirements stakeholders have for a safe and secure sportsbook.

"This agreement with Rush Street Interactive, one of the most respected and innovative gaming companies in the US, is recognition that Kambi not only has online premium sports betting services ready to appeal to American sports enthusiasts, but those which will help protect the integrity of sports."

Despite this positive foray into the US market, Nylén emphasised success in the US will not “happen overnight” and the company’s “US-facing business should be viewed in the mid-to-long-term."

Outside the US, Kambi signed with Stanleybet Romania in Q2 and with ATG and Latvijas Loto in Q3, continuing plans of expansion around Europe.

“Ahead of the World Cup, we launched three new customers into three regulated territories within the space of a week, demonstrating the scalability and capacity of the Kambi platform,” Nylén said.

In regards to existing agreements, the group finalised long-term partnership deals with Kindred Group and Mr Green in July, deals which give the supplier a secure platform for future growth.

Concluding the announcement, Nylén finally added: “Overall, the past few months have produced very positive results for Kambi, both operationally and commercially, and I look forward to continuing this progress throughout the remainder of the year."   

Check back in to GamblingInsider.com to read an exclusive Q & A with Nylén about the results.

RELATED TAGS: Online | Land-Based | Industry | Sports Betting | Financial
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