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Sports Betting

Kambi Q1 revenue up 33%, alongside profit rise

Kambi Group has posted a 33% year-on-year revenue increase for Q1, despite business being impacted by the coronavirus outbreak, which has led to a suspension in all major sport.

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Revenue until 31 March was up to €27.9m ($30m), while profit saw a significant rise. Indeed, profit after tax rose 140% to €4.8m, while operating profit was up 162%, to €6.8m.

Alongside the rise in revenue and profit, operator turnover increased 27% for the quarter.

Before the suspension of live sport and a reduced schedule from 12 March, average daily operator turnover was up 47% and 7% higher quarter-on-quarter.

However, the final weeks of Q1 and early Q2 saw the sports betting supplier run at between 25-30% below previous Q1 levels.

Kambi CEO Kristian Nylén said: "While I have no doubt sports will return, the current situation has understandably led to a reduction in our revenues, although our teams have done a wonderful job to stem the flow and ensure our partners have a good product the sell.

"I’m confident the cost-saving measures we’ve introduced in recent weeks, our strong balance sheet, and the flexibility we have retained to be back running at 100% capacity almost immediately, will ensure we are able to do so, alongside our fantastic partners."

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