Interactive
Sweden – Kambi delivers record quarter following flying start in the US
By Phil - 29 October 2018
Kambi delivered record financial performance during the third quarter with 39 per cent year-on-year revenue growth and 31 per cent operator turnover growth.
Revenue amounted to €20.5m for the third quarter of 2018 with profit coming in at €4.2m.
Kambi Group Chief Executive Kristian Nylén said: “Overall, the business has never been in better shape, illustrated by a record quarterly performance. Kambi revenue grew by almost 40 per cent year-on-year, while operator turnover increased by more than 30 per cent to its highest level. In fact, turnover growth was so strong that Q3 2018 was the first Q3 in which we saw sequential turnover growth during a year featuring a major summer international football tournament.”
During the quarter Kambi signed three new customers in ATG, Latvijas Loto and Global Gaming it became the first sports betting supplier to process a legal online wager in the US post-PASPA. It quickly gained market leadership position in New Jersey following August launch.
Mr. Nylén added: “We are already live with three brands in New Jersey – DraftKings, SugarHouse (Rush Street Interactive) and 888sport – which is not only a great achievement in itself but, according to the regulator’s recently released September figures, equates to Kambi-powered operators having a c.70 per cent share of the online market.
“It’s been a fantastic start in the US for Kambi, which I believe reflects an enthusiasm for the high-quality Sportsbook experiences we offer, which we hope to bring to players in additional states shortly,” he added. “I’ve recently returned from a major gaming exhibition in the US where, following our early success in New Jersey, the interest in Kambi was at an unprecedented level. It is for this reason we plan to continue to invest in areas such as talent, technology and licensing so we can maximise the opportunity presented by the gradual state-by-state roll-out of regulated sports betting across the country.”
“While the US is very much the main strategic focus, we continue to grow strongly throughout the network and across multiple markets. Customers old and new are benefiting from the Kambi Sportsbook, enabling them to attain or vie for market leadership.”
“With our existing business as strong as it ever has been, and Kambi establishing itself as the pre-eminent sports betting supplier in the developing US market, these are certainly exciting times for all involved with the business.”
