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UK – Tough year-on-year comparisons mask strong performance from Kambi

By - 27 July 2022

Kambi’s revenue amounted to €34.7m for the second quarter of 2022, down from € 42.8 a year earlier with the first half total coming in at €71.5m, down from €86m.

Kambi said this was a ‘strong financial performance against demanding 2021 comparatives’ with numerous headwinds including the Netherlands impact, the seasonality effect of the quiet sporting calendar and the DraftKings migration

Operating profit (EBIT) for the second quarter of 2022 was €4.9m, down from €16.6m. Operator turnover increased by 16 per cent, when adjusting for the migration of DraftKings, leading to revenue of €34.7m.

During the quarter, Kambi, expanded its partner network following an online agreement with Mohegan Gaming & Entertainment and its Fallsview Casino brand in Ontario, Canada. It signed an extended deal with Greenwood Gaming and Entertainment, which owns US multi-state operator betPARX. It also continued its expansion across North America including going live on day one in Canada and launches in the United States and Mexico

It completed phase one of pricing separation from platform, key to enabling the provision of modularised trading services while delivering greater differentiation capabilities

Kambi CEO Kristian Nylén said: “In Q2, Kambi delivered another positive quarter with underlying growth remaining healthy and operator turnover up 16 per cent when adjusting for the migration of DraftKings. This performance was achieved despite a quieter than usual sporting calendar, particularly with the soccer World Cup taking place later in the year, outside its usual Q2 starting slot. We also signed a partnership with Mohegan Gaming & Entertainment, launched in Canada and Mexico, and announced an extension to our contract with US multi-state operator betPARX, all while making significant strategic progress.

“Behind the scenes we have been working tirelessly on executing on our product strategy. Kambi’s Bet Builder offering is a good example of what we can achieve in this regard having taken a leading position in bet combinability, now a must-have for any high-quality sportsbook. As such, I was delighted to see our Bet Builder product receive the recognition it deserves during Q2 when it won the Innovation in Sports Betting Software award at the EGR B2B Awards, along with Kambi being recognised as the best B2B sportsbook provider once more.,” he added.

“However, we have only scratched the surface of what is possible and our product roadmap looks exciting as we continue to raise the bar in sports technology provision. Integral to our product and wider company strategy is our commitment to opening up our platform and modularising our service, enabling Kambi to increase its total addressable market. Not only will this enable us to develop new and exciting products at greater speed, therefore ensuring Kambi’s turnkey offering remains at the cutting edge, but it will also create additional revenue streams as we make available market-leading modules as a standalone service to operators outside of the network.”

“In Q2, we hit an important milestone on this modularisation journey. As we communicated in the previous quarter, we have been focused on separating pricing functionality from our core platform and in recent weeks we were pleased to soft launch our first standalone pricing functionality for a limited number of low-tier soccer leagues. This functionality leverages Kambi’s recently developed Trading Gateway, serving the Kambi platform as well as potentially operators outside the Kambi network, and presents partners with an opportunity to take even more control of their offering should they wish.

“This is an exciting time for Kambi. The product journey we are on today along with our healthy balance sheet and positive underlying financial performance means we are on a strong footing for the future. We were delighted to see Kindred relaunch in the Netherlands recently and with more product launches, partner signings and a World Cup to come, I look forward to an even greater second half of the year,” he concluded.

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