Interactive

US – Kambi reports Q3 revenues and initiates share repurchase programme

By William - 27 October 2021

Kambi Group has reported revenues of €41.6m in the third quarter, a 48 per cent year-on-year increase, taking revenue for the first nine months of the year to €127.5 million and eclipsing the total for the whole of 2020.

Operating profit (EBIT) for the third quarter of 2021 was €14.7m, at a margin of 35.4 per cent, and €50m, at a margin of 39.2 per cent for the period January to September. Profit after tax amounted to €11.9m for the third quarter of 2021 and €40.3m across the nine months of the year.

Q3 saw Kambi acquire esports data and odds provider Abios, expand its partner network with signings of Island Luck in The Bahamas and BetCity in the Netherlands, and went live online on day one in Arizona, the 15th state in which Kambi has launched.

Kambi commented: “Kambi Q3 revenue was up 48 per cent year-on-year, operating margin was once again strong at 35 per cent and we continue to be highly cash generative. Excluding DraftKings, operator turnover was up 10 per cent year-on-year, highlighting the underlying growth in the business.

“We had a strong start to the new NFL season, which kicked off on 9 September, with our platform outperforming the competition and our market-leading Bet Builder product engaging a large number of bettors and returning higher average operator trading margin.”

The Board of Directors has also decided to initiate a share buyback programme to ‘achieve added value’ for Kambi shareholders and to give the Board increased flexibility with Kambi´s capital structure, for example as consideration for an acquisition or upon exercise of share options by employees under Share Option Plans.

Kambi has entered into an agreement with Carnegie Investment Bank AB (Carnegie) to conduct the share repurchases on its behalf.