Kambi's revenues up 55% in Q1, as it continues US expansion

According to the report released Wednesday by the company, Kambi Group’s revenue increased 55% to €43.2 million during the first quarter of 2021, compared to last year’s first quarter.

Operating profit increased a 173% at a margin of 43.2% year-over-year. The net profit amounted to a total of €15.1 million, while earnings per share were €0.487 and cash flow from operating and investing activities amounted to €16.5 million.

Kambi highlighted that for the first time its operator turnover index exceeded the 1000, equating to a x10 growth since it’s first quarter in 2014. The company has also reported that it has continued its U.S. expansion through launches across 14 states, including Michigan, Illinois, Virginia and Arkansas.

The group has also strengthened its global network by the new partnerships formed with Racing & Wagering Western Australia and Casino Magic as well as extended partnerships with Napoleon Sports & Casino. The company’s sportsbook is also live in Neuquén province, Argentina.

The CEO of Kambi Group Kristian Nylén, said: “I’m pleased to report the exceptional performance we produced during the latter part of last year has continued into 2021, with significant growth across a range of KPIs including operator turnover, revenue and operating margin. We also continued our impressive commercial momentum with new partner signings and extensions in key target markets. The operator turnover index surpassed 1,000 for the first time after a record quarter which saw operator turnover more than double year-on-year, with the caveat of the final fortnight of Q1 2020 impacted by COVID-19. This strong performance was driven by a busy sporting calendar, including the end of the NFL season and the March Madness college basketball tournament, and more than compensated for the planned migration of a large proportion of 888’s business off the Kambi sportsbook in January."

"Regulation in the US continues to move at pace, with progress seen most notably in New York, where the state has committed to adding online sports betting to its existing retail market," the CEO added. "As the first company to process a regulated sports bet in New York, we’re of course monitoring the developing situation there closely and look forward to the publication of further details concerning the licensing framework in due course."