Kambi Group publishes 2023 annual report and accounts

Kambi Group has posted revenue was up 13 per cent in year-on-year terms to €173.3m in 2023.

Press release.- Kambi Group has shared its financial results for the year 2023. The company posted a 13 per cent increase in revenue to €173.3m when excluding the one-off termination fee from Penn recorded in Q4 2022. It also reported an EBITDA of €25.2m.

Throughout the year 2023, Kambi’s sportsbook partner network was significantly strengthened with 10 signings including Bally’s Corporation, LiveScore Group and Svenska Spel.

It also announced seven partnership extensions including ATG, Betplay, LeoVegas Group and Rush Street Interactive and 60+ sportsbook launches across multiple markets in Europe, Latin America and the US.

In 2023, Kambi Group repaid the full €7.5m convertible bond previously held by Kindred Group to give Kambi full control over its future strategic direction.

Kristian Nylén, Kambi’s Group CEO, said: “From a financial perspective, in 2023 we showcased our resilience as a business with revenue increasing 13 per cent to €173.3m when excluding the one-off termination fee from Penn recorded in Q4 2022. 

“However, we acknowledge that this falls short of the high expectations we set ourselves, with revenue impacted by several factors including lower-than-anticipated revenue from Shape Games, smaller-than-expected revenue contributions from two of our largest partners and Bally’s measured approach to marketing since its launch. Challenges will continue to exist, including a slower roll-out of newly regulated sports betting markets, but I firmly believe the strategic progress we made in 2023 has laid the foundations for a more prosperous future. 

“As I prepare to step down as CEO of Kambi Group after 15 years, and almost 10 as a public company, I am proud of what we have achieved, from an industry start-up to a global leader in sports betting technology. Although my time as CEO will conclude at some point this year, the Kambi story is just getting started and I hand the reins to a fantastic team, ready to guide the company forward. 

“To them, I offer my support and confidence as a nominee for Kambi’s Board of Directors. To everyone at Kambi, past and present, thank you for being part of our success. 

“Looking forward, there remain hurdles to overcome but I am optimistic about what the future holds for Kambi in what remains a growing, albeit challenging, global sports betting market. With a solid financial foundation, a diversified best-in-class product portfolio, and a growing network of world-class partners, Kambi is well-positioned to capitalise on these opportunities. 

“The path to our long-term goals will not be linear but we have confidence in our strategy for growth, and I have no doubt that Kambi will continue to redefine the sports betting landscape for years to come.”