Kambi Group signs sportsbook agreement with Oaklawn Racing Casino Resort
The multi-channel agreement includes the provision of Kambi’s sportsbook direct to Oaklawn’s property in Hot Springs, Arkansas, as well as its mobile sportsbook, Oaklawn Sports.
Press release.- Kambi Group plc has signed an agreement with Oaklawn Racing Casino Resort to provide its on-property and online sportsbook solutions direct to the premier Thoroughbred racetrack and casino in the US state of Arkansas.
Under the deal, Kambi will support Oaklawn in launching its online sportsbook operations under the brand ‘Oaklawn Sports,’ through the provision of its best-in-class digital betting solutions, which include Bet Builder, Kambi’s award-winning same-game and multi-game combinability product.
Oaklawn will also continue to offer Kambi’s retail sportsbook within its Oaklawn Racing Casino Resort. Via a partnership with operator Churchill Downs Incorporated, Kambi has provided Oaklawn with its retail sportsbook since 2021, with today’s deal replacing this agreement to see Kambi contract direct with Oaklawn for an extended period.
In addition, Oaklawn plans to expand its sports betting retail operations, creating an exciting experience for its patrons during the Thoroughbred races.
Kristian Nylén, Kambi’s chief executive officer and Co-Founder, said: “We’re very excited to strengthen our relationship with Oaklawn Racing Casino Resort and imminently extend our partnership into the mobile space. The combination of Kambi’s advanced technology and Oaklawn’s reputation as one of the premier Thoroughbred tracks and casinos in the US makes this an enticing sports betting proposition.
Wayne Smith, general manager of Oaklawn Racing Casino Resort, said: “Oaklawn has been one of the most trusted brands in Arkansas for more than 100 years and we are excited to now offer our loyal customers yet another great amenity with our much-anticipated mobile wagering platform. We look forward to delivering the best online sports wagering experience in Arkansas.”
Kambi Group shares Q2 financial results
Kambi Group has recently posted its financial results for the second quarter of the year 2022 and reported revenue amounted to €34.7m for the second quarter of 2022 and €71.5m for the first half of 2022.
The company also reported an operating profit (EBIT) for the second quarter of 2022 of €4.9m, at a margin of 14.1 per cent, and €12.2m, at a margin of 17.1 per cent for the first half of 2022.
Earnings per share for the second quarter of 2022 were €0.109 and €0.286 for the first half of 2022. Cash flow amounted to €0.1m for the second quarter of 2022 and €5.6m for the first half of 2022.
Key highlights
- Operator turnover increased by 16 per cent when adjusting for the migration of DraftKings, leading to revenue of €34.7m
- 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
- Expanded partner network following an online agreement with Mohegan Gaming & Entertainment and its Fallsview Casino brand in Ontario, Canada
- Signed an extended deal with Greenwood Gaming and Entertainment, which owns US multi-state operator betPARX
- Continued expansion across North America including going live on day one in Canada and launches in the United States and Mexico
- Completed phase one of pricing separation from the platform, key to enabling the provision of modularised trading services while delivering greater differentiation capabilities
