Kambi increases revenues in 1Q19
The Kambi Group has reported an increase in revenues in the first quarter of 2019.
US.- Kambi Group has released its latest financial results, detailing that its operations in the first quarter of the current year have brought successful financial results for the company. During the latest three-month period, the company reported revenue of €21 million, a 28% increase.
Operating profit for the first quarter was €2.6 million, with a margin of 12.4%. Profit after tax totalled €2 million, while earnings per share for the first quarter of the year were €0.066.
Total revenue for the three month period ended March 31 totalled €21 million, approximately €5 million more than the €16.4 million registered during the same period last year. Kambi obtains revenue from fees received for sports betting services offered to its operators.
During this period, Kambi signed two new customers: Mohegan Gaming and Entertainment in Connecticut and Rhinoceros Operations (mybet) in Germany. It also launched three on-property sportsbooks in Pennsylvania with Greenwood Gaming and established an early market leadership position.
“Following a hugely successful 2018, I’m pleased to report 2019 kicked-off in a similarly positive fashion for Kambi. Building on our tremendous achievements last year, we continue to reach new heights with Q1 2019 one of our best quarters yet, featuring new customer signings, numerous customer roll-outs, continued financial growth and multiple industry awards.
“In addition to growing our existing customers, expansion in the nascent US market continues to be one of Kambi’s main strategic priorities. As expected, the regulation of sports betting state-by-state has been a slow process but one which may pick up in the coming months as states push for legislation ahead of the start of the next NFL season in September. Of more importance is that states regulate the right way. As we have seen in New Jersey, where mobile betting represents 80% of the market, online regulation is key if states are to channel players away from the illegal market into a safe and regulated environment.”
“Finally, I’m pleased to say our early success in the US hasn’t gone unnoticed. Earlier this month, Kambi topped two major categories at the EGR North America Awards in Atlantic City, winning both the Sportsbook Platform Provider and Sports Betting Supplier prizes against strong fields. It’s pleasing to see the fantastic progress we have made in the US receive recognition from the judges. The awards are a reflection of the hard work put in by everyone at Kambi, as well as the visionary operators using our Sportsbook.”
