Kambi reports record third quarter results
The sportsbook supplier has reported a turnover and revenue increase of 31% and 39% respectively.
US.- Kambi has released its third-quarter results, which indicate that the three-month period has been very successful for the company, as it reported that turnover was up 31% year-on-year and revenues increased 39%. The operator also revealed that it has obtained a licence to operate in West Virginia.
According to the latest figures released by the New Jersey Division of Gaming Enforcement DGE, Kambi had an online market share of more than 70% in New Jersey, with three of eight online books powered by Kambi, which is also in talks with Greenwood Gaming and Entertainment regarding the provision of multi-channel sportsbook to its Parx Casino and South Philadelphia Turf Club. Moreover, the company announced that it has recently gained a licence from West Virginia.
Kambi’s CEO Kristian Nylén said: “It’s been a fantastic start in the US for Kambi, which I believe reflects an enthusiasm for the high-quality Sportsbook experiences we offer, which we hope to bring to players in additional states shortly.
“I’ve recently returned from a major gaming exhibition in the US where, following our early success in New Jersey, the interest in Kambi was at an unprecedented level. It is for this reason we plan to continue to invest in areas such as talent, technology and licensing so we can maximise the opportunity presented by the gradual state-by-state roll-out of regulated sports betting across the country.”
While the company said that there is a special focus on the United States, there has been a large bulk of growth from operators outside of the United States, and without American customers, the operator’s turnover grew more than 25%.
“While the US is very much the main strategic focus, we continue to grow strongly throughout the network and across multiple markets. Customers old and new are benefiting from the Kambi Sportsbook, enabling them to attain or vie for market leadership. Meanwhile, in Q3 we strengthened the network further with three European-based customers – ATG, Global Gaming and Latvijas Loto – bringing us to seven new customer signings for the year,” said Nylén.
The company also said that for the first time, Q3 turnover exceeded turnover from Q2 with the major summer soccer tournament, the FIFA World Cup. Revenue increased to €20.5 million during the third quarter and amounted €54.5 million for the period of January-September. Operating profit for the three-month period was €4.2 million, with a margin of 20.3%, and €8.5 million for the nine months to September 2018, with a margin of 15.7%.
