Kambi posted a record quarterly performance in the last three months of 2020, with revenue and turnover up nearly 80 per cent.
Press release.- Kambi released its financial report for the fourth quarter and revealed a good performance for the company.
They reached a record quarterly performance with revenue up 76 per cent year-on-year and operator turnover rising 77 per cent, driven by a busy sporting calendar, exceptional operator trading margin and growth in new markets. Also, they “demonstrated scalability of the business model” with operating margin of 47 per cent compared with 23 per cent in the corresponding quarter of 2019, and further strengthening of the net cash balance.
During the quarter, Kambi supported Rush Street Interactive and DraftKings with online launches into the US states of Iowa and Tennessee respectively. It also agreed two new partnership agreements, signing with the Belgian National Lottery and JVH Gaming and Entertainment in the Netherlands.
“As we reflect on what has been exceptionally challenging 12 months, it’s particularly pleasing to complete the year with a record Q4 performance and annual revenues up by 28%. At the start of 2020, full year revenue of €117.7m would have been deemed a great success, so to have delivered such a performance, in spite of the sporting calendar being severely impacted for the best part of four months, speaks volumes for the business we have created, our talented people and the upward trajectory we are on,” Kambi celebrated.
“Kambi finished the year in fine fashion, with year-on-year Q4 revenue up by 76% to €46.9m and operator turnover rising 77% at an operator trading margin of 9.4%. The Kambi Operator Turnover Index came in at 989 which was a clear all-time high, while our business model illustrated the scalability it possesses with an operating margin of 47%.
“The US continues to be a success story, with Q4 delivering expansion into Tennessee’s online market and three on-property launches across Michigan and Mississippi. Our US-facing partners are increasingly leveraging Kambi’s differentiation capabilities in areas including risk, pricing and front-end, to forge unique paths in their respective markets. With major states such as Texas and New York now looking closely at online sports betting, it’s clear Kambi’s US journey is in its early stages,” they added.