Stockholm-listed, betting platform and software provider Kambi Group Plc has detailed a strong opening momentum for 2018.
Publishing its Q1 2018 trading update (period ending 31 March), Kambi records a 15% increase in corporate revenues to €16.4 million (Q1 2017: €14.2 million), with the betting platform provider maintaining a high 7.9% trading margin.
Continuing its strong momentum from a record breaking, Q4 2017, with Kambi governance reporting growth across its key corporate metrics and KPIs.
Closing its Q1 2018 results, Kambi declares an operating profit (EBIT) of €2 million (Q1 2017: €1.4 million) operating a margin of 12% (10%), combined with profits after tax of €1.5 million (Q1 2017: €1.1 million).
In its trading update, Kambi reports a period of high activity for its new and existing customers. The Stockholm enterprise provider noted that new clients 7777 Bulgaria and Corredor Colombia BetPlay.co had made ‘material contributions to Kambi’s Q1 figures’.
Furthermore, during the period Kambi had delivered the Stan James player migration project for legacy partner Unibet (Kindred Group Plc).
Moving to expand its industry services portfolio, during the trading period Kambi undertook a 25% stake in virtual sports content provider Virtus Sports for €569,000.
The firm’s strong opening performance to 2018, sees Kambi leadership look forward to Russia 2018, in which the platform provider has ‘planned a number of market firsts for the World Cup trading’.
Updating investors on Kambi’s Q1 opening, Chief Executive Kristian Nylén commented
“Kambi kicked off the year in positive fashion with Q1 2018 delivering double-digit revenue growth, a strategic investment in a virtual sports company and the signing of a new customer. In addition, since the end of the quarter, we added another operator to the Kambi network, stretching our run of new customer wins to an impressive 10 consecutive quarters.
In March, we signed our 16th customer in Casumo. As an innovative and gamification-led operator, Casumo sought a sportsbook solution which could give them the ability to create a betting product true to their brand. The Kambi platform is unique in that it promotes operator innovation so Casumo is seen as a good fit for us and I’m delighted to have them join the Kambi network.
Meanwhile, last week we signed a multi-channel deal with Stanleybet Romania, one of the most recognised and respected sports betting brands in the regulated Romanian market. This is a significant deal for Kambi with Stanleybet Romania initially migrating its online players to the Kambi platform ahead of installing Kambi’s full suite of retail products across its 300-plus retail stores. To sign two vastly different customers with very different requirements highlights the Kambi Sportsbook’s ability to satisfy a wide spectrum of operators and player segments.
Finally, in February we made a strategic investment into virtual sports developer and supplier Virtus Sports. We believe this deal will strengthen the Kambi offering through the addition of a virtual sports product growing in popularity“.