Stockholm-listed sports betting platform and systems provider Kambi Group Plc has detailed a strong opening to 2019 trading, recording a 28% group revenue increase to €21 million (Q1_2018: €16.5m).
Updating investors, Kambi maintains its positive momentum detailing that client operator growth has improved by 46%.
The Stockholm enterprise continues to strengthen its commercial pipeline, signing two new operator contracts during the Q1 window – Mohegan Gaming & Entertainment in Connecticut, USA, and Rhinoceros Operations (mybet) in Germany.
Furthermore, Kambi operations delivered on launching three Pennsylvania (US) ‘on-property’ sportsbook through its partnership with Greenwood Gaming & Entertainment.
“Following a hugely successful 2018, I’m pleased to report 2019 kicked-off in 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 “, detailed Kristian Nylén Kambi Group Chief Executive.
“The Q1 financial numbers were again strong. Kambi revenue increased 28% year-on-year and operator turnover grew by 46%. The majority of turnover growth came from customers operating outside of the US, underlining what was a strong performance from our existing roster of global customers.”
Closing Q1 2019 trading, a busy Kambi reports operating profits of €2.6 million (Q1 2018: €1.5m) – with the group declaring a profit-after-tax of €2 million.
Updating investors, Kristian Nylén and Kambi’s executive team will continue to push the firm’s aggresive US agenda, seeking further new deals to establish Kambi as the leading sportsbook platform supplier for US market incumbents.
“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.”