Stockholm-listed sports betting platform provider Kambi Group Plc has attributed its success during Q2 2019 to a growing number of partnerships across both Europe and the US, despite facing ‘tough comparatives including the 2018 football World Cup’.
Recording a revenue figure of €21.6m, a jump from the previous figure of €17.6m, Kambi has moved towards forging new partnerships across European markets.
Kambi highlights a 25 per cent increase in revenue for the first half, posting a figure of €42.6m. Meanwhile the group’s profit after tax dropped slightly from €1.7m down to €1.6m for Q2, despite an overall increase for the first half of the year.
During Q2, the sports betting platform and systems provider strengthened partnerships with both the National Lottery and the Rank Group.
Earlier in the month, Rank extended its current sportsbook technology and systems agreement with Kambi to cover sports betting provisions for its Spanish market Enracha brand.
In the interim report, Kambi said: “National Lottery has taken the Kambi sportsbook into Moldova, having enjoyed strong growth in its home country of Bulgaria. Meanwhile, Rank will soon add the Kambi sportsbook to its Spain-facing Enracha brand, and we’ll continue to power its Grosvenor Sports brand in the UK.”
Kambi hopes that its revenue figures will continue to grow as it moves to expand across the Latin American markets via its new partnership with BetWarrior.
The statement added: “Q2 2019 was yet another positive period for Kambi, delivering solid financial growth despite the lighter sporting calendar, and signing new customer agreements to keep up our positive commercial momentum.
“The development of the competitive landscape in the US has certainly been dynamic, with operators and suppliers taking a variety of strategic routes. For some, joint ventures or M&A have been the preferred choice, while for our multiple US customers, the decision to partner with Kambi has brought them immediate success, and long may that continue.
“As the number of regulated states steadily increases over the coming years, so too will the number of attractive opportunities. The fact Kambi has proven its ability to deliver in the US, coupled with our ongoing US investments in people and products, puts us in a good position to convert the best of these opportunities.
“Although much focus is on the US, Kambi continues to explore opportunities globally. In this regard, I am delighted we signed another new customer in Q2, with BetWarrior the latest to join the Kambi network. Although a new operator, BetWarrior is led by an experienced and ambitious management team, one which plans to target countries in Latin America, a region where we’ve seen positive regulatory developments of late.”
Throughout the first half of the year, Kambi also strengthened its positions across both Pennsylvania and New York, after brokering new deals to power the first three online sportsbooks to launch in Pennsylvania, as well as taking the first legal bet in New York state with RSI at Rivers Casino & Resort Sportsbook.