Kambi Q3 performance bolstered by resumption of sports

Kambi has gathered momentum during Q3 trading after the sports betting services provider recorded a record quarterly performance during the period.

Kambi highlighted the ‘stark’ difference between Q2 and Q3, praising its ability to ‘quickly and efficiently’ respond to the challenges posed by the global lockdown and the return of live sport.

Commenting on the results, Kambi CEO Kristian Nylén stated: “The difference between Q2 and Q3 couldn’t have been starker and underlines the ability of the business to quickly and efficiently respond not only to the lockdown situation, but also ensuring resources were in place for when sports returned.

“It’s reassuring for our partners to experience the capability and inherent flexibility Kambi has to adapt and thrive under testing conditions and we are confident in our ability to handle any potential future impacts that may arise from the virus. It’s also been reassuring to see that, despite some heightened local restrictions, there’s been no impact on high-level sports.”

Revenues amounted to €28.1 million, marking a 22% increase on the €23 million reported in the same period last year. Meanwhile, revenues for the January – September period were reported to be €70.8 million, up from €65.6 million in 2019.

Operating profit for the period also saw a substantial increase, rising from €3.4 million in Q3 2019 to €6.5 million in 2020.

Addressing the improved trading figures, he added: “Momentum gained late in Q2 carried through to Q3, with Kambi posting record quarterly revenue of €28.1m ($33.3m). Operator turnover was also up significantly to an all-time high, rising 62% year-on-year.

“The gradual return of sports drove greater volumes throughout the period, particularly during September, which produced 43% of the operator turnover for the quarter. This positive trend has continued into the start of Q4.

“As we near the end of 2020, the cautious optimism of earlier in the year has been replaced with growing confidence, as we finish the year in great shape. Looking ahead, having successfully come through our toughest challenge, more exciting opportunities await us.”