Kambi Group Plc has celebrated a record opening to 2021 trading, as the Stockholm-listed sportsbook technology provider achieved double digit growth across all core operating metrics and KPIs, as a result of its significant sportsbook network growth.
Publishing its Q1 trading update, Kambi registered group revenues of €43.2 million – up 55% on the €28 million recorded in 2020.
Updating investors, Kambi highlighted that during the trading period its operator turnover index had exceeded the ‘1,000 mark for the first time’ – equating to an x10 growth since the technology group’s first-quarter post-listing in 2014.
Kambi’s record revenue performance was further supported by a significantly strengthened trading margin maintained at 43% (Q1 2019: 21%), helping the company achieve a period operating profit of €18.7 million – up 173% on Q1 2020’s €6.8 million results
Supporting its commercial drive, Kambi’s sportsbook network was strengthened by the new partnerships formed with Racing & Wagering Western Australia and Casino Magic, as well as an extended agreement with Belgium’s Napoleon Sports & Casino.
Elsewhere, Kambi has maintained its US expansion directives, having launched its sportsbook products in the states of Michigan, Illinois, Virginia and Arkansas – the latter became the 14th state in which Kambi provides regulated sports betting.
Positive Q1 trading saw Kambi declare a profit after tax of €15 million, up from Q1 2020’s €4.8 million, helping the company to increase its cash flow for operating and investing activities to €16.5 million.
Kambi has remained confident that its early momentum will be maintained throughout the remainder of 2021 trading, as the firm prepares for a summer period featuring UEFA Euro 2020, Copa America and Olympic Games, as well as the return of annual summer tournaments including Wimbledon and The Open.
Kambi Group CEO, Kristian Nylén commented on Q1 trading: “I’m pleased to report the exceptional performance we produced during the latter part of last year has continued into 2021, with significant growth across a range of KPIs including operator turnover, revenue and operating margin. We also continued our impressive commercial momentum with new partner signings and extensions in key target markets.
“The operator turnover index surpassed 1,000 for the first time after a record quarter which saw operator turnover more than double year-on-year, with the caveat of the final fortnight of Q1 2020 impacted by COVID-19.
“This strong performance was driven by a busy sporting calendar, including the end of the NFL season and the March Madness college basketball tournament, and more than compensated for the planned migration of a large proportion of 888’s business off the Kambi sportsbook in January.”