SBC News Voice of the Sports Betting Industry
Stockholm-listed betting platform and systems provider Kambi Group Plc, reports a ‘record-breaking performance combined with strong future prospects’, publishing its Q3 2018 trading update (period ending 30 September).
Detailing growth across its core metrics and KPIs, whilst continuing to strengthen its commercial pipeline, Kambi records period group revenues of €20.5 million (Q3 2017: €15m), maintaining year-to-date revenue performance of €55 million.
Underlining the firm’s progress, Kambi governance details that Q3 2018, was the first trading quarter in which ‘sequential turnover growth’ followed a period featuring a major international football tournament (World Cup – Russia 2018).
At a commercial level, Kambi welcomes three new European customers, in ATG Sweden, Latvijas Loto and Global Gaming, all secured during the trading period.
Closing its record-breaking quarter, Kambi governance is confident of delivering its full-year expectations, as the company records a period operating EBIT of €4.2 million (Q3 2017: €1.1m ) – YTD €8.5 million (Q3 2017:€2.7m).
Presenting the trading update, Kambi governance highlights the firm’s significant US prospects, which have been achieved within a six-month operating period.
Recent New Jersey DGE revenue figures for September, show that Kambi has the majority online market share of 70% in New Jersey, with three of eight online sportsbooks powered by Kambi systems.
“Last August, Kambi made its US debut and in doing so created history when becoming the first company to process a legal online bet in the country outside of Nevada, following the launch of New Jersey’s regulated market. We are already live with three brands in New Jersey – DraftKings, SugarHouse (Rush Street Interactive) and 888sport – which is not only a great achievement in itself but, according to the regulator’s recently released September figures, equates to Kambi-powered operators having a c.70% share of the online market.” Kambi leadership details in its Q3 2018 trading update
Updating investors on Q3 2018 trading, Kambi Group Chief Executive Kristian Nylén stated;
“It’s been a fantastic start in the US for Kambi, which I believe reflects an enthusiasm for the high-quality Sportsbook experiences we offer, which we hope to bring to players in additional states shortly.
The interest in Kambi was at an unprecedented level. It is, for this reason, we plan to continue to invest in areas such as talent, technology and licensing so we can maximise the opportunity presented by the gradual state-by-state roll-out of regulated sports betting across the country.”
