Stockholm-listed sports betting platform and systems provider Kambi Group Plc has reported a strong close to 2019 trading, which has been driven by a significant increase in partner wagering volumes recorded across its commercial pipeline.
Publishing its full-year 2019 accounts, Kambi posted another consecutive quarter of double-digit growth by recording Q4 2019 group revenues of €27m (Q42018: €22m). Meanwhile, its full-year 2019 revenues have also shown an increase of 21% to €92m (FY2018: €76m).
Maintaining its strong revenue performance, supported by an operating margin of 23%, Kambi has declared Q4 2019 operating profits of €6.2m (Q42018: €4.2m), resulting in a 16% increase in full-year group EBIT of €14.7 million (FY2018: €12.7m).
Updating investors, Kambi Group CEO Kristian Nylén commented: “I’m delighted to report another strong quarter for Kambi, which rounds off a year in which annual revenues grew by more than 20% and operator turnover by more than a third. 2019 was another great year for Kambi, as we continued to build out a fantastic sports betting product, expanded into multiple new markets, and signed six new partners, all of which leaves us in a great place for 2020.”
Closing 2019 accounts, Kambi governance has declared a profit after tax of €10.4m, as the Stockholm enterprise maintains an operating cash-flow of €8.6m.
Detailing corporate highlights, Kambi governance has pointed to executing effective new partner launches throughout 2019 to boost its commercial pipeline and diversify its market make-up.
In Europe, Kambi delivered on its key retail project for ATG Sweden by upgrading the Swedish state-owned operator’s retail betting systems across its 2,000-shop portfolio.
Meanwhile, within the US Kambi has also secured a number of ‘market firsts’, including helping partner Rush Street Interactive take the first legal sports betting wagers in the states of Pennsylvania and New York.
Of note, Kambi has detailed that it has fulfilled a key corporate initiative during 2019 by ‘diversifying geographical make-up’ away from saturated European markets, with the US partners contributing 37% of group revenues (Europe 61%).
Nylén added: “The evolving nature of the sports betting industry means there will always be challenges to overcome but I know we have built a robust business with the capability and strength to withstand these pressures.
“We operate in a fast-growing market, one which continues to embrace regulation and will, therefore, present Kambi and our partners with exciting opportunities for many years to come. Be in no doubt Kambi is well positioned both in the US and globally and I look forward to a prosperous 2020.”