Sports betting technology provider Kambi Group Plc has underlined its continued commercial momentum, securing Q2 revenues of €42.8 million, an operator trading margin of 9.3% and a net cash position of €84.5 million.
Publishing its Q2 and H1 2021 interim results (period ending 30 June), Kambi generated period revenues of €86 million, up 102% on 2020 interim results of €43 million.
The group’s improved performance was primarily attributed to trading with an uninterrupted sports schedule from March onwards – matched against 2020’s peak COVID-19 comparatives.
Irrespective of soft comparatives, Kambi stated that it had delivered on anticipated wagering volumes, buoyed by strong UEFA Euro 2020 trading – whose outcome will ‘eclipse the results of the FIFA 2018 World Cup’.
The group continues to diversify its commercial pipeline, with the company securing further US expansions, supporting Churchill Downs, Penn National and Kindred Group with sports betting launches in four regulated states.
Further commercial highlights saw Kambi extend its South American sports profile powering the launch of Olimpo.bet in Peru.
In Europe, the group won the sports betting technology contract for LeoVegas’ re-launch of EXPEKT and helped the Belgian National Lottery (BNL) relaunch its Scooore sportsbook brand.
Supporting its client wagering comebacks, Kambi recorded a Q2 EBIT of €16.6 million reversing 2020’s period loss of €3.4 million.
The group’s improved Q2 trading results saw Kambi track year-to-date cash flow activities at €28 million, registering significant gains on 2020’s €1.3 million results.
“I’m delighted to say Kambi’s positive momentum continued into the second quarter of the year, with strong financial results driven by the UEFA European Football Championship, compensating for a lack of NFL and college sports in the US,” said Kambi CEO Kristian Nylén.
“In June, we held a virtual Capital Markets Day, which enabled us to present our strategy for the future, including our position in markets with strong potential for growth, the global opportunities ahead and how we plan to capitalise on those opportunities.
“I believe that Kambi, more than anyone else in the market, has what it takes to be the world’s number one sportsbook provider in today’s increasingly regulated and competitive landscape.”