The Kambi Group posted its financials for Q4 2020, lauding continued development in the US sports betting sector during a period of trading that resulted in solid sales and operating profit growth.
Revenue for Q4 was $56.9m (Q4 2019: $32.4m) and $142.8m ($112m) for the full year. During Q4, operating profit (EBIT) was $26.9 m ($7.5 m), at a 47.3 percent (23.1 percent) margin, and $39 m ($17.8 m) for the period January to December, at a 27.4 percent margin (16 percent )
For Q$ 2020, profit after tax was $21m ($5.6m) and for the full year, $29.3m ($12.6m) million.
CEO Kristian Nylén, reflecting on stateside developments in 2020, told investors: “The US continues to be a success story, with Q4 delivering expansion into Tennessee’s online market and three on-property launches across Michigan and Mississippi.
“Our US-facing partners are increasingly leveraging Kambi’s differentiation capabilities in areas including risk, pricing and front-end, to forge unique paths in their respective markets. With major states such as Texas and New York now looking closely at online sports betting, it’s clear Kambi’s US journey is in its early stages.”
Exceptionally challenging 12 months
Speaking more broadly about the trading results, he said: “As we reflect on what has been exceptionally challenging 12 months, it’s particularly pleasing to complete the year with a record Q4 performance and annual revenues up by 28%.
“At the start of 2020, full year revenue of €117.7m would have been deemed a great success, so to have delivered such a performance, in spite of the sporting calendar being severely impacted for the best part of four months, speaks volumes for the business we have created, our talented people and the upward trajectory we are on.
“Our strong growth means Kambi is now operating at a scale like never before, which in turn allows the Kambi sportsbook and service to continuously evolve. The powerful partner network we have created, with fantastic partners from around the globe, produces ever increasing amounts of unique data, from which we can draw valuable insights to help us improve and continue to offer a high-performance sportsbook.”
He concluded: “In summary, it’s been a year that’s shown that when working together, we can find the right responses to the toughest of challenges. The Kambi model is based on partnership, on sharing, on working together with our partners to ensure they have the best chance of success. The model was undoubtedly stress-tested in 2020 but it passed with flying colours, leaving me more excited than ever about Kambi’s future.”