This week, sports betting technology company Kambi released its Q2 and H1 financial update, noting good financial performance fuelled by the European Football Championship, which helped overcome a seasonal dip in US sporting action.
For the second quarter of 2021, revenue was $50.4 million (Q2 2020: $17.4 million) and for the first half of 2021, revenue was $101.2 million (H1 2020: $50.3 million), a 102 percent increase. Operating revenue (EBIT) for the second quarter of 2021 was $19.5 million (-$4 million), with a margin of 38.8 percent (-22.7 percent), and $41.5 million ($4.1 million) for the first half of 2021, with a margin of 41.0 percent (8.2 percent).
In a letter to investors, the company highlighted its growing US footprint, announcing that it would support Churchill Downs Incorporated, Penn National Gaming, and Kindred with sports betting debuts in four states. It also emphasised its rising presence in the South American sports betting sector, launching Olimpo.bet in Peru ahead of a wider roll-out.
Continuation of positive momentum
CEO Kristian Nylén said: “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.
“In the context of the seasonal US sporting calendar, Kambi was still able to post strong Q2 results, with revenue of €42.8m ($50.4m), an operator turnover index of 911 and an operator trading margin of 9.3 percent, completing a highly encouraging half-year.
“In terms of global opportunities and our addressable market, there was positive news from Canada with the repeal of its ban on single wagers, in turn handing provinces the ability to offer a much more liberalized form of regulated sports betting.
“We’re pleased to see provinces picking up the baton and making strides towards new licensing frameworks. Ontario, the country’s largest province with a population of approximately 15 million, could be the first to go live by the end of the year.
“Meanwhile, our success in recent years provides us with a strong balance sheet, giving us the ability to expand when and where needed, expedite our global growth plans, and create further shareholder value.”