Kambi Group has attributed a period of sustained growth to a ‘strong soccer performance’ and continued expansion in the US.
Kambi reported a 33 percent rise in sales from €21 million in Q1 2019 to €27.9 million when releasing its Q1 report for the three-month period ended March 31, 2020. Kambi also posted a 27 percent year-on-year rise in operator turnover amid a reduced sports schedule from 12 March.
EBIT grew from €2.6 million to €6.8 million, while income after tax rose from €2 million in 2019 to €4.8 million by 140.7 percent.
The platform and device provider pointed out that the ‘return of the Champions League also provided favourable trading results, principally the low-scoring Atletico Madrid vs Liverpool and Lyon vs Juventus matches.’
Kristian Nylén, CEO of the Kambi Group commented: “Despite the much lighter sporting calendar during the latter weeks of the first quarter, Kambi posted strong growth numbers. Operator turnover for the period was up 27% while our revenue increased by a third to €27.9m. EBIT was €6.8m, and we ended Q1 with a cash balance of €46.3m, a sum which will help us withstand the worst-case scenario: an extended period without major sports.
“It’s worth highlighting the momentum we had built before the pandemic began to make its presence felt on the sporting calendar. Up to and including 12 March, Kambi’s average daily operator turnover in Q1 was up 47% on the respective period in Q1 2019, and on track to eclipse our record operator turnover of the previous quarter, with it ahead 7% on the comparative period in Q4 2019, despite fewer American football fixtures due to the season’s end.”
Kambi also announced continued progress in its US operations during Q1, having ‘reached several U.S.-related milestones’ by operating in three new states during the quarter. The uptick of competition across U.S. sports has helped this.
Nylén continued: “Furthermore, on 9 and 11 March we processed the first legal bets in the states of Illinois and Michigan respectively. This continued our fantastic performance of getting partners to market quickly with a high quality and compliant sports betting service. To illustrate, Kambi is now active in 10 US states, achieving market firsts on eight occasions. In addition, we recently received our licence for the state of Colorado, where we expect to go live soon.”