Kambi posts 55% Q1 revenue uptick as partners expand across US
Sports betting supplier eyes further US growth as CEO Kristian Nylén pledges to keep a close eye on the New York opportunity
Kambi has reported a 55% year-on-year revenue increase for Q1 2021 as the sport betting supplier’s US expansion roadmap gathers pace.
Revenue for the first three months of the year reached €43.2m, up from €27.9m in Q1 2020 as the Stockholm-listed firm pointed to expansion in Michigan, Illinois, Virginia and Arkansas as the driving factor behind the results.
In fact, 63% of Kambi’s operator partner GGR was derived from the Americas, making the region Kambi’s largest market for the quarter.
Q1 2021 EBIT rocketed 173% to €18.7m, up from €6.8m in 2020, while post-tax profit jumped from €4.8m in Q1 2020 to €15.1m in Q1 2021.
Earnings per share also showed impressive growth, rising 212%, from €0.156 in Q1 2020 to €0.487 in Q1 2021.
Post-Q1, Kambi partner Churchill Downs launched in three more states – Colorado, Indiana and Pennsylvania – while the supplier also supported Casumo’s launch in Spain.
Kristian Nylén, Kambi CEO, said: “I’m pleased to report the exceptional performance we produced during the latter part of last year has continued into 2021, with significant growth across a range of KPIs including operator turnover, revenue and operating margin.”
Nylén went on to state Kambi was continuing to monitor the constantly regulating US market, with a key focus on complex developments in New York.
He added: “Regulation in the US continues to move at pace, with progress seen in a variety of states in recent weeks and months, perhaps most notably in New York, where the state has committed to adding online sports betting to its existing retail market.
“As the first company to process a regulated sports bet in New York, we’re of course monitoring the developing situation there closely and look forward to the publication of further details concerning the licensing framework in due course,” he concluded.