Kambi Q1 2019 revenues up 28% as US expansion pays dividends

Last year's Super Bowl becomes the provider's highest turnover event ever, topping the 2018 soccer World Cup Final

Kambi has reported a 28% year-on-year jump in its revenues for the first quarter of 2019, with revenues topping €21m (£18.2m).

Turnover growth from operator partners jumped 46% during the period, buoyed by the launch of three in-property sportsbooks in Pennsylvania with Greenwood Gaming & Entertainment.

In Q1, Kambi customers generated more than 82% of Pennsylvania’s sports betting revenue, according to figures published by the state regulator. Kambi CEO Kristian Nylen singled out the US sports betting market as being one of Kambi’s main strategic priorities moving forward.

Kambi also signed two new customers, concluding agreements with US casino operator Mohegan Sun and German sports betting company Mybet during the quarter.

Speaking about the Mohegan Sun deal, Nylen expressed hope that the agreement would be “the first of many” with tribal operators in the US.

“Building on our tremendous achievements last year, we continue to reach new heights with Q1 2019 one of our best quarters yet, featuring new customer signings, numerous customer roll-outs, continued financial growth and multiple industry awards” Nylen added.

The provider said last year’s Super Bowl was its highest turnover event ever, topping the 2018 soccer World Cup Final, in part thanks to the range of 600+ markets on the game.

also highlighted the renewal of several of its existing operator contracts as impacting its 2019 revenues when compared to those reported during 2018.

Operating profits grew to €2.6m (£2.2m) during the quarter, with margins increasing to 12.4%. Profits after tax also increased, rising to €2m during the same period from a previous high of €1.5m.

Following quarter end, Kambi signed a multi-year extension to its agreement with the Bulgarian National Lottery, which will culminate in the launch of the 7777 brand later this year.

Kambi also took home two gongs at the EGR North America awards, winning Sports Betting Supplier of the year and Sportsbook Platform Provider of the year earlier this month.