Kambi revenues climb 21% in 2019 on the back of US growth
Supplier hails new customer launches and expansion across the pond as key revenue drivers
Sportsbook technology provider Kambi has reported revenue of $100.5m for 2019, a 21% year-on-year increase over the previous year.
Revenue in the fourth quarter ended 31 December amounted to $29.1m, which was a 23% jump over the corresponding quarter in 2018.
Meanwhile, operating profit (EBIT) for the full year was $16m, with a margin of 16%. EBIT for Q4 was $6.7m , with a margin of 19.2%.
Kambi, which inked deals with six new partners last year, also revealed that operator turnover surged by 37% for FY2019 compared with 2018.
The Stockholm-listed company attributed much of its revenue growth last year to new customer launches and further expansion into new US states.
During the fourth quarter, Kambi, which has over 20 global customers, launched with its first US lottery in collaboration with DraftKings in New Hampshire.
CEO Kristian Nylén said: “I’m delighted to report another strong quarter for Kambi, which rounds off a year in which annual revenues grew by more than 20% and operator turnover by more than a third.
“Looking back on 2019, it was another great year for Kambi, as we continued to build out a fantastic sports betting product, expanded into multiple new markets, and signed six new partners, all of which leaves us in a great place for 2020.”
Referencing the rise in operator turnover, Nylén added: “In total, Q4 operator turnover increased by 52% year-on-year and 36% sequentially – considerably higher volumes than Kambi has ever seen.
“While much of this growth was derived from our US partners, we also saw double-digit turnover growth in markets outside of the US, all of which contributed to strong revenue growth of 23%.”
Kambi also acknowledged that 2019 ended with DraftKings acquiring its own technology partner, however the firm said revenues from DraftKings “are likely to be unaffected throughout 2020” and that Kambi remains committed to the US.