Kambi Continues to Flourish in Q3
Kambi Group plc, Stockholm Nasdaq-listed online betting platform provider, have posted an increase in revenue in the third quarter. The company experienced a 15% increase in revenue compared to the same period last year. The revenue at the end of third quarter this year was €14.8 million compared to €12.8 million in 2015.
For the 9 month period between January and September, Kambi generated an impressive €41.7 million. At the same point in 2015, Kambi had revenues of €33.5m. Operating profit, EBIT, was recorded at €3.1 million, an improvement on 2015’s €2.5 million, with a margin of 21%. Operating profit for the 9 month period is €7.0 million, compared to €4 million in 2015.
In the third quarter, Kambi announced a major partnership with Novomatic Lottery Solutions. The deal sees Kambi become the major sports betting platforms provider for all of Novomatic’s partners. They also ended a deal with the Spanish operator, Luckia, after choosing not to renew their 2 year contract.
They continue their strong growth in 2016 after posting increased revenue in the second quarter thanks to Euro 2016. They have since grown their company and have strategies in place to increase retail business. Kambi governance were pleased to announce improved results for all top-line metrics for both quarterly and YTD performance.
Kristian Nylén, CEO of Kambi, spoke to investors after the unaudited report was published. He said that he was “very pleased” with the results of Q3. He noted that there was a 37% growth in operating turnover, leading to increased operating profit. He commended the partnership with Novomatic and stated that the 2 companies aimed to build a “state of the art, omni-channel” solutions. Government regulated lotteries are a key section for Kambi and the solutions that they build with Novomatic will be applied to these lotteries.
He concluded by saying that the company hopes to improves their retail sector. He noted that various regions have rolled out their retail services and tangible results have been observed. Mr. Nylén claims that the retail sector is gaining momentum and hopes to grow it further.
