Kambi Group has scrapped its 2027 financial targets due to “slower than expected progress” towards regulation in key markets.
In February, the sports betting provider commenced a review of ambitions first communicated in January 2023 of achieving 2027 revenue of between €330m and €500m, two to three times higher than FY22 levels.
But the group said that current regulatory struggles “would likely delay revenue from such markets” and that it will give new leader Werner Becher its “full support” in executing the company’s long-term strategy.
EBIT in excess of €150m also formed part of the “underlying assumptions” that formed Kambi’s 2027 financial targets, the company said.
“The board believes that Kambi should have in place long-term financial targets. Such targets will be evaluated with the new CEO and communicated when appropriate,” Kambi said.
Becher was appointed CEO of Kambi on Monday, July 1.
He said: “I join Kambi at an exciting time in its evolution, as it continues to open up its service and widen its addressable market. I am excited to work closely with the Board, our executive team, and our talented employees across the world to deliver on the fantastic opportunities ahead of us.”
