Kambi overcame a relatively quiet sporting calendar to increase revenue and operator turnover growth in the third quarter of 2019.
Revenue climbed to €23m (€20.5) for Q3 2019 and €65.6m (€54.5m) for the period January to September 2019. Operating profit for the third quarter of 2019 was €3.4m (€4.2m), with a margin of 14.9 per cent (20.3 per cent), and €8.6m (€8.5m) for the period January to September 2019, with a margin of 13 per cent (15.7 per cent).
Profit after tax amounted to €2.3m (€3.3m) for Q3 2019 and €5.8m (€6.5m) for the period January to September 2019. The strong operating result came despite 2018 comparatives being significantly boosted by the football World Cup, while the period included US-based deals with Penn National Gaming and Jack Entertainment.
CEO Kristian Nylén said: “Multiple customer launches, new product releases and major commercial agreements all contributed to a successful period for Kambi, as we continued to display a high-level of expertise throughout the organisation.
“The third quarter is traditionally a challenging one for the sports betting industry, particularly in a year with no major summer football tournament. This, along with our ongoing investments to capitalise on the huge US opportunity, was the reason for the year-on-year decrease in operating result. However, despite the tough World Cup comparatives and a relatively quiet July sporting calendar, I’m pleased to report Kambi Q3 revenue grew 12 per cent year-on-year while operator turnover increased 23 per cent.
“I was also pleased to see momentum increase throughout the quarter, culminating in September’s operator turnover, which was up significantly year-on-year and surpassed the previous highest monthly total. This encouraging performance was due to the combination of multiple customer launches, enhancements to the Kambi sportsbook, and a busier sporting calendar, which gives me confidence for the rest of the year.”
