Kambi Group reports revenue of €71.5 million (-16.9%) in the first half of 2022

Kambi Group highlights the following data from its operations:

• Revenue amounted to €34.7 (Q2 2021: 42.8) million for the second quarter of 2022 and €71.5 (H1 2021: 86.0) million for the first half of 2022
• Operating profit (EBIT) for the second quarter of 2022 was €4.9 (16.6) million, at a margin of 14.1% (38.8%), and €12.2 (35.3) million, at a margin of 17.1% (41.0%) for the first half of 2022
• Earnings per share for the second quarter of 2022 were €0.109 (0.432) and €0.286 (0.919) for the first half of 2022
• Cash flow amounted to €0.1 (11.4) million for the second quarter of 2022 and €5.6 (28.0) million for the first half of 2022

In addition, the report includes other key aspects on partnerships, agreements and performance:

• Operator turnover increased by 16%, when adjusting for the migration of DraftKings, leading to revenue of €34.7 million
• Strong financial performance against demanding 2021 comparatives, with numerous headwinds including the Netherlands impact, the seasonality effect of the quiet sporting calendar and the DraftKings migration
• Expanded partner network following an online agreement with Mohegan Gaming & Entertainment and its Fallsview Casino brand in Ontario, Canada
• Signed an extended deal with Greenwood Gaming and Entertainment, which owns US multi-state operator betPARX
• Continued expansion across North America including going live on day one in Canada and launches in the United States and Mexico
• Completed phase one of pricing separation from platform, key to enabling the provision of modularized trading services while delivering greater differentiation capabilities

Considering all the above, Kristian Nylén, CEO of Kambi Group, made an analysis for the shareholders and interested parties, taking stock and giving a preview of what was planned for the future.
Here are some segments:

“In Q2, Kambi delivered another positive quarter with underlying growth remaining healthy and operator turnover up 16% when adjusting for the migration of DraftKings. This performance was achieved despite a quieter than usual sporting calendar, particularly with the soccer World Cup taking place later in the year, outside its usual Q2 starting slot. We also signed a partnership with Mohegan Gaming & Entertainment, launched in Canada and Mexico, and announced an extension to our contract with US multi-state operator betPARX, all while making significant strategic progress.

Behind the scenes we have been working tirelessly on executing on our product strategy. Kambi's Bet Builder offering is a good example of what we can achieve in this regard having taken a leading position in bet combinability, now a must-have for any high-quality sportsbook.

However, we have only scratched the surface of what is possible, and our product roadmap looks exciting as we continue to raise the bar in sports technology provision. Integral to our product and wider company strategy is our commitment to opening up our platform and modularizing our service, enabling Kambi to increase its total addressable market. Not only will this enable us to develop new and exciting products at greater speed, therefore ensuring Kambi's turnkey offering remains at the cutting edge, but it will also create additional revenue streams as we make available market-leading modules as a standalone service to operators outside of the network.

This is an exciting time for Kambi. The product journey we are on today along with our healthy balance sheet and positive underlying financial performance means we are on a strong footing for the future. We were delighted to see Kindred relaunch in the Netherlands recently and with more product launches, partner signings and a World Cup to come, I look forward to an even greater second half of the year.”

FULL REPORT (PDF)