Capping a year of American expansion, Kambi sees strong finish to 2021
Management expects continued growth in the coming year.
Kambi Group ended Q4 – and all of 2021 – in a position of strength that was in large part maintained by the European operator’s continued expansion into the Americas.
While revenue was down for the quarter, on a year-on-year basis the overall picture is considerably rosier: the €35m ($39.9m) seen for the quarter was a decrease of 26%, but the €162.4m in annual revenue was an increase of 38% overall.
Operating profit was €7.1m for the quarter and €57m for the entire year. Profit after tax was €6m for the quarter and €46m for the year. From this, earnings per share came to €.198 for the quarter and €1.50 for the year.
There were several milestones undergirding this respectable performance for Kambi which, in many cases, were tied to American expansion:
The group received a license to operate in New York, which, since the subsequent advent of legal mobile betting, has become the largest and fastest-growing US market; an expanded partner network saw agreements reached with Affinity Interactive, Desert Diamond Casinos and Saginaw Chippewa Gaming Enterprises; as well, the group launched in 38 new markets over the year, a move which included three additional US states and the Bahamas.
In comments, group CEO Kristian Nylén, was sure to underscore how much of Kambi’s performance relied on growth in the Western Hemisphere: “Looking back at Q4, growth from the Americas continued to be a key driver of our performance. The Americas region was responsible for 58% of operator GGR [gross gaming revenue] and is set to increase further with additional markets to regulate and go live this year.”
Nylén also noted growth in other markets besides the US: a partnership with NorthStar Gaming in Canada, as well as launches in Buenos Aires and the Bahamas.
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