Kambi shows strong revenue rise for Q4 2022
It had a busy quarter, signing partnerships with Latin American operators and developing its trading algorithms.
Kambi Group has released its Q4 results for 2022, which show a 66% revenue increase to $61.5m (this figure accounts for a $13.4m termination fee from Penn Entertainment). The sports betting company also released financial results for FY2022 which showed net revenue of $176.6m; a slight 2.3% increase from its 2021 revenue.
Its revenue and operating profit (EBIT), excluding the termination from Penn, stood at $48m and $6.4m respectively. For FY2022, these figures came in at $163.2m and $23.6m. Cash flow was reported at $5.1m for the fourth quarter of last year and $47.4m for FY2022.
Other key highlights from 2022’s final quarter included an operator turnover growth of 20% year-over-year and 43% sequentially, which was propelled by the return of a busy US sporting calendar and Kambi’s market expansion.
A successful winter World Cup that saw strong platform stability and provided a leading offering for partners, which was powered by Kambi’s newly developed algorithmic trading capability.
Also cited as a factor for the company’s strong performance was its new partnership agreement with Rei do Pitaco, a Brazilian fantasy sports operator. With this new partnership, Kambi was able to leverage its brand and database as it transitions to having a sports betting focus.
Kambi CEO Kristian Nylén commented: “The year finished with a flourish with the business delivering across several key areas, providing the perfect springboard into 2023. Operator turnover continues to rise with Q4 turnover up 20% year-on-year and 43% sequentially, buoyed by a busy US sporting calendar.
“The full year was one where Kambi was able to make significant strategic progress, whether it was securing partnership extensions with Kindred and Parx, the leap forward in our UX capability through the acquisition of Shape Games, the continued modularisation of our service to increase our addressable market or the development of our algorithmic trading capability.”
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