Kambi Group plc has released its earnings report from the first quarter of 2022 and it revealed a mostly strong quarter marred only by a decrease in revenue.
Quarterly revenue was down 15% to € 36.9m ($39.14m). Despite this, along other metrics the company’s performance was up: operating profit was €7.9m, profit after tax was €5.4m, and earnings per share was €0.178.
There were notable highlights from the quarter, especially an extension to a partnership with Kindred Group until 2026.
In North America, Kambi signed partnership agreements with NorthStar Gaming and Maxim Bet. It also was able to secure the regulatory approval to operate in Ontario, one of the bright new stars in the North American gaming galaxy. As a result of this approval, Kambi has been operational here since the market when live at the beginning of Q2 2022.
The US market helped power the European company through. As CEO Kristian Nylén commented: “Turnover was driven by a busy US sporting calendar, including the Super Bowl and March Madness, the US college basketball championship, and I was proud to see Kambi provide its partners with a market-leading offering and platform stability unmatched by some of the most high-profile B2C sportsbooks.”
He elaborated further on Kambi’s growth in North America: “I am particularly pleased with the momentum Kambi continues to build across North America. During the quarter, Kambi completed a total of 11 partner launches in the US and signed two new partnerships with North America-facing operators NorthStar Gaming and MaximBet, the latter moving away from its predominantly in-house technology strategy.
“With regulation across North America moving at pace, and states such as California, Texas, and Ohio yet to go live, I have never been more confident in our position to capitalize on the opportunities this vast market presents.”
