Kambi Group reports 11% drop in revenue for Q3
Despite disappointing revenue results, the company saw an operator turnover increase of 12%.
Kambi Group has announced its Q3 results for 2022, reporting revenue of $36.7m, an annual decline of 11%. Its revenue for the year thus far – from January to September – now stands at $108.2m.
Its operating profit (EBIT) for Q3 fell considerably year-on-year to $3.9m, as the provider cited a traditionally challenging period for sports betting, given the “quiet” US sporting calendar.
Cash flow (excluding work capital and marketing costs) amounted to $1.8m for Q3 and $7.3m for the period January – September. This represented another annual decrease.
Operator turnover increased by 12%, which was driven by new market launches and partner signings. The company expanded its partner network in the Americas, with the addition of four new signings: ilani, Mohegan, Oaklawn Racing Casino Resort and Ondiss.
In additional acquisition news, Kambi acquired front-end specialist Shape Games, a B2B iGaming platform, with this new subsidiary promising to lend “market-leading front-end technology.”
A significant highlight occuring after Q3’s official curtain call was its partnership with Great Canadian Entertainment, a dominant on-property gaming and entertainment company in Canada.
Kambi CEO Kristian Nylén said: “The third quarter is always the most challenging for the sports betting industry given the quiet sporting calendar and this year was no exception. It was also a quarter marked by growing global economic uncertainty and higher cost of living.
“Despite this, Kambi proved its resilience once more and I am pleased to report another busy quarter for the business with operator turnover growth of 12%.”
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