Kambi acknowledges quarter of strong partnerships, though profit drops

July 26, 2023
By
Leer en Español

The provider has signed with Bally's, Warhorse Games, Corredor Empresarial and acquired Shape Games, generating revenue of €42.9m.

Kambi Group has posted its Q2 results, where the company generated revenue of €42.9m ($47.5m), marking a 23.6% increase year-on-year. For the first half of the year, Kambi’s total revenue has also risen 21.5% to €86.9m.

For the second quarter, the sports betting provider made an operating profit of €3.7m, which is down slightly from 2022’s Q2 result of €4.9m. The first half of this year was also slightly less lucrative, decreasing 32.8% to €8.2m.

Cash flow, excluding working capital and M&A, for Q2 remained the same year-on-year at €0.1m. EBITA declined slightly from €5.2m to €5m, as well as decreased its margin from 15.1% to 11.7%.

Kambi’s EBITDA, however, rose slightly both year-on-year and from the previous quarter, reaching €12.9m.

The increased revenue has been attributed to the addition of Shape Games and an operator trading margin of 9.9%. Kambi also signed an exclusive global sportsbook partnership with Bally’s in Q2 this year.

Kambi CEO Kristian Nylén commented that this agreement constituted a “tier-one partner signing” and also mentioned the quarter was an “encouraging period” due to “key partner renewals and the continued development of AI trading capability.”

Nylén continued, “Operator turnover growth of 4% was not as strong as revenue, impacted by rising foreign exchange headwinds, the dampening effect of a high trading margin and Penn Entertainment’s year-on-year decline in US market share.”

Nylén also spoke further on the partnership with Bally’s, saying, “Bally’s commands strong brand recognition, a large customer database and expansive global footprint that has the potential to open up significant opportunities for Kambi in both the US and beyond.

“Bally’s decision to replace its proprietary sportsbook with Kambi Complete underlines the current pressures facing many in-house sports betting operations. Demand for our Complete sportsbook service remains high, further evidenced by our sales pipeline and the Q2 renewals of key partners BetPlay, LeoVegas Group and Paf.”

Soccer was the sport generating the most revenue for Kambi in Q2, due to the European Champions League final, with basketball and the culmination of March Madness coming in second. The game between the UConn Huskies and the San Diego State Aztecs was the second-largest turnover event of the entire quarter.

Kambi also recently announced a partnership with Warhorse Gaming, for the first sportsbook launch in Nebraska, as well as a contract extension with Corredor Empresarial in Colombia.

State-by-State

Company Spotlight

Bragg Gaming

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.
Virtual Showroom

Supplier

Supplier

Supplier

Supplier

Supplier

Industry Awards

Supplier

Supplier

Supplier

Land-Based

GA Newsletter

Exclusive news, analysis, insights, and interviews delivered straight to your inbox

Kiko Augusto - From fantasy sports to sports betting in Brazil

Rei do Pitaco CEO Kiko Augusto joins the (on-this-occasion-injured) Gaming America Editor, Tim Poole, for a Huddle to talk all things Brazil!

Rickard Vikström: How 2025 is shaping up for US iGaming

Internet Vikings CEO & Founder Rickard Vikström joins Gaming America to discuss the US online landscape in 2025.


Another year approaches its end, as 2024 slowly becomes our past, 2025 the present and a wave of opportunity defines gaming's future. There is an air of change as the regulated gaming world looks to welcome a new entra...

8-10-From-the-top
From the top: Reflecting on the past and looking to the future of land-based casinos
Gaming America reviews the closures of the Mirage Hotel and Casino, as well as the Tropicana, but also keeps an eye on the future with Durango Casino and Resort GM David Horn.
36-41-Oliver-Lovat
Cover Feature: Exploring what might be next for land-based casinos
Nothing is new. Everything is new. Oliver Lovat, regular Gaming America columnist and resident Las Vegas expert, discusses what the next generation of casinos need to succeed, while also reflecting on Vegas' generational shift away from the Tropicana and Mirage.
42-43-Lefosse---Brazilian-Sports-Betting
Steadying the ship in LatAm's largest market
After regulatory limbo, sports betting in Brazil is moving towards legal certainty – by Eduardo Carvalhaes, partner in Public Law and Regulation at Lefosse, and Karen Coutinho, counsel in Public Law and Regulation at Lefosse.
44-45-Lazarus-Legal
Brazilian opportunity: The future of LatAm
Edwin Monzon, Managing Partner of Lazarus Legal, speaks to Gaming America about Brazil's upcoming iGaming and online sports betting regulation, assessing both the prospects and challenges involved.

Sweepstakes were the talk of G2E 2024 and are generating plenty of headlines as we enter 2025. It is a fascinating vertical – and indeed whether it should even be seen as a legal vertical at all is in question. The Am...

8-10-From-the-Top
Countdown to launch: Just in time
In this edition of From The Top, Caesars New Orleans SVP and GM Samir Mowad speaks with Kirk Geller to detail what the future holds after the property finally completed its $435m transformation.
14-15-GGA-Americas
The industry's best getting their deserved recognition
The 11th annual Global Gaming Awards Americas once again honored and rewarded the gaming industry's strongest performers throughout the prior 12 months during G2E in Las Vegas.
16-18-G2E-Review
G2E 2024: Discussing the future of US iGaming
A deep dive into the lively debate: Gaming America's Laura Mack examines the objections to US iGaming expansion and the mythbusters offered as a rebuttal at G2E. Surely, it is inevitable in the long run?
20-21-year-review
G2E 2024: A year in review
Gaming America sits down with Pro League Network's (PLN) Mike Salvaris at The Venetian during G2E, to sum up the year and give us the inside scoop of what sports betting has in store for 2025.