Maltese online wagering technologies innovator Kambi Group has released its financial results for the first three months of 2021 showing that it experienced a rise of 55% year-on-year in overall revenues to €43.2 million ($52.2 million).
The Valletta-headquartered firm used an official press release to detail that this had pushed its first-quarter earnings before interest and tax up by an impressive 173% year-on-year to €18.7 million ($22.6 million) as its margin improved by 18.7% to hit 43.2%. The company moreover stated that its ‘operator turnover index’ had exceeded the 1,000 mark for very first time to boost its net profit by over 214% to €15.1 million ($18.2 million).
Stockholm-listed Kambi Group supplies iGaming operators around the world with a sportsbetting software platform featuring front-end user interface, odds compilation, customer intelligence and risk management functionalities. The firm also disclosed that its first-quarter cashflow had improved by an inspiring 300% year-on-year to €16.5 million ($19.9 million) as it experienced double-digit growth across all of its key performance indicators owing to ‘a busy sporting calendar’ that had included Super Bowl LV and the ‘March Madness’ collegiate basketball tournament.
Kristian Nylen serves as the Chief Executive Officer for Kambi Group and he used the press release to declare that this surge had ‘more than compensated’ for its platform’s loss in January of ‘a large proportion of business’ from 888 Holdings. The boss proclaimed that the three-month period had furthermore seen his company’s sportsbetting innovations rolled out across four more jurisdictions in the United States encompassing Illinois, Virginia, Michigan and Arkansas to give it a presence in 14 states.
Finally, Kambi Group hailed the recent signing of a new partnership with Australian operator Racing and Wagering Western Australia as well as its expansion into Argentina via the inking of a deal with the Casino Magic-branded chain of sportsbooks. Nylen pronounced that these arrangements, which followed its extension of its union with the iGaming service from Napoleon Sports and Casino, are destined to allow his firm to continue its ‘impressive commercial momentum’ as the coronavirus-ravaged industry begins transitioning ‘back to something more akin to normality’.
Read a statement from Nylen…
“Regulation in the United States continues to move at pace with progress seen in a variety of states in recent weeks and months including most notably in New York where the state has committed to adding online sportsbetting to its existing retail market. As the first company to process a regulated sports bet in New York, we’re of course monitoring the developing situation there closely and look forward to the publication of further details concerning the licensing framework in due course.”