Kambi Group Achieves Strong Growth in 2023
Kambi Group plc, recognized globally as a reliable partner in sports betting, has officially released its Annual Report and Accounts for 2023. This detailed document, available on Kambi’s website and through a direct PDF link in their latest press release, showcases a year of significant achievements and strategic advancements for the company.
Notable Financial and Operational Milestones
The report highlights a notable 13% increase in Kambi’s revenue, reaching €173.3 million, a figure that notably excludes a one-off termination fee from Penn recorded in the previous year. The company’s EBITA (acq) also impressively stands at €25.2 million for the year.
In terms of partnerships and market expansion, Kambi has marked the year with 10 new operator signings, including notable names like Bally’s Corporation, LiveScore Group, and Svenska Spel. Furthermore, the company has successfully extended partnerships with seven operators, such as ATG, Betplay, LeoVegas Group, and Rush Street Interactive, reinforcing its position in the sports betting ecosystem.
The aggressive expansion strategy is further evidenced by the launch of over 60 sportsbooks in diverse markets across Europe, Latin America, and the United States, highlighting Kambi’s global reach and operational versatility.
Strategic Financial Moves
A pivotal financial maneuver for Kambi in 2023 was the repayment of the €7.5 million convertible bond previously held by Kindred Group. This strategic move has freed Kambi from external influences, granting it full autonomy over its future strategic directions and decisions.
Kambi has also announced that its Annual General Meeting (AGM) is scheduled to take place on 21 May 2024, at 14:00 CEST in Birkirkara, Malta. This event is anticipated to be a significant occasion for shareholders and stakeholders to discuss the past year’s achievements and the strategic roadmap ahead.
Our Comment on the Article
Kambi Group plc’s 2023 Annual Report paints a picture of a company on the rise, marked by robust financial health, strategic expansions, and strengthened partnerships within the sports betting industry. The repayment of the convertible bond to Kindred Group is a testament to Kambi’s commitment to steering its own course, setting a precedent for future growth and independence. As Kambi continues to expand its footprint globally, its influence in shaping the future of sports betting is undeniable. The upcoming AGM in Malta will undoubtedly be a pivotal moment for Kambi to reflect on its successes and set the stage for the next phase of its journey.
