Date: 25.04.2024

by Adam Dworak

Last update: 08.05.2024 10:58

Kambi’s Expansions and Innovations Set Pace for 2024

Kambi has reported its financial results for the first quarter of 2024, showcasing a sustained financial position with revenue totaling €43.2 million.

Although slightly down from the previous year’s €44.0 million, the figures remain robust. The operating profit (EBIT) stood at €4.4 million, maintaining a stable margin of 10.2%. The Earnings Before Interest, Taxation, and Amortisation on acquired intangible assets (EBITA) remained consistent at €5.8 million, with a margin improvement to 13.3%.

Notably, the cash flow saw a significant increase to €5.4 million, reflecting a positive financial maneuvering outside of core operational activities.

Key Business Developments

Kambi has not only maintained its financial health but has also expanded its operational achievements during the quarter. Significant developments include:

  • The launch of LiveScore Group’s Kambi-powered sportsbook in Nigeria, setting a precedent for further expansion in the Netherlands and broader European markets.
  • The extension of the retail sportsbook partnership with Penn Entertainment, ensuring continuity and stability in services until the end of 2025.
  • The integration of Inspired Entertainment’s virtual sports offerings and the enhancement of external odds feeds, which signify strides in product diversification and technological enhancement.

Leadership and Strategic Directions

The quarter was also marked by strategic leadership changes. Kristian Nylén, the CEO and Co-founder, announced his forthcoming resignation, prompting a search for a successor to continue the company’s trajectory towards innovation and market expansion.

In his statement, Nylén highlighted the operational successes and strategic milestones: “For the first quarter of the year we posted revenue of €43.2 million, which was in line with our expectations, while expenses were at the lower end of our guidance at €39.0 million. A key highlight of the quarter was the launch of LiveScore Group’s new Kambi-powered sportsbook in Nigeria, followed swiftly by a launch in the Netherlands. LiveScore was a pivotal signing for Kambi in 2023 and these launches mark crucial milestones toward our long-term objectives.”

Innovations and Market Adaptations

As Kambi pushes forward, the focus on modularizing its sports betting technology stands out. The company’s ability to integrate diverse sports odds through a single API offers a flexible and powerful solution to operators, demonstrating Kambi’s commitment to technological leadership and market responsiveness.