Gambling company Kambi Group has reported a revenue of €43.0 million for the third quarter, an increase from €42.1 million registered in the same period last year.
The company reported an operating profit of €3.6 million for the quarter with an 8.3 percent margin, this compares to a €4.6 million at an 11 percent in the same period last year. Earnings per share for the quarter stood at €0.083, with Kambi announcing a share repurchase of €12 million. The buyback is set to run from 6 November.
The key factors contributing to this growth is operating turnover, which rose 14 percent year-on-year and a string of partnerships that align with Kambi’s modularisation strategy. These include the landmark deal with Hard Rock Digital introducing Kambi’s new Odds Feed+ product. The company also partnered with Brazilian operator KTO Group to launch its offerings in Brazil’s regulated market from January 2025.
In addition, Kambi has extended its multi-year agreement with Rush Street Interactive, to strengthen its presence in the United States, and secured an Odds Feed+ partnership with Rei do Pitaco.
Werner Becher, CEO of Kambi, who joined in July, said, “In terms of our financial performance, we saw underlying growth in Q3 with operator turnover up 14 percent year-on-year. Although Q3 revenue was only up 2 percent year-on-year, when excluding the Penn Entertainment transition fees and one-off license revenues in Q3 2023, revenue grew 16 percent, although boosted by the unusually high operator trading margin of 10.4 percent.
“Strategically and commercially, we made excellent progress with our modularisation strategy, rolling out our expanded portfolio of premium products and entering several exciting new partnerships. These signings were headlined by the recently announced Odds Feed+ partnership with Hard Rock Digital, one of the leading operators in the US. I believe our Odds Feed+ product has the edge over similar odds feed products in the market and I was encouraged by the interest it attracted at the recent G2E gaming exhibition in Las Vegas.
“In short, although we have some difficult near-term headwinds, I see a bright future for Kambi as we become the industry’s home of premium sports betting solutions. We have some exciting opportunities ahead of us, such as the great potential of our new products and the prospect of a regulated Brazilian market around the corner. I am sure once we get through this period of transition, we will have a more diverse, sustainable and faster growing business.”
Stay in the loop with the latest updates and news for the upcoming SiGMA Europe in Malta from November 11 to 14.
