Kambi eyes World Cup upgrades as Q1 revenues climb 15%
Sports betting provider promises more instant bet offers and a new penalty shootout model
Kambi has reported a 15% rise in Q1 revenues to €16.4m following a better-than-average sports margin of 7.9% and new customer wins.
EBITDA climbed 32% to €4.5m, although operator turnover was down year-on-year due to the lofty margin and subsequent dip in recycling from customers.
Kambi CEO Kristian Nylén hailed a positive start to the year, after adding two new customers in the form of Casumo and Stanleybet, and investing in virtual sports firm Virtus Sports.
The firm said the Casumo sportsbook was “on track” to be launched before this summer’s World Cup.
“With a World Cup around the corner and preparations for the potential opening of a US market progressing well, the levels of excitement and optimism at Kambi continue to grow.”
The Stockholm-listed firm said it had progressed with a New Jersey licence application and was confident of launching its sports betting product on the first day it was permitted to do so.
The firm also pledged a number of market firsts in preparation for this summer’s World Cup, including an extended range of pre-match and in-play markets and a wider variety of instant bet offers.
“We continue to look for new and exciting betting opportunities no matter what the complexity may be for our systems and traders,” the firm said.
“In addition, Kambi has developed a new penalty shootout model which will add greater depth and excitement to what is the most thrilling phase of a football match”.
Kambi shares were down 4% this morning on the Nasdaq Nordic exchange, with analyst Paul Leyland questioning whether the strong margin was masking marginal growth.