Kambi posts 189% revenue rise as Euro 2020 drives betting business
Sportsbook supplier reports positive financial results as CEO praises UEFA tournament for picking up the slack in absence of US sports
Kambi has posted an astronomical 189% year-on-year increase in revenue for Q2 2021 as a strong Euro 2020 drove business during an unusual comparative period.
Revenue throughout April, May and June amounted to €42.8m, up from €14.8m in 2020, with the low figure exacerbated by Covid-19 sports shutdowns.
Despite the positive boost Euro 2020 offered Kambi, which the supplier noted was its largest ever tournament based on turnover, the Americas still represent the company’s most fruitful geographic region.
The Americas represented 58% of operator gross gaming revenue (GGR), while Europe accounted for 40%.
Kambi’s EBIT jumped from a €3.4m negative in Q2 2020 to €16.6m in 2021 as post-tax profit increased to €13.4m.
When comparing H1 2021 to the corresponding period last year, Kambi posted a 102% increase in revenue from €42.7m to €86m as EBITDA climbed from €3.5m to €35.3m.
Elsewhere, Kambi noted DraftKings’ planned migration away from Kambi to in-house provider SBTech had impacted turnover, although the supplier will continue to receive full revenue from all states until 30 September.
Kristian Nylén, Kambi CEO, said: “I’m delighted to say Kambi’s positive momentum continued into Q2, with strong financial results driven by Euro 2020, compensating for a lack of NFL and college sports in the US.
“I believe that Kambi, more than anyone else in the market, has what it takes to be the world’s number one sportsbook provider in today’s increasingly regulated and competitive landscape.
“Our success in recent years provides us with a strong balance sheet, giving us the ability to expand when and where needed, expedite our global growth plans, and create further shareholder value,” he added.
Kambi’s share price dropped by more than 9% in early trading on Nasdaq Stockholm.