Kambi hails BetBuilder feature as NFL betting turnover rockets
Sports betting supplier increases 12-month guidance to growth of 8-9% after facilitating several state launches for leading US operators
Kambi has highlighted the performance of its newly launched Bet Builder product after approximately 40% of its pre-match NFL bettors used the functionality to place their same-game combination picks.
Releasing its Q3 financial results, the Stockholm-listed sports betting supplier reported a boost in NFL turnover from the new product, which was launched in September, revealing that an estimated 20% of all pre-game bets placed on its software came from the Bet Builder product.
The product also returned a higher rate of operator trading margin than the average, leading to Kambi’s decision to raise its 12-month guidance to growth of 8%-9%.
“These same players were also more likely to place in-game wagers, highlighting the product’s positive impact on player engagement, which continues to grow week-on-week,” Kambi said.
In Q3, Kambi averaged approximately one partner launch per week, including the launch of Penn National Gaming’s (PNG) Barstool Sportsbook app across five US states: Colorado, Virginia, New Jersey, Tennessee, and Arizona.
In Arizona, PNG was among the operators to launch on day one of the market going live in September, along with Kindred’s Unibet brand, which is also powered by Kambi sportsbook technology. Kambi also assisted the Arizona launch of Churchill Downs’ TwinSpires sportsbook.
Other US online launches during the quarter included Kindred’s debut in Iowa and Parx’s entry into the Michigan market.
During Q3, PNG completed the acquisition of Canadian media company theScore, which in turn plans to develop its own sportsbook technology and eventually migrate away from Kambi.
The Swedish provider is also losing its partnership with DraftKings as the Boston-based operator transitions onto its in-house SBTech platform. Kambi revealed DraftKings accounted for around 30% of Kambi’s total Q3 revenue.
However, operator turnover still increased 10% year on year when removing the impact of DraftKings from the equation.
Discussing PNG’s acquisition of theScore, which is yet to build its proprietary sportsbook technology, Kambi CEO Kristian Nylén said: “It’s incredibly difficult, as well as costly, to build, maintain, and continue to develop a first-class sportsbook, as we’ve seen with unsuccessful efforts of others in the past.
“In the meantime, we’ll continue to support their growth with our fantastic platform and service we have built over many years, which remains very much of interest to our growing list of prospective partners,” he added.
At a wider group level, Kambi’s Q3 revenue rose by 48% year on year, with revenue generated from European markets surpassing Americas-generated revenue for the first time since Q3 2020.