Kambi, a leading provider of sports betting services, has released its financial results for the full-year 2022, showcasing a steady increase in revenue and various noteworthy achievements. With a focus on expanding its market presence and enhancing user experience, Kambi has positioned itself for continued success in the sports betting industry.
Revenue and Financial Performance:
Kambi’s revenue for the full-year 2022 reached €166m, marking a 2% growth compared to the previous year. The company also received a termination fee of €12.6m from PENN Entertainment, contributing to its overall revenue. In the fourth quarter of 2022, Kambi experienced a significant boost in EBITDA, which increased by 104% to €27.3m. However, the full-year EBITDA declined by 20% to €63.4m.
Operating profit for the fourth quarter amounted to €18.7m, showing an impressive 164% growth from the same period in 2021. Nevertheless, the full-year operating profit declined by 39% year-on-year to €34.8m. Similarly, the profit after tax for Q4 2022 saw a substantial increase of 148% to €15.1m, while the full-year profit after tax decreased by 43% to €26.5m.
Highlights and Achievements:
Kambi achieved several notable milestones throughout the fourth quarter of 2022. The company witnessed a 20% year-over-year and 43% sequential growth in operator turnover, driven by a busy sporting calendar in the United States and market expansion initiatives. The successful soccer World Cup held in Qatar in December 2022 further contributed to Kambi’s growth, with strong platform stability and the highest turnover for a soccer game in the company’s history.
Additionally, Kambi secured a partnership with Brazilian fantasy sports operator Rei do Pitaco during this period, expanding its reach into new markets. The company also highlighted significant strategic progress, including partnership extensions with Kindred and Parx, the acquisition of Shape Games to enhance user experience, the modularization of services to broaden the addressable market, and the development of algorithmic trading capability.
Outlook and Conclusion:
Kambi CEO Kristian Nylén expressed confidence in the company’s performance, emphasizing the positive momentum achieved in various key areas. The continuous growth in operator turnover, driven by a busy US sporting calendar, reflects Kambi’s strong position in the market. While the soccer World Cup presented both opportunities and challenges due to reduced domestic soccer fixtures, Kambi capitalized on the event and achieved record-breaking turnover.
Looking ahead, Kambi aims to build upon its strategic progress and leverage its partnerships and acquisitions to further enhance its services and expand its market presence. The company’s commitment to innovation and user experience positions it for continued success in the dynamic sports betting industry.
Kambi’s financial results for 2022 demonstrate consistent revenue growth, strategic advancements, and successful partnerships. With a focus on market expansion and user engagement, Kambi is well-positioned to navigate the evolving sports betting landscape and capitalize on future opportunities.