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Kambi Issued Investor Update Pushing Up Q4 Expectations
The independent provider of sports betting technology and services to regulated markets world-wide Kambi Group issued yesterday a trading update ahead of its fourth quarter earnings report which will be released on February, 10, 2021.
Q4 2020 Revenue Updated Upwards
The operator noted that during the quarter a combination of favorable factors such as a particularly strong trading margin and continued momentum in turnover boosted revenue which is now expected to be in the range of €46 million to €48 million, an increase of between 72% and 79% compared to the €26.7 million posted in Q4 in 2019.
Kambi outlined it experienced a run of favorable sporting results in multiple sports and across its key markets which contributed to an operator trading margin of 9.4%, 2% higher compared to the 7.4% margin the company had in the fourth quarter of 2019, and above the expected average long-term trading margin of 7% to 8%.
Share Options Programs Weigh on Costs
Kambi expects for the fourth quarter to have operating expenditure in the range of €24 million to €25 million, higher than its previous guidance due to the higher cost from share options programs which are directly driven by market share price movements.
Compared to the €20.5 million operating costs in Q4 2019, fourth quarter operating expenditure is expected to be between 17% and 22% higher. Regarding the first quarter in 2021, Kambi expects its operating expenditure to vary between €23.5 million and €24.5 million.
The aggregate effect of the increases in revenue and operating costs would lead to earnings before interest and tax (EBIT) for the fourth quarter in the range of €21 million to €24 million, more than three times higher than the €6.2 million generated in Q4 2019.
Regarding its full-year financial results, the Stockholm-traded group now expects to have EBIT in the range of €31 million to €34 million, a significant upgrade to the €14.7 million the company posted for the same period in 2019.
2021 would also see Kambi completely terminate its partnership with Boston-based daily fantasy and sportsbook operator DraftKings. Last year, following on the acquisition of SBTech by the betting company, both parties agreed to cooperate for DraftKings’ migration from Kambi’s back-end platform services to the sports betting and iGaming platform of the newly acquired technology provider, setting September 30, 2021 as the final termination date.
With 5+ years of experience as an analyst, Julie—affectionately known as 'Jewels' in the office—has quickly become our go-to expert in the forex and cryptocurrency space. Her keen attention to detail and deep understanding of the industry make her an invaluable asset. Julie's expertise and enthusiasm have made her the top choice to co-pilot educational initiatives alongside Mike, bringing knowledge to the masses.
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