Kambi Maintains Growth Trajectory with Solid Q3 Results

The trusted provider of sports betting services and solutions, Kambi, released its latest financial update, pointing to strong results for the third quarter of 2024.

Share Repurchase Program Announced with Q3 Financials

On Wednesday, the company confirmed that its Q3 revenue hit €43.0 million ($46.3 million), a figure that pointed to a single-digit increase when compared to the €42.1 million ($45.3 million) result from the corresponding period in 2023.

Besides quarter-over-quarter growth, Kambi reported an increase in its revenue between January and September 2024 which hit €132.0 million ($142 million). When compared to the same period in 2023, the latest figure shows an increase of exactly €3.0 million ($3.2 million), as suggested by Kambi’s Q3 2024 update.

Coinciding with the release of the Q3 results, Kambi confirmed it initiated a share repurchase program. The strategic move, in line with the company’s capital allocation strategy, will see the buyback program run until May 20, 2025, up to a total of €12 million ($12.9 million).

Kambi explained that the prime objective of the buyback program is to “achieve added value for Kambi’s shareholders and to give the Board increased flexibility with Kambi’s capital structure by reducing the capital.” The share repurchases will be completed on behalf of the company by Carnegie Investment Bank AB under the terms of an irrevocable agreement.

Despite Headwinds, Kambi Remains Optimistic About the Future

Earlier this year, Werner Becher succeeded Kristian Nylén as the company’s CEO. The executive stepped into his role on July 25, a day after Kambi released its Q2 2024 financial report. Becher shared his excitement to present the Q3 results, the first such report for him as CEO of the company.

He spoke about the company’s strong financial performance during the latest period, while also pointing to future opportunities and potential near-term headwinds. According to Becher, the company anticipates significant growth, propelled positively by the expansion of its Turnkey Sportsbook product, as well as collaboration with KTO in Brazil.

Teaming up with the Brazilian operator, the company sought to secure a position within the market in the country, ahead of the much-anticipated betting market launch planned for January 1, 2025.

Moreover, the executive highlighted the importance of Kambi’s Turnkey Sportsbook and the company’s extended agreement for the solution with Rush Street Interactive. Although he pointed to near-term challenges such as the withdrawal of some operators from Kambi’s Turnkey Sportsbook, the CEO remained optimistic, praising the company’s recent progress in diversifying revenue streams and “modularizing” its sportsbook.

Despite some near-term headwinds, Becher predicted further growth for Kambi, recognizing the company’s goal to become a go-to supplier for premium sports betting solutions.