Kambi Publishes Q3 Report, Highlights Importance of Recent Deals

Kambi Group has published its report for the third quarter of 2023, highlighting its financial results and its recent achievements. In addition to recording higher metrics across the board, Kambi scored “landmark signings” with Svenska Spel and LiveScore Group.

In Q3, Kambi recorded revenue of €42.1 million ($44.4 million), exceeding Q3 2022’s result of €36.7 million ($38.7 million) and representing an increase of 15%. Year-to-date revenue sat at €129 million ($136 million), representing a 19% year-on-year increase. However, Kambi noted that this figure includes certain non-recurring items.

Kambi reported Q3 EBIT of €4.6 million ($4.85 million) at a margin of 11%. EBIT for the period January to September was €12.8 million ($13.5 million) with a margin of 9.9%. Q3 EBITA (acq), meanwhile, was €6 million ($6.3 million) at a margin of 14.1%. Year-to-date EBIT, on the other hand, was €16.7 million ($17.6 million) at a margin of 13%.

Cash flow for the period amounted to €6.1 million ($6.4 million), far exceeding the €1.8 million ($.19 million) Kambi recorded in the prior-year period. Year-to-date cash flow, on the other hand, was €9.5 million ($10 million).

Earnings per share were €0.117 ($0.12) for Q3 and €0.306 ($0.32) for the January to September period.

Kambi Expects Its Recent Deals to Pay off by H2 2024

Kambi also published key highlights for the period, including the aforementioned deals with Svenska Spel and LiveScore. The two deals were lauded as the company’s “most significant partner agreements with existing sports betting revenue” in its history.  

Kambi noted that these agreements will not deliver revenue straight away but are likely to pay off by the second half of 2024.

The deals came shortly after an agreement with Bally’s. In addition to that, the quarter saw Kambi extend its existing agreements with ATG and Rank Group.

In the meantime, Kambi continues to move forward with the development of its cutting-edge AI-powered trading unit, which is already powering much of Kambi’s pre-match soccer pricing. The company used the report to officially label the unit as Tzeract and promised to soon extend it to offer live soccer and tennis.

Kristian Nylén, Kambi’s chief executive officer, commented on the agreement, expressing his delight with the progress the company is making.

As I have said before, the road to our 2027 goals won’t be linear and the partner signings announced in recent weeks will only be reflected in the numbers from the second half of next year. The long-term picture looks bright and we remain confident in our ability to deliver on our aims and cement Kambi’s position as the number one sportsbook supplier in the world.

Kristian Nylén, CEO, Kambi Group

In other news, Kambi recently agreed to power 771’s sportsbook in the Netherlands.