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Fiona Simmons July 26, 2023 2 min read
Kambi Reports Robust Second Quarter Results in 2023
The second quarter was once again a period during which Kambi went from strength to strength and improved its financial performance across the board
Kambi called the period “encouraging” and said that it had been able to make significant strategic headway towards important long-term goals. The company reported a multitude of tier-one signings with prominent partners and reaffirmed its commitment to existing operators by extending existing contracts.
Kambi Boasts a Remarkable Second Quarter
Significant progress has been made across Kambi’s AI trading capability, which will be of increasing importance moving forward and the source of stronger financial results. The company enjoyed a strong revenue quarter in the second quarter, marking a 24% increase thanks to new customers brought in through the acquisition of Shape Games. Revenue amounted to €42.9 million over the period
Operator turnover performed worse than hoped for, Kambi explained, but said that this was mostly because of rising foreign exchange headwinds, which made it harder for the company in the short term. Not factoring this short-term disruption, however, Kambi is in a sound position, with EBITDA standing at €2.8m on an annual basis.
Kambi also expanded its network significantly over the second quarter adding Bally’s Corporation to it, and the company confirmed that it will continue to solidify its leadership position as it continues to grow and adopt a more flexible strategy. Kambi is specifically delivering the Kambi Complete proprietary sportsbook to Bally’s which feature exemplifies the platform’s reliability and high operational capacity.
The Future of Kambi’s Trading Is Set in AI
In terms of actual partnerships achieved between separate parties during the quarter, the company has been able to extend its existing rapport with BetPlay, Paf, and LeoVegas Group. Kambi emphasized that moving forward, the company will be focusing more and more on AI-powered trading, which is a future-proof model that will give the company a significant boost in the long term.
Kambi has described the AI pricing division as the tool to deliver the next evolution of sports trading in the wider industry. “In summary, I am pleased with the strategic progress made in Q2 and believe Kambi is in a fantastic position moving forward. Having repaid the convertible bond held by Kindred during the quarter, we are in complete control over our strategic direction as we continue to execute our ambitious long-term strategy that I am confident will deliver value for both partners and shareholders,” Kambi CEO Kristian Nylén wrapped up.