The business-to-business (B2B) provider of sports betting services and solutions for the gambling industry, Kambi Group plc, released Wednesday its unaudited report outlining the company’s performance for the first quarter of 2023. Judging by the figures, the company reported growth with revenue hitting €44.0 million ($48.6 million) in Q1 2023. This result, when compared to the corresponding period in 2022, marked an increase of 19%.
Besides revenue growth, Kambi noted that for the first quarter, an increase of 12% in operator turnover was observed. The two results, the company said, were impacted positively by existing partnerships and new deals signed within the regulated gambling market in the United States.
Additionally, Kambi revealed that its operating profit (EBIT) for the first quarter hit €4.5 million ($5 million) with a margin of 10.3%. This result “was impacted by certain non-recurring costs,” explained the leading provider of sports technology and solutions.
On the other hand, EBITDA for the first quarter this year marked a decrease. Kambi’s latest unaudited report revealed that EBITDA in Q1 2023 hit €12.8 million ($14.1 million), representing a 7% decrease when compared to the Q1 2022 result of €13.8 million ($15.2 million).
The Company Plans to Continue Growing
The action-packed sports schedule impacted Kambi’s results positively. The company acknowledged that March Madness and the Super Bowl brought success, resulting in “increased player activity alongside unblemished service delivery.”
Moreover, Kambi highlighted that two important strategic partnerships were signed during the first quarter of this year. In Q1, the company extended its deals with Rush Street Interactive, a major player within the regulated gambling market in the Americas. Additionally, Kambi extended its deal with BetPlay’s owner, the Colombian market-leading operator, Corredor Empresarial S.A.
“The first quarter was another busy period for Kambi including new market launches in the Americas, the expansion of Kambi’s partner network and a full sporting calendar.“
Kristian Nylén, CEO of Kambi
Kristian Nylén, Kambi’s CEO, was excited about the performance of the company recorded during the first quarter of the year. He acknowledged that Q1 2023 was a busy period for the company, packed with sports events which resulted in a strong performance.
Nylén praised the potential of the Latin American market, a jurisdiction that is identified as incredibly lucrative by many gambling industry giants. He predicted that Kambi will continue to expand within the LatAm region, which will serve as a driving force for the company’s growth within the Americas. Finally, Nylén acknowledged that the company will continue to expand its global footprint by leveraging unique services and solutions.