Kambi hails US success story in positive 2020 financial update

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Kambi Group has posted its Q4 2020 financials, hailing continued progress in the US sports betting market during a trading period that has yielded solid growth in revenue and operating profit.

Q4 revenue amounted to $56.9m (Q4 2019: $32.4m) and for the full year was $142.8m ($112m). Operating profit (EBIT) during Q4 was $26.9m ($7.5m), at a margin of 47.3% (23.1%), and $39m ($17.8m) for the period January to December, at a margin of 27.4% (16%)

Profit after tax amounted to $21m ($5.6m) for Q$ 2020 and $29.3m ($12.6m) million for the full year.

CEO Kristian Nylén, commenting on developments stateside during 2020, told investors: “The US continues to be a success story, with Q4 delivering expansion into Tennessee’s online market and three on-property launches across Michigan and Mississippi

“Our US-facing partners are increasingly leveraging Kambi’s differentiation capabilities in areas including risk, pricing and front-end, to forge unique paths in their respective markets. With major states such as Texas and New York now looking closely at online sports betting, it’s clear Kambi’s US journey is in its early stages.”

Talking more generally about the trading performance, he said: “As we reflect on what has been exceptionally challenging 12 months, it’s particularly pleasing to complete the year with a record Q4 performance and annual revenues up by 28%. 

“At the start of 2020, full year revenue of €117.7m would have been deemed a great success, so to have delivered such a performance, in spite of the sporting calendar being severely impacted for the best part of four months, speaks volumes for the business we have created, our talented people and the upward trajectory we are on.

“Our strong growth means Kambi is now operating at a scale like never before, which in turn allows the Kambi sportsbook and service to continuously evolve. The powerful partner network we have created, with fantastic partners from around the globe, produces ever increasing amounts of unique data, from which we can draw valuable insights to help us improve and continue to offer a high-performance sportsbook.”

He concluded: “In summary, it’s been a year that’s shown that when working together, we can find the right responses to the toughest of challenges. The Kambi model is based on partnership, on sharing, on working together with our partners to ensure they have the best chance of success. The model was undoubtedly stress-tested in 2020 but it passed with flying colors, leaving me more excited than ever about Kambi’s future.”