Operating profit for the second quarter came in at €2.4 million in the quarter where Kambi signed two US-based customers in DraftKings and Rush Street Gaming after US Supreme Court’s decision to fully repeal its federal sports betting ban.
In Europe, signed Stanleybet Romania in the second quarter and ATG and Latvijas Loto in the third one. The company also finalised long-term contract renewals with Kindred Group and Mr Green.
“We are excited about what we can achieve in the US. However, the state-by-state roll out of regulated sports betting will not happen overnight, therefore our US-facing business should be viewed in the mid-to-long-term,” stated the company.
“In parallel, we continue to focus on our core business, which was boosted in June by the early stages of the World Cup. Revenues in Q2 were up 25% year-on-year, with revenue growth supported by yet another quarter of above average operator trading margin of 7.8%.”
“Ahead of the World Cup, we launched three new customers into three regulated territories within the space of a week, demonstrating the scalability and capacity of the Kambi platform. We also announced we were in final stage commercial discussions with Swedish horse racing operator ATG, a deal we subsequently closed shortly after the end of Q2.”
“Overall, the past few months have produced very positive results for Kambi, both operationally and commercially, and I look forward to continuing this progress throughout the remainder of the year.”
Source: GMB
