Operating profit (EBIT) for the third quarter of 2021 was €14.7m, at a margin of 35.4%, and €50m, at a margin of 39.2% for the period January to September. Profit after tax amounted to €11.9m for the third quarter of 2021 and €40.3m across the nine months of the year.
Q3 saw Kambi acquire eSports data and odds provider Abios, expand its partner network with signings of Island Luck in The Bahamas and BetCity in the Netherlands, and went live online on day one in Arizona, the 15th state in which Kambi has launched.
Kambi commented: “Kambi Q3 revenue was up 48 per cent year-on-year, operating margin was once again strong at 35 per cent and we continue to be highly cash generative. Excluding DraftKings, operator turnover was up 10 per cent year-on-year, highlighting the underlying growth in the business.
“We had a strong start to the new NFL season, which kicked off on 9 September, with our platform outperforming the competition and our market-leading Bet Builder product engaging a large number of bettors and returning higher average operator trading margin,” the company said in a statement.
The Board of Directors has also decided to initiate a share buyback program to “achieve added value” for Kambi shareholders and to give the Board increased flexibility with Kambi´s capital structure, for example as consideration for an acquisition or upon exercise of share options by employees under Share Option Plans.
“As ever, Kambi is committed to creating the world’s leading sportsbook and we have spent more than a decade focused exclusively on the sports betting vertical, developing a core product that is near impossible to replicate,” said Kristian Nylén, Chief Executive Officer.
“In summary, we’ve performed well, and the future looks bright. We currently have a sales pipeline as strong and varied as I’ve known it. As the global trend of regulation continues, we are in a great position to capitalize on future opportunities as and when they arise, and we have announced the implementation of a share buyback scheme,” Nylén added.
“Many of us at Kambi have been in this industry for more than two decades, during which time we’ve seen the sports betting market change markedly. This change is reflected in the evolution of Kambi, where we have built a business that thrives in regulated market conditions, grown to become a global leader, and partnered with major brands across the globe, many entering the space for the first time. This experience means we know what it takes to succeed and I am therefore excited by what the coming years hold for Kambi,” Nylén concluded.
Source: GMB
