Kambi said this increase was down to its improved performance from March onwards, with the same period last year significantly hit by the suspension and cancellation of sports events as a result of COVID-19.
The operator was also helped by its expansion in the US market, with Kambi now having a presence in 13 states. As a result, the Americas region was responsible for the majority of revenue in H1, ahead of Europe and other markets.
In addition, Kambi agreed a deal to provide its technology and services to NG Gaming to support the launch of its new Olimpo.bet online sports betting brand in Latin America.
“We’re very excited about what the future holds at Kambi. In June, we held a virtual Capital Markets Day, which enabled us to present our strategy for the future, including our position in markets with strong potential for growth, the global opportunities ahead and how we plan to capitalise on those opportunities,” Kambi’s CEO Kristian Nylén said.
“I believe that Kambi, more than anyone else in the market, has what it takes to be the world’s number one sportsbook provider in today’s increasingly regulated and competitive landscape,” Nylén added.
Turning to expenses for the half, operating costs were 27.3% higher at €50.7m, leaving an operating profit of €35.3m, up by 908.6% year-on-year. Earnings before interest, tax, depreciation and amortisation (EBITDA) also jumped 281.5% to €45.4m in H1.
Profit before tax hiked 993.8% to €35.0m and after paying €6.5m in income tax, Kambi ended the half with a profit of €28.4m, up 1,570.6% year-on-year.
“We have a leading product, a fantastic network of partners and talented and passionate staff. Meanwhile, our success in recent years provides us with a strong balance sheet, giving us the ability to expand when and where needed, expedite our global growth plans, and create further shareholder value,” concluded Nylén.
Source: GMB / iGB
