Kambi Group’s share price was up 16.35% this morning (22 February) after the sports betting supplier reported revenue and net profit growth for the fourth quarter of its 2022 financial year.
The group said it was able to finish 2022 with a “flourish” and despite ongoing uncertainty over the global economic outlook, is in a “fantastic” position to pursue its growth goals in 2023 and beyond.
This came after supplier last month forecast its operating profit would skyrocket to €150.0m by 2027, with revenue expected to be between €300.0m and €500.0m.
Kambi’s CEO Kristian Nylén commented: “The year finished with a flourish with the business delivering across several key areas, providing the perfect springboard into 2023. Operator turnover continues to rise with Q4 turnover up 20% year-on-year and 43% sequentially, buoyed by a busy US sporting calendar.
The soccer World Cup was also an important event for us during the period. Overall, player engagement was excellent with the World Cup final the highest turnover for a soccer game in Kambi’s history.
Just days after the World Cup final, we signed a partnership agreement with Rei do Pitaco, the largest fantasy sports operator in Brazil. I have high hopes for this partnership, having seen the impact fantasy sports databases can have when transitioned to regulated sports betting. The agreement also strengthens our position in Latin America, where we have already taken the leadership position in Colombia and continue to expand in Argentina, adding a further four provinces during the quarter.
Looking back on the full year, it was one where Kambi was able to make significant strategic progress, whether it was securing partnership extensions with Kindred and Parx, the numerous new partners we signed, the leap forward in our UX capability through the acquisition of Shape Games, the continued modularisation of our service to increase our addressable market or the development of our algorithmic trading capability.
All these achievements and more saw us enter 2023 in a fantastic position, one which was quickly strengthened by the extended partnership agreement with Rush Street Interactive in January. The global economic outlook might be uncertain, but we have a proven, robust business, one which is ready to meet any challenges that lie ahead. With a clear focus on the updated strategy, we are ready to build towards the financial targets we’ve set ourselves for the coming years.”
Source: GMB
