New market launches in the Americas push Kambi revenue up 19% in Q1

The first quarter was another busy period for sports betting provider Kambi including new market launches in the Americas, the expansion of the company’s partner network and a full sporting calendar.

In its report of the first quarter of 2023, the company highlights:

• Operator turnover and revenue growth of 12% and 19% year-on-year respectively, driven by existing partners and launches into new US states
• Partnership extensions signed with Rush Street Interactive and Corredor Empresarial S.A., two of Kambi’s most strategically important partners
• Successful Super Bowl and March Madness tournament with increased player activity alongside unblemished service delivery
• AI-driven algorithmic trading capability rolled out to major European football leagues and other key competitions leading to improved product and greater operational efficiencies

Kambi Group CEO Kristian Nylén said: “The business hit several important commercial milestones in Q1 as we continue to make significant progress with the key growth drivers detailed at our Capital Markets Day earlier this year. Among these drivers is to extend key partnerships, and I was delighted to secure renewals during the quarter with two of our largest partners in Rush Street Interactive, one of the leading operators in the Americas, and BetPlay owner Corredor Empresarial S.A. which is the market leader in Colombia with plans to expand across Latin America.”

Nylén highlighted Latin America as a region of significant long-term potential for Kambi and will become increasingly integral as it looks to extend its lead as the number one supplier across the Americas.

“Kambi already has a strong foothold in some of the region’s most established sports betting markets such as Colombia and Argentina, and recent public announcements from the Brazilian government show positive signs that regulation of sports betting in Brazil is edging nearer in what is projected to become one of the world’s largest regulated markets,” Nylén added.

He also explained: “As a result, we can now create more bet offers at a faster delivery speed than the rest of the market, as well as deliver a richer Bet Builder, leading to both a better product and greater efficiencies for the business.”

“In short, we remain steadfast in our commitment to setting a new standard for sports betting and to pioneer next generation entertainment that eliminates friction and creates new innovative betting options for operators. The road towards our long-term financial targets won’t be linear, but we are carefully putting in place the fundamentals which will enable us to accelerate as we progress. With a market-leading sportsbook that continues to remove product boundaries, a strong sales pipeline and the prospect of further regulation in key markets, I look forward to updating the market over the coming quarters,” Nylén concluded.

Source: GMB