In-play growth sees Kambi Q1 revenues rise 29%
Expansion of in-running product boosts customer turnover by 47% as supplier readies Italy launch
Sportsbook supplier Kambi posted a 29% year-on-year increase in Q1 revenues this morning after an expansion of its in-play portfolio led to strong growth in turnover.
Total revenues for the three months ended 31 March were 10m compared to 7.7m during Q1 2014, while operating profit was 0.8m, an improvement on the 0.1m loss reported last year.
The increase came on the back of a 47% pick-up in customer turnover, which Kambi attributed to a significant increase in the number of live events offered, with UK-facing customers said to have enjoyed the most growth.
The supplier said the UK market now formed “a much more important part” of Kambi’s business with the recent Cheltenham Festival said to have made a material impact on turnover.
Kambi, which provides fully managed sportsbook services to the likes of Unibet, 888, Paf and 32Red, said the increase in turnover, which was up 19% sequentially, justified recent investments made into improving its product.
Kristian Nylén, Kambi CEO, said the results were evidence of “very strong growth” with the company now focused on increasing its client roster and readying its entry into the regulated Italian market.
“We are positive about regulatory changes in the Italian market and the opportunities they give us, as we prepare the launch of a premium offering compliant with the new regulation,” Nylén said.
“We continue to strengthen our sales team and are in a number of ongoing discussions with potential customers,” he added.
Earlier this month Kambi received its supplier licence from the British Gambling Commission while it also extended its contract with long-term customer Paf.
Stockholm-listed Kambi’s share price had fallen almost 3% to SEK76 after early morning trading.