Kambi posts maiden profit as Q2 revenues double
B2B sportsbook provider sees strong growth from World Cup and new customers as H1 revenues climb to 17.2
Kambi Sports Solutions CEO Kristian Nylén believes the supplier is on the way to becoming the “global market leader” in sports betting after H1 revenues lept 84% year-on-year.
The firm, which signed 32Red and IveriaBet as new customers in recent months, posted revenues of 17.2 for the first half of the year, up 84% on 2013.
Second quarter revenues were up 97% on last year at 9.5m driven primarily by the World Cup in June and early July which accounted for a fifth of operator turnover.
And despite posting operating profits of just 0.7m for the first six months of the year “ 0.4m in Q2 “ chief executive Nylén said heralded the “positive momentum” Kambi had achieved.
“The World Cup had a significant effect on the result and we saw new records in operator turnover and transactions,” he said.
“We continue to make our journey to become the global market leader for the provision of managed sports betting services.”
Operating costs grew from 13.6m to 15.9 in the first six months versus last year, blamed in part on a rise in full-time staff and salaries increases. Kambi now employs 343 staff in its Malta, London, Stockholm and Manila offices.
The firm, which supplies 888 with its sports betting platform, said it will focus on growing its presence in Europe and cited the soon-to-be regulated Dutch market as an opportunity to sign new clients and expand current clients’ reach.
The results are Kambi’s first as a listed company after Unibet opted to spin off its B2B arm. It began trading on Stockholm’s NASDAQ OMX First North exchange on 3 June.
Its share price was up 2% this morning to SEK46 at the time of writing, having floated at SEK29.3.