Sportsbook supplier Kambi has reported a record quarter, with year-on-year operator turnover growth of 31 per cent and revenues up 39 per cent in the same period.
Announcing the Q3 2018 results while also confirming the gaining of a licence in West Virginia, while Kambi’s focus remains very much on the US, even without those customers operator growth still grew by more than 25 per cent.
For the first time, Q3 turnover exceeded turnover from Q2, in a year containing the FIFA World Cup.
Figures from the Division of Gaming Enforcement showed that Kambi had an online market share of more than 70 per cent in New Jersey, with three of eight online books powered by the Stockholm-listed supplier.
Kambi is also in talks with Greenwood Gaming and Entertainment regarding the provision of multi-channel sportsbook to its Parx Casino and South Philadelphia Turf Club.
Kambi’s revenue amounted to €20.5m (14.8m) for the third quarter of 2018, and €54.5m (43.1m) for the period January to September 2018. Operating profit for the third quarter of 2018 was €4.2m (1.1m), with a margin of 20.3 per cent (7.2 per cent), and €8.5m (2.7m) for the period January to September 2018, with a margin of 15.7 per cent (6.3 per cent)
Profit after tax was €3.3m (0.8m) for the third quarter of 2018, and €6.5m (2.0m) for the period January to September 2018.
Kambi’s CEO Kristian Nylén said: “It’s been a fantastic start in the US for Kambi, which I believe reflects an enthusiasm for the high-quality Sportsbook experiences we offer, which we hope to bring to players in additional states shortly. I’ve recently returned from a major gaming exhibition in the US where, following our early success in New Jersey, the interest in Kambi was at an unprecedented level. It is for this reason we plan to continue to invest in areas such as talent, technology and licensing so we can maximise the opportunity presented by the gradual state-by-state roll-out of regulated sports betting across the country.
“While the US is very much the main strategic focus, we continue to grow strongly throughout the network and across multiple markets. Customers old and new are benefiting from the Kambi Sportsbook, enabling them to attain or vie for market leadership. “Meanwhile, in Q3 we strengthened the network further with three European-based customers – ATG, Global Gaming and Latvijas Loto – bringing us to seven new customer signings for the year.
“With our existing business as strong as it ever has been, and Kambi establishing itself as the pre- eminent sports betting supplier in the developing US market, these are certainly exciting times for all involved with the business.”
