Kambi closing out 2020 in ‘great shape’ as betting bounces back

Sports betting technology provider Kambi Group set a record-setting pace in the third quarter of 2020 on US expansion efforts and the resumption of major league play.

Figures released Friday by the Stockholm-listed Kambi show the company generated revenue of €28.1m in the three months ending September 30, up 22% from the same period last year. Operating profit nearly doubled to €6.5m as margins gained 8.4 points to 23.3% and after-tax profits shot up 122% to €5.1m.

Kambi’s good fortune came as major leagues returned to action following their pandemic-related suspension this spring. This resulted in betting turnover at Kambi clients rising 62% year-on-year to €669m, easily outpacing the previous high of €560m in Q4 2019. Kambi CEO Kristian Nylén said the difference between Q3 and Q2 2020 “couldn’t have been starker,” with September accounting for 43% of Q3’s total.

Kambi boasted 17 launches (three online, 14 land-based) during Q3, including Penn National Gaming’s hotly anticipated debut of its Barstool Sportsbook app in Pennsylvania in September. Kambi also signed a major new client in Churchill Downs Inc’s BetAmerica brand, while inking a long-term extension with existing partner LeoVegas.