Sports betting technology supplier Kambi Group more than doubled its profits in the first quarter of 2020 but the profit party could be brought to an early end by the COVID-19 pandemic.

Figures released Friday show Kambi generated revenue of €27.9m in the three months ending March 31, a nearly one-third rise over the same period last year. Operating profit shot up 162.2% to €6.8m as margins doubled to 24.5% and after-tax profits more than doubled to €4.8m.

Kambi credited the gains to its sportsbook clients enjoying a 27% rise in betting turnover and enjoying high margins on football, particularly in England and Spain, as well as client launches in three additional US states – Illinois, Michigan and Mississippi – giving Kambi a presence in 10 US states.

Obviously, things have gone to hell since mid-March, when the pandemic effectively halted all mainstream sports events, and while operators’ Q1 turnover may have jumped year-on-year, turnover was down nearly 10% from Q4 2019. The final 19 days of Q1 showed operator turnover falling by as much as 75% from previous weeks.