Kambi Q3 Revenues of €36.7M a YoY Drop during Global Slowdown
Kambi, the provider of sports betting technology to the gaming industry, has seen revenues of €36.7 million for Q3 this year, which has dropped from €41.6 million for the same period last year. However, through partnerships and the acquisition of Shape Games, the operator turnover for the last quarter has risen by 12%.
The EBIT Operating profit in Q3 of this year was €3.9 million, down from €14.7 million for the same period last year, which shows a margin of 10.6%, dropping from 35.4%, and €16.1 million reduced from €50.0 million in 2021.
The Kambi Group says it believes the drop in revenues in the year-on-year comparison figures was mainly due to the global economic slowdown, which is expected to continue in the near future. Kambi also stated it had increased its partner network during the third quarter with the addition of ilani Casino Resort, Mohegan, Oaklawn Racing Casino Resort, and Ondiss gaming operators.
Another key event during the third quarter was the acquisition of Shape Games, the B2B provider to the gaming industry, which has a customizable front-end gaming platform. This product is aimed at start-up companies that can use this service immediately.
This fits in well with the strategy at Kambi, which is to develop a modular approach to providing a sportsbook. In the future, Kambi wants to provide a turnkey sportsbook solution that operators can easily integrate into their existing gaming products.
The third quarter is always the most challenging for the sports betting industry, given the quiet sporting calendar, and this year was no exception. It was also a quarter marked by growing global economic uncertainty and higher cost of living, trends which show little sign of subsiding any time soon. Despite this, Kambi proved its resilience once more, and I am pleased to report another busy quarter for the business with operator turnover growth of 12%.
Related: Kambi provides Sportsbook to Great Canadian Entertainment