Sports betting technology firm Kambi has posted its Q2 and H1 financial update this week, citing strong financial results driven by the European Football Championship which helped offset a seasonal lull in US sporting action.
Revenue amounted to $50.4m (Q2 2020: $17.4m) for the second quarter of 2021 and $101.2m (H1 2020: $50.3m) for the first half of 2021, an increase of 102%. Operating revenue (EBIT) for the second quarter of 2021 was $19.5m (-$4m), at a margin of 38.8% (-22.7%), and $41.5m ($4.1m), at a margin of 41.0% (8.2%) for the first half of 2021
Updating investors, the firm drew attention to its further expanded US presence, supporting Churchill Downs Incorporated, Penn National Gaming and Kindred with sports betting launches in four states. It also highlighted its extended footprint in growing South American sports betting market, powering the launch of Olimpo.bet in Peru ahead of a wider roll-out
CEO Kristian Nylén commented: “I’m delighted to say Kambi’s positive momentum continued into the second quarter of the year, with strong financial results driven by the UEFA European Football Championship, compensating for a lack of NFL and college sports in the US.
“In the context of the seasonal US sporting calendar, Kambi was still able to post strong Q2 results, with revenue of €42.8m ($50.4m), an operator turnover index of 911 and an operator trading margin of 9.3%, completing a highly encouraging half-year.
“In terms of global opportunities and our addressable market, there was positive news from Canada with the repeal of its ban on single wagers, in turn handing provinces the ability to offer a much more liberalized form of regulated sports betting.
“We’re pleased to see provinces picking up the baton and making strides towards new licensing frameworks. Ontario, the country’s largest province with a population of approximately 15 million, could be the first to go live by the end of the year.
“Meanwhile, our success in recent years provides us with a strong balance sheet, giving us the ability to expand when and where needed, expedite our global growth plans, and create further shareholder value.”