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Kambi Group plc Q2 Report 2022

Financial summary

  • Revenue amounted to €34.7 (Q2 2021: 42.8) million for the second quarter of 2022 and €71.5 (H1 2021: 86.0) million for the first half of 2022
  • Operating profit (EBIT) for the second quarter of 2022 was €4.9 (16.6) million, at a margin of 14.1% (38.8%), and €12.2 (35.3) million, at a margin of 17.1% (41.0%) for the first half of 2022
  • Earnings per share for the second quarter of 2022 were €0.109 (0.432) and €0.286 (0.919) for the first half of 2022
  • Cash flow amounted to €0.1 (11.4) million for the second quarter of 2022 and €5.6 (28.0) million for the first half of 2022

Key highlights

  • Operator turnover increased by 16%, when adjusting for the migration of DraftKings, leading to revenue of €34.7 million
  • Strong financial performance against demanding 2021 comparatives, with numerous headwinds including the Netherlands impact, the seasonality effect of the quiet sporting calendar and the DraftKings migration
  • Expanded partner network following an online agreement with Mohegan Gaming & Entertainment and its Fallsview Casino brand in Ontario, Canada
  • Signed an extended deal with Greenwood Gaming and Entertainment, which owns US multi-state operator betPARX
  • Continued expansion across North America including going live on day one in Canada and launches in the United States and Mexico
  • Completed phase one of pricing separation from platform, key to enabling the provision of modularised trading services while delivering greater differentiation capabilities

“In Q2, Kambi delivered another positive quarter with underlying growth remaining healthy and operator turnover up 16% when adjusting for the migration of DraftKings. This performance was achieved despite a quieter than usual sporting calendar, particularly with the soccer World Cup taking place later in the year, outside its usual Q2 starting slot. We also signed a partnership with Mohegan Gaming & Entertainment, launched in Canada and Mexico, and announced an extension to our contract with US multi-state operator betPARX, all while making significant strategic progress.

Behind the scenes we have been working tirelessly on executing on our product strategy. Kambi’s Bet Builder offering is a good example of what we can achieve in this regard having taken a leading position in bet combinability, now a must-have for any high-quality sportsbook. As such, I was delighted to see our Bet Builder product receive the recognition it deserves during Q2 when it won the Innovation in Sports Betting Software award at the EGR B2B Awards, along with Kambi being recognised as the best B2B sportsbook provider once more.

However, we have only scratched the surface of what is possible and our product roadmap looks exciting as we continue to raise the bar in sports technology provision. Integral to our product and wider company strategy is our commitment to opening up our platform and modularising our service, enabling Kambi to increase its total addressable market. Not only will this enable us to develop new and exciting products at greater speed, therefore ensuring Kambi’s turnkey offering remains at the cutting edge, but it will also create additional revenue streams as we make available market-leading modules as a standalone service to operators outside of the network.

In Q2, we hit an important milestone on this modularisation journey. As we communicated in the previous quarter, we have been focused on separating pricing functionality from our core platform and in recent weeks we were pleased to soft launch our first standalone pricing functionality for a limited number of low-tier soccer leagues. This functionality leverages Kambi’s recently developed Trading Gateway, serving the Kambi platform as well as potentially operators outside the Kambi network, and presents partners with an opportunity to take even more control of their offering should they wish.

This is an exciting time for Kambi. The product journey we are on today along with our healthy balance sheet and positive underlying financial performance means we are on a strong footing for the future. We were delighted to see Kindred relaunch in the Netherlands recently and with more product launches, partner signings and a World Cup to come, I look forward to an even greater second half of the year.”

You are invited to participate in a web presentation at 10.45 CEST with Kambi Group plc’s CEO Kristian Nylén and CFO David Kenyon. The presentation will be held in English and can be accessed using the link below. After the presentation there will be the opportunity to ask questions.

Please see details in the link below:

Numbers for participation in the telephone conference:

SE: + 46 8 505 163 86

UK: + 44 20 3198 4884

US: + 1 412 317 6300

PIN Code: 6861926#

Link to the webcast:
Link to report page:

Kambi Group plc contacts:

Kristian Nylén, Chief Executive Officer

David Kenyon, Chief Financial Officer

Mia Nordlander, SVP Investor Relations

Chris Stutzman, Investor Relations Analyst

For further information, please contact:

Mia Nordlander
SVP Investor Relations
Mobile: +44 (0) 7850 910 933
Office: +44 203 318 6279

Chris Stutzman
Investor Relations Analyst
Office: +1 302 603 5137

About Kambi

Kambi is a provider of premium sports betting services to licensed B2C gaming operators. Our services encompass a broad offering from front-end user interface through to odds compiling, customer intelligence and risk management, built on an in-house developed software platform. Kambi’s 40-plus customers include ATG, Churchill Downs Incorporated, Kindred Group, LeoVegas, Penn National Gaming and Rush Street Interactive. Kambi employs more than 1,000 staff across offices in Malta (headquarters), Australia, Philippines, Romania, Sweden, the UK and the United States.

Kambi utilises a best of breed security approach and is ISO 27001 and eCOGRA certified. Kambi Group plc is listed on Nasdaq First North Growth Market under the symbol "KAMBI".

The Company's Certified Advisor is Redeye AB.
Tel: +46 (0) 8 121 576 90

This information is information that Kambi Group plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-07-27 07:45 CEST.


Kambi Group Plc Q2 Report 2022

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