Sports betting firm Kambi has published its full year and Q4 results for the period January to December 2018, showing growth in revenue, operating profit and post-tax profit for the full 12 months, despite slips in Q4 in operating and post-tax profitability.
The headline figures are as follows with 2017 to 2018 figures bracketed. Q4 revenue amounted to $24.56m ($21.5m) for the fourth quarter of 2018, and $86.23m ($6.9m) for the period January to December 2018. Operating profit (EBIT) for the fourth quarter of 2018 was $4.75m ($5.66m), with a margin of 19.2% (26.3%), and $14.37m ($8.71m) for the period January to December 2018, with a margin of 16.7% (12.4%). Profit after tax amounted to $3.73m ($4.41m) for the fourth quarter of 2018, and $11.1m ($6.68m) for the full year.
Notably, with Kambi having been highly active in the recently legalized US sports betting market during the financial period, the firm was keen to highlight some of its major stateside wins. These included the launch of on-property sportsbooks with DraftKings in New Jersey and Rush Street Interactive‘s Rivers Casino and SugarHouse Casino in Pennsylvania. The company also firmed up a contract with Greenwood Gaming & Entertainment, owner of the largest gaming complex in Pennsylvania, Parx Casino
CEO Kristian Nylén told investors: “It gives me great pleasure to present another strong quarter for Kambi, bringing to a close what was the most successful year in our history. Thanks to the hard work of all Kambi staff, Q4 2018 produced another period of financial growth, new customer signings and regulated market entries.”
He added: “With the US market high on Kambi’s priority list, our ability to demonstrate our high-quality on-property sportsbook and prompt time-to-market leaves us well-placed moving forward, particularly considering the emphasis US operators and state regulators place on the retail channel. When also factoring in the early success we have had online in New Jersey, I’m not surprised Kambi is now seen as the leading multi-channel sports betting supplier in this burgeoning market.
“Reflecting on the year as a whole, 2018 will be remembered as one of achievement and one in which Kambi reached new heights. And although much hard work remains in front of us, the strong foundations we have put in place leave me confident Kambi can remain on this upward trajectory throughout 2019.”