Kambi Group PLC has entered a strategic mobile sportsbook partnership with Mohegan Gaming & Entertainment. With this development, Kambi will provide its mobile betting solutions to the Fallsview Casino establishment, located in Ontario, Canada. Ontario’s online gambling market launched on April 4.
Fallsview Casino Is the Largest Casino Resort in Ontario
Kambi will be able to strengthen its presence in North America. It is currently active in 17 states in the US and thanks to the agreement with Mohegan, it will offer its solutions in the largest casino resort in Ontario.
The president of Mohegan Digital, Rich Roberts shared a few words on the development and said that this will be MGE’s first online mobile gambling product outside of the US and hence, the company is looking forward to the opportunities that lie ahead.
He went on to say that the current times are “exciting for the mobile gaming industry” and as sports betting continues to thrive, MGE is happy that Kambi will play a crucial role in launching the PlayFallsview mobile sportsbook.
On the other hand, the chief executive and co-founder of Kambi, Kristian Nylén, underlined the massive potential that lies in the Canadian market, especially Ontario as it is the biggest province in the country.
Nylén added that he’s looking forward to providing Ontario players with a unique experience and watching the combination between Kambi’s sportsbook and Fallsview’s brand grow and capture its market share.
Kambi’s Q1 Report Shows Decrease in Revenue
Last week, Kambi released its report for Q1 of 2022 and the company confirmed that its revenue has dropped by 15% compared to Q1 in 2021. According to the numbers, Kambi’s revenue reached $39.3 million, operating profit was $7.7 million and profit tax was $5.7 million.
Earnings per share have dropped by a staggering 63%. The results are likely disappointing due to the migration of Kambi’s ex-partner, DraftKings. The good news here is that the turnover was 25% during the adjustment, meaning that the business is still strong.
Nylén labeled the first three months of 2022 a “busy period” as the company was too focused on renewing deals and signing new agreements. However, he noted that he’s not too bothered with the results and confirmed that the company is still strong. Nylén took a minute to share a few words on the exit of the Dutch market, after which, the company had 30% revenue drop.
He concluded by saying that the “scale of the Kambi network” is never been more diverse and according to him, the company has just scratched the surface. That is why he remained optimistic about the future and saluted the fact that Kambi surpassed the milestone of 40 partners.