US Expansion Drives Kambi’s 2020 Revenue Up by 28%
Betting solutions provider Kambi Group had a record 2020 with revenue increasing from €92.3 million to €117.7 million YoY due to the ongoing expansion in the US market adding market-first launches in Michigan, Illinois and Colorado.
Both Q42020 and Year to Date Figures Are on the Rise
Betting solutions provider Kambi Group saw its total revenue for the 12-month period ended 31 December 2020 reach €117.7 million (£103.2 million/$142.9 million), an increase from €92.3 million in the previous year. Kambi also posted an operating profit of €32.2 million, up by 119% compared to 2019, while profit after tax saw a 130% rise to reach €24.1 million for 2020.
While for Q4 2020, group revenue soared by 76% to €46.9 million, with operating profit surging 260% to €22.2 million. Profit after tax experienced a 275% increase to €17.3 million and operator turnover rose by 77%.
The supplier pointed out the busy sporting calendar, exceptional operator trading margin and growth in new markets as the drivers of 2020’s success.
“At the start of 2020, full year revenue of €117.7m would have been deemed a great success, so to have delivered such a performance, in spite of the sporting calendar being severely impacted for the best part of four months, speaks volumes for the business we have created, our talented people and the upward trajectory we are on.”
Kambi CEO Kristian Nylén
Nylén highlighted that despite the travel restrictions, the company has managed to add four new partners to its global network. The new agreements include the Belgium National Lottery with the relaunch of its online and retail ‘Scooore’ sportsbook, as well as Dutch JVH Gaming and Entertainment in December. Nylén added that Kambi expects to introduce a new regulatory framework in the Netherlands later this year.
Kambi Continues to Expand its Network in 2021
Since the beginning of 2021, Kambi has inked agreements with Racing and Wagering Western Australia (RWWA) and Argentinian casino operator Casino Magic. RWWA currently operates a sportsbook online and across more than 300 retail agencies. Kambi sees great potential in Argentina’s market, which is in the process of regulating sports betting by allowing local governments to decide on each jurisdiction.
During the last quarter of 2020, Kambi continued its expansion in the US by launching online in Tennessee on the first day of the market opening and also in Iowa when supporting Rush Street Interactive‘s online BetRivers launch. The operator also carried out three on-property launches in Michigan and Mississippi.
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