Sports betting technology provider Kambi Group Plc. continued its winning streak in the first three months of 2018 after closing 2017 with record quarterly revenue.
In a regulatory filing, the Stockholm-listed Kambi announced that its revenue climbed 15 percent to €16.4 million (US$20 million) in the three months ending March 31, compared with €14.2 million ($17.29 million) recorded in the previous year period.
Kambi’s Q1 operating profit grew 42 percent year-on-year to €2 million ($2.44 million) while profits after tax were €1.5 million ($1.83 million), an increase of 36% from €1.1 million in the same period in 2017.
The solid first quarter revenue was credited to a better-than-average sports margin of 7.9 percent and new customer wins, according to Kambi executive Kristian Nylén.
“Kambi kicked off the year in positive fashion with Q1 2018 delivering double-digit revenue growth, a strategic investment in a virtual sports company and the signing of a new customer,” Nylén said in a statement. “In addition, since the end of the quarter, we added another operator to the Kambi network, stretching our run of new customer wins to an impressive 10 consecutive quarters.”
Looking ahead, Kambi said that it made several deals that will help prepare the group for the upcoming FIFA World Cup 2018 and the possible opening of the U.S. sports betting market.
Kambi signed gamification-led operator Casumo as its 16th customer in March, while making a strategic investment in virtual sports developer and supplier Virtus Sports in February.
Kambi also signed a multi-channel deal with Stanleybet Romania, one of the most recognized sports betting brands in the regulated Romanian market, according to the group. The Nordic gambling firm noted that the deal will see the migration of Stanleybet’s online players to their platform.
“With a World Cup around the corner and preparations for the potential opening of a US market progressing well, the levels of excitement and optimism at Kambi continue to grow,” Nylén said.
