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Stockholm-listed sports betting technology supplier Kambi Group Sports has reported a 25.3% year-on-year increase in revenue for the first six months of 2019, with the business boosted by its customers launching in Pennsylvania’s online wagering market.
A significant portion of CEO Kristian Nylén’s update was focused on the firm’s activities and accomplishments in the US sports betting sector. He commented:” It was during Q2 last year that the US Supreme Court decided to repeal the country’s federal sports betting ban, a judgment I said at the time would create significant business opportunities for Kambi. Looking back over the past 12 months, I’m proud to say we’ve built a robust US-facing business with a fantastic portfolio of partners, and I continue to have great confidence in our future prospects.”
Revenue grew to €42.6m, aided by a trio of launches in the regulated Pennsylvania market in the three months ended June 30, 2019. Meanwhile, the group’s profit after tax dropped slightly from €1.7m down to €1.6m for Q2. One of the factors was personnel expenses rising 32.8 per cent to €16.9m, with the supplier’s headcount increasing to 771 full-time employees.
During Q2, the sports betting platform and systems provider strengthened partnerships with both the Bulgarian National Lottery, supporting its launch in the Moldovan market, and the Rank Group. Earlier in the month, Rank extended its current sportsbook technology and systems agreement with Kambi to cover sports betting provisions for its Spanish market Enracha brand.
The company also struck a long-term supply agreement with igaming startup BetWarrior, which aims to launch in Latin American and European markets. A roll-out is expected before the end of 2019.
