Powered by a strong performance in the just completed UEFA Euro 2020 Football Championship, Sweden’s Kambi Group Plc–a leading B2B provider of sports betting services to licensed B2C gaming operators–has played a dazzling financial first half this year.
The Nasdaq Stockholm-listed company, headquartered in Malta, has reported a near 200 per cent increase in revenue for Q2 of €42.8 million (£36.59m/US$50.48m), making its total revenue for H1 €86 million (£73.53m/US$101.43m) – a year-on-year increase of 102 per cent.
Results after tax amounted to €13.4 million (£11.45m/US$15.80m) for the second quarter and €28.4 million for H1 (£24.28m/US33.49m).
Forged in 2010, under the leadership of CEO Kristian Nylén, this year Kambi has expanded its US footprint by supplying industry-leading solutions to Churchill Downs Incorporated, Penn National Gaming and Kindred, among others, with sports betting launches in four states.
It has also bolstered its footprint in the growing South American sports betting market by powering the launch of Olimpo.bet in Peru, with more tie-ins on the game card.
“I’m delighted to say Kambi’s positive momentum continued into the second quarter of the year, with strong financial results driven by the UEFA European Football Championship, compensating for a lack of NFL and college sports in the US,” commented CEO Nylén.
“I believe that Kambi–more than anyone else in the market–has what it takes to be the world’s number one sportsbook provider in today’s increasingly regulated and competitive landscape.
“In terms of global opportunities and our addressable market, there was [also] positive news from Canada with the repeal of its ban on single wagers, in turn, handing provinces the ability to offer a much more liberalised form of regulated sports betting,” Nylén added.
Kambi currently employs more than 900 staff in Malta, Australia, The Philippines, Romania, Sweden, the UK and the United States.
On results like these, it’s a number that’s only set to grow.