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Kambi Group reports a lucrative first quarter

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kambi group reports a lucrative first quarter

Kambi Group reports a lucrative first quarter

Photo by Frank Busch

It’s no secret that the global legal sports betting industry is in the midst of an impressive boom, especially with the US joining the family. Listed on the Stockholm Stock Exchange, Kambi Group is a company that took full advantage of the legal sports betting gold rush and this week reported its earnings in the first quarter of 2021.

The Kambi Group is one of the best-known technology providers for sports betting worldwide. The company provides the technology and services needed by legal sports betting providers to enable them to offer scalable and high performing sports betting solutions in this era of increasing competition within the space.

Kambi has pointed out its proprietary technology and ability to successfully infiltrate the US market for its recent spike in sales. The Kambi Group currently has contracts with Rush Street Interactive, BetRivers, Penn National’s Barstool Sportsbook, Parx Casino and one of the two US DFS giants, including for their gaming technology products in the US market.

Immerse yourself in the characters

The Kambi Group reports successes for the first quarter of 2021. In a press release, the company indicated a sales increase of 55% over the previous year of USD 33.7 million in 2020. For the first time, the company announced revenue of $ 52.1 million for the first three months of this year.

Operating profit (EBIT) was $ 22.6 million for the first quarter compared to $ 8.2 million in 2020, an increase of 173%. Net income after tax for the period was $ 18.2 million. This is a huge spike in the $ 5.8 million COVID-affected profits reported at this point last year.

Reasons for the increase

The global expansion of the legal sports betting industry is obviously a big reason for Kambi’s better-than-expected first-quarter earnings. Given the state of the global betting scene last year, as the coronavirus pandemic took hold of the industry and society at large, a year-over-year increase is not surprising.

Simply put, when the sports betting calendar is full, Kambi thrives.

“That strong performance was fueled by a busy sports calendar, including the end of the NFL season and the March Madness College basketball tournament,” said CEO Kristian Nylén.

Her increasing presence in the US sports betting scene was also a big driver of Kambi’s Q1 profits. Currently, Kambi technology is used in 14 US jurisdictions, including the heavyweight states of New Jersey, Pennsylvania, and Michigan, where it has five skins.

Go forward

There is nothing but optimism for Kambi as we head into summer and what appears to be the worst of the coronavirus pandemic behind us. Expanding into new markets and strengthening current markets are goals for the company in the near future, particularly in the United States.

“Regulation in the US continues to advance. In the past few weeks and months, progress has been made in various states, particularly New York, where the state has committed to adding online sports betting to its existing retail market. As the first company to process a regulated sports betting company in New York, we are of course closely monitoring the developing situation there and look forward to publishing further details on the licensing framework in due course, ”said Kristian Nylén.

The sports menus

Sports menus are looking as full in the near future as they have been in recent years, minus the juggernaut NFL. In the US, the MLB, NBA and NHL continue to generate interest, and internationally, the upcoming Euro 2020 and Olympics are sure to create some intrigue. It is expected that Kambi and the sports betting that use their technology will benefit directly from this.

“… Our teams are currently preparing for a special summer of sport, with major events such as the delayed Euro 2020, the Copa America and the Olympic Games, as well as the return of the annual summer tournaments such as Wimbledon and The Open. In addition, a full MLB season should take place this year with a high volume of games in the summer months. As always, our partners will have a first-class offer for all sports and competitions, and as sports fans we can be very happy.

Technology providers are the cornerstone of an industry that is currently exploding around the world, especially in an ever-growing US market that is not yet legal for 50% of its population. Kambi will be part of the legal growth of sports betting not just in the US market but around the world in the future.

Source * www.sportsbookreview.com – * Source link