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Kambi Group plc Q3 Report 2021

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Kambi Group plc signs long-term sportsbook platform and front end agreement with Svenska Spel Sport & Casino
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Financial summary

  • Revenue amounted to €41.6 (Q3 2020: 28.1) million for the third quarter of 2021 and €127.5 (2020: 70.8) million for the period January to September, an increase of 48% and 80% respectively
  • Operating profit (EBIT) for the third quarter of 2021 was €14.7 (6.5) million, at a margin of 35.4% (23.3%), and €50.0 (10.0) million, at a margin of 39.2% (14.2%) for the period January to September
  • Profit after tax amounted to €11.9 (5.1) million for the third quarter of 2021 and €40.3 (6.8) million for the period January to September
  • Earnings per share for the third quarter of 2021 were €0.384 (0.164) and €1.302 (0.220) for the period January to September
  • Cash flow from operating and investing activities (excluding working capital movements and acquisitions) amounted to €11.9 (6.9) million for the third quarter of 2021 and €39.9 (8.2) million for the period January to September

Key highlights

  • Group revenue of €41.6 million, a 48% year-on-year increase, taking revenue for the first nine months of the year to €127.5 million, eclipsing the total for the whole of 2020
  • Acquired esports data and odds provider Abios, strengthening Kambi’s technology capability and transforming Kambi into a leading supplier of esports products and services
  • Expanded partner network with signings of Island Luck in The Bahamas and BetCity in the Netherlands
  • Continued expansion with on average one partner launch per week, including going live online on day one in Arizona, the 15th state in which Kambi has launched

“I’m pleased to report another excellent quarter for Kambi, with strong financial results against tough 2020 comparables, which is a testament to our robust business model and the hard work of our staff across the world. Kambi Q3 revenue was up 48% year-on-year, operating margin was once again strong at 35% and we continue to be highly cash generative. Excluding DraftKings, operator turnover was up 10% year-on-year, highlighting the underlying growth in the business.

We had a strong start to the new NFL season, which kicked off on 9 September, with our platform outperforming the competition and our market-leading Bet Builder product engaging a large number of bettors and returning higher average operator trading margin. Furthermore, revenue in Q3 was boosted by our continued US expansion, including day one launches in Arizona, the 15th state in which Kambi has launched. In total, Kambi completed approximately one launch per week on average throughout the quarter.

As we saw in Q3, M&A remains an ongoing trend in this industry, with the number of transactions featuring sports betting and gaming assets on the rise due to a growing appetite to invest in companies with highly sought-after technology. This illustrates the inherent value in proven businesses and supports a strong belief in future growth prospects in regulated markets across the world.

On the subject of M&A, I was delighted to announce our acquisition of esports data and odds provider Abios during the quarter. We believe Abios is a great fit for Kambi, and its technology and expertise will enable us to create a first-class esports product that will diversify our revenue streams by capitalising on the opportunities presented by this fast-growing vertical. The acquisition is also in line with our longer-term strategy to further modularise our platform and, with a strong balance sheet, we remain in a good position to explore additional acquisition opportunities in the future.

As ever, Kambi is committed to creating the world’s leading sportsbook and we have spent more than a decade focused exclusively on the sports betting vertical, developing a core product that is near impossible to replicate. Whether it’s our ability to offer a great betting experience, being ahead of the curve in terms of regulation and compliance or having a wealth of network data at hand to effectively power the engine, Kambi has both the technology and expertise in place to deliver long-term success for our partners.

Of course, during the quarter we learned of Penn National Gaming’s decision to acquire theScore, a Canadian sports media company which owns a player account management system and plans to develop its own sportsbook. It’s incredibly difficult, as well as costly, to build, maintain, and continue to develop a first-class sportsbook, as we’ve seen with unsuccessful efforts of others in the past. In the meantime, we’ll continue to support their growth with our fantastic platform and service we have built over many years, which remains very much of interest to our growing list of prospective partners.

In summary, we’ve performed well, and the future looks bright. We currently have a sales pipeline as strong and varied as I’ve known it. As the global trend of regulation continues, we are in a great position to capitalise on future opportunities as and when they arise, and we have announced the implementation of a share buyback scheme.

Many of us at Kambi have been in this industry for more than two decades, during which time we’ve seen the sports betting market change markedly. This change is reflected in the evolution of Kambi, where we have built a business that thrives in regulated market conditions, grown to become a global leader, and partnered with major brands across the globe, many entering the space for the first time. This experience means we know what it takes to succeed and I am therefore excited by what the coming years hold for Kambi.”

eSports

Mortal cements his name as face of Indian gaming, wins ‘Content Creator of the Year’ at global Esports Awards 2024

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Naman Mathur, popularly known as Mortal, has added another feather to his illustrious cap by winning the coveted ‘Content Creator of the Year’ award at the Global Esports Awards 2024 Part 2 in Los Angeles on Friday. The grand ceremony saw Mortal triumph over globally renowned gamers like Tarik Celik, Ibai Llanos Garatea, and Marc ‘Caedrel’ Lamont, solidifying his stature as India’s biggest gamer.

Mortal’s groundbreaking victory marks a significant milestone not only in his personal journey but also for the Indian gaming community at large. The 27-year-old’s illustrious gaming career boasts numerous accolades, including championship titles in BMPS Season 1 (2022) and the PUBG Mobile Club Open (2019) as an esports athlete. He has amassed over 7 million subscribers on YouTube and more than 5.3 million followers on Instagram through his distinctive and impactful content, making him one of India’s most influential gaming personalities.

Speaking on this remarkable achievement, Naman Mathur aka Mortal, Co-founder, S8UL Esports, stated, “Winning this award is an incredible moment of pride, not just for me but for the entire Indian gaming and esports community. My journey began with a simple passion for gaming, and seeing that passion resonate with millions of people is truly humbling. I hope this achievement inspires more young gamers to chase their dreams and believe that they too can earn global recognition through dedication and hard work. I am deeply grateful to S8UL for being the backbone of my journey. This success is not mine alone- it belongs to every fan, every teammate, and every supporter who believed in me and in the potential of Indian esports.”

This was Mortal’s sixth consecutive nomination at the prestigious awards, a feat achieved by no other Indian gamer. Having been nominated for various categories over the years such as ‘Esports Mobile Player of the Year’, ‘Streamer of the Year’ and ‘Esports Personality of the Year’, Mortal’s victory in this edition is a testament to his immense contribution to growing the esports and gaming content ecosystem in India.

“This award holds a deeply personal meaning for me. Watching Mortal achieve this recognition feels like a shared victory- one that takes me back to where it all began. From the late nights to the sacrifices, every moment has led us here. Together, we’re not just creating history; we’re shaping the future of gaming and esports globally. A victory for him, a milestone for Indian esports!” said Animesh Agarwal aka 8Bit Thug, Co-founder, S8UL Esports.

The Esports Awards is the most prestigious night in esports, dedicated to showcasing top-tier performance and innovation from players, teams, media, hardware providers, games, events, and personalities within the scene.

“When we first started this journey, we had no idea how far it would take us, but we always knew we were in this together. Mortal has always been like a brother to me, and seeing him win this award feels like a personal achievement. For him to be honoured with this accolade today is a reflection of the countless hours, effort and heart we’ve poured into building who we are and what we stand for,” commented Lokesh ‘Goldy’ Jain, Co-founder, S8UL Esports.

Mortal’s achievement reaffirms India’s rise as a formidable force in the global esports and gaming content landscape.

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Asia

Goa Introduces an Entirely Online Lottery Platform

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In a move towards modernising India’s lottery sector, the state of Goa has introduced an entirely online lottery platform, sanctioned by the Directorate of Small Savings and Lotteries. This initiative, known as Great Goa Games, aims to bring transparency and convenience to an industry that has long grappled with allegations of mismanagement and fraud.

Ticket sales commenced Monday, with the inaugural draw set for Sunday. Rhiti Group, led by founder Arun Pandey, was granted the license to operate and market the platform. “Our mission is to democratize opportunities through technology,” Pandey stated, emphasizing the secure and user-friendly nature of the app-based system.

Goa government official Narayan Gad lauded the move as a step forward for the Indian lottery sector. “With our online lottery streamlining processes through technology, we are setting a new standard in the lottery industry,” Gad remarked. “The technology-based product will enhance transparency and ensure improved monitoring and regulation of operations.”

This development follows new rules governing online lotteries, introduced by the Goa directorate in February 2023. Currently, 13 states in India, including Goa, allow lottery games, though others have banned them due to concerns over gambling addiction and operational irregularities.

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Latest News

Catena Media Announces Board Changes

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Catena Media’s board of directors announced the appointment of Stephen Taylor-Matthews as non-executive director and the departure of Øystein Engebretsen from the board of directors.

Based in London, Stephen Taylor-Matthews is a tech entrepreneur, executive advisor and investor with over two decades of experience in online gaming, sports betting and data analytics.

He is the founder of Polynate, an AI-first company delivering next-generation sports engagement solutions, and has worked at Underdog Fantasy, GoatGaming and Betgenius in previous roles.

Stephen Taylor-Matthews commented: “Catena Media is in a transformation phase and I’m excited to be joining the board at this juncture and to contributing my industry expertise and insight.”

The appointment coincides with the departure from the board of Øystein Engebretsen, who has served as non-executive director since September 2018.

Erik Flinck, Chairman of the Board of Directors, said: “Øystein has made a valuable and important contribution to Catena Media for more than six years. I warmly thank him for his efforts and wish him well in his current and future ventures. At the same time, I am delighted to welcome Stephen Taylor-Matthews to the board. His experience and expertise will be a valuable asset for Catena Media as we move forward.”

Stephen Taylor-Matthews’ appointment will become effective once all necessary filings are made with the Malta Business Registry, and his term will run up until the end of the next annual general meeting, in accordance with the Maltese Companies Act and Catena Media’s articles of association.

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