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Kambi Group plc Publishes Q4 Report 2023 and Provides Guidance on Revenue for the Full Year 2024

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“I am pleased with the strategic progress we made throughout 2023 as we continue to build a strong foundation for growth over the coming years,” the co-founder and Chief Executive Officer for Kambi Group plc, Kristian Nylen, said.

Financial summary:

  • Revenue amounted to €44.3 (Q4 2022: 57.8) million for the fourth quarter of 2023 and €173.3 (2022: 166) million for the period January to December of 2023
  • Operating profit (EBIT excluding Items affecting comparability) for the fourth quarter of 2023 was €7.2 (18.7) million at a margin of 16.1% (32.3%) and €20.0 (34.8) million at a margin of 11.5% (20.9%) for the period January to December of 2023
  • EBITA (acq)* for the fourth quarter of 2023 was €8.5 (20.5) million at a margin of 19.2% (35.4%) and €25.2 (37.6) million at a margin of 14.6% (22.7%) for the period January to December of 2023
  • Cash flow (excluding working capital and M&A) amounted to €5.5 (17.9) million for the fourth quarter of 2023 and €15.0 (25.2) million for the period January to December of 2023
  • Earnings per share for the fourth quarter of 2023 were €0.182 (0.491) and €0.488 (0.861) for the period January to December of 2023
  • Kambi Group plc has decided to communicate revenue guidance for 2024. Kambi Group plc estimates revenue for the full year to be €170 to €180 million
  • Kambi Group plc announced a share repurchase programme running from December 5, 2023, to May 21, 2024, up to a total of €2.8 million
  • The 2024 AGM will be held on May 21, 2024. The board proposes that no dividend is paid out

*EBITA (acq) = Earnings before interest, taxation and amortisation on acquired intangible assets

Key highlights:

  • Underlying turnover growth of 6% when excluding the impact from Penn Entertainment’s (Penn) online migration
  • Excluding the termination fee recorded in Q4 2022, revenue of €44.3 million represented a 2% decrease for the quarter and full year 2023 revenue of €173.3 million was a 13% increase against tough comparatives including the World Cup in Q4 2022 and the Penn online migration
  • Entered into long-term sportsbook platform agreements with Svenska Spel and LiveScore Group to power their respective brands. These partnerships leverage established customer bases and revenue streams with meaningful financial impact anticipated from H2 2024
  • Secured two additional European sportsbook partnerships including a long-term deal with fast-growing Dutch online casino operator 711 and a multi-channel partnership with Bingoal to provide superior sports betting technology in Belgium and the Netherlands
  • In November, Kambi Group plc co-founder and member of the board Anders Strom became Chair of the Board, succeeding Lars Stugemo
  • In January, Kambi Group plc’s co-founder and Chief Executive Officer Kristian Nylen notified the board of his intention to step down from his current position upon the appointment of a successor

Revenue guidance for 2024:

Kambi Group plc today provides 2024 full year revenue guidance of €170 to €180 million. This full-year guidance is provided strictly on a one-off basis and Kambi Group plc does not intend to provide annual guidance for coming years.

Chief Executive Officer comment:

“The final quarter of 2023 saw Kambi Group plc conclude a year of strong strategic progress whilst navigating what remains a complex and challenging sports betting landscape. Revenue of €44.3 million in Q4 reflected a 2% year-on-year decline excluding the one-off termination fee from Penn recorded in Q4 2022, largely due to the loss of Penn’s online revenue. On a full-year basis, revenue increased 13% to €173.3 million when excluding the termination fee.

“As I look back on the year, I have two overriding takeaways, the first being I’m not satisfied with our financial performance. This performance was impacted by lower than anticipated revenue from Shape Games, smaller than expected revenue contributions from two of our largest partners and Bally’s more measured approach to marketing its sportsbook thus far. My second reflection is we made good progress in building the foundations that will ultimately lead to a much-improved financial performance in the future, giving me confidence we’re on the right path for the long-term.

“These foundations include the numerous partner signings and renewals made last year, headlined by the partnerships with Bally’s Corporation, LiveScore Group and Svenska Spel, which we expect to deliver a meaningful revenue contribution from H2 2024. We also continue to work on our modularisation capability and believe with Abios, Shape Games and now Tzeract, the positive commercial conversations we’re having with regards our strong product portfolio will increasingly bear fruit during the year ahead.

“On Shape Games, we recently took the decision to integrate it further into the business to make the most of the opportunities we see in combining the strengths of the Kambi Group plc and Shape Games UX teams. Meanwhile, another important element to financial performance is tight cost control, so it is pleasing today we can communicate a limited year-on-year cost increase for 2024. These are just some of the actions we have taken to put us in a stronger position moving forward.

“Having said that, it is important to note that challenges do continue to exist, including a slower roll-out of newly regulated sports betting markets. The outlook in certain markets has not been as promising as previously anticipated, particularly in California where 2028 now appears to be a more realistic timeline for regulation. In Brazil, we welcome the long-awaited regulation of the country’s sports betting market but are also mindful that the transition to a fully-licensed framework is unlikely before Q3 2024 and that new operators will face tough competition entering what is already a mature grey market with established sports betting brands.

“Meanwhile, in January, I communicated to the market of my intention to step down as Chief Executive Officer in 2024 and a search to find my successor is now underway. I want to emphasise that our long-term strategic direction remains unchanged and I am pleased with the milestones we achieved as a business throughout 2023. While there has indeed been a slowdown in regulatory-driven opportunities, we remain very positive about the long-term trajectory of Kambi Group plc. Our resilience, strategic progress and commitment to product excellence have set us up well for the future and, as we move forward, we do so with great optimism for the journey ahead.”

Update from the Chair:

Anders Strom, who was appointed Chair of the Board in November of 2023, provides the following update on appointing a successor to Kristian Nylen:

“Following the announcement regarding our Chief Executive Officer in January of 2024, the board of Kambi Group plc has initiated the process of seeking a successor. The search is progressing according to plan, with the aim to finalise an appointment prior to the summer period. In the meantime, the company’s progress towards its long-term strategic objectives remains uninterrupted.”

You are invited to participate in a web presentation at 10.45 CET with Kambi Group plc’s Chief Executive Officer, Kristian Nylen, and Chief Financial Officer, David Kenyon. The presentation will be held in English and can be accessed using the link below. After the presentation there will be the opportunity to ask questions.

Please see details in the link below:

https:// FinancialHearings. com/event/46435

Link to the webcast:

https:// IR.FinancialHearings. com/Kambi-Group-q4-report-2023

Dial-in number to the teleconference will be received by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference: https:// Conference.FinancialHearings. com/teleconference/?id=50046435.

Link to report page: https:// www. Kambi. com/investors/financial-reports-and-presentations/

Balkans

Making a Bang in Bulgaria! Hacksaw Gaming goes live with Alphawin

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Making a Bang in Bulgaria! Hacksaw Gaming goes live with Alphawin
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Hacksaw Gaming and the swiftly up and coming Alphawin solidify their new partnership with the launch of 12 of Hacksaw’s top picks on their site.

As of the 10th of April, Alphawin’s players will be able to enjoy the likes of Chaos Crew, Wanted Dead or a Wild, RIP City and many others. Set to be a hit amongst Alphawin users in Bulgaria, we are anticipating the launch of even more of our fan favourite games in the near future. In a market that has been dominated by local well-known brands for a while, we look forward to seeing how Hacksaw games make waves with Alphawin’s players.

Founded in 2007, Alphabet Gaming now has a sizable network of over 10 land-based casinos and has easily been named one of the region’s industry leaders with its growth. Moving and adapting with the evolution of online gaming, they established Alphawin in 2021. They currently boast one of the largest online casino portfolios in the region, featuring 27 slots and 6 live casino providers. With hopes to add more before the close of 2024, the future is looking like a bright one for Alphawin.

“We are very excited to start our partnership with Hacksaw Gaming.” Alphawin’s spokesperson stated that “the company offers an innovative and unique take on the concept of casino gaming and is an excellent fit for us!”

Set for star positioning, Hacksaw Gaming’s games will see the spotlight in the initial launch with banners, targeted ads and top lobby positions. CEO Marcus Cordes shares Alphawin’s positive outlook on the partnership – “Another strong collaboration under our belts! We’re absolutely sure that the avid Alphawin players will enjoy our artistic visuals and enticing bonus features of our most loved games. With of course plans to expand the Hacksaw portfolio in the future”

As both parties broaden their horizons and look onwards, what do we foresee? Well, we see Hacksaw Gaming and Alphawin, a truly prime pairing.

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Compliance Updates

IOC and UEFA host joint betting integrity workshop

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© IOC/Greg Martin
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Sports betting entities and international federations joined UEFA and the International Olympic Committee (IOC) on 11 April for a full-day workshop focused on how sport and the sports betting industry can work together to fight match-fixing. Co-organised by the IOC and UEFA, and held at Olympic House in Lausanne, the workshop explored opportunities for cross-sector collaboration with a focus on integrity exchange in support of the upcoming Olympic Games Paris 2024 and the UEFA Euro 2024.

The workshop kicked off with presentations by the Olympic Movement Unit on the Prevention of the Manipulation of Competitions (OM Unit PMC) and UEFA’s Anti-Match-Fixing Unit, exploring each team’s strategy for combatting match-fixing, engaging with the sports betting industry, and detecting and investigating potentially fraudulent betting activity.

UEFA promotes integrity through dedicated education, prevention, and awareness raising programmes and by detecting, investigating, and sanctioning match-fixing. Collaboration with stakeholders within football, particularly the network of integrity officers who work for UEFA’s 55 member associations, as well as the wider sports community is vital to this work.

UEFA upholds the integrity of all UEFA competitions via tailored, competition-specific integrity measures. Building on the integrity success of previous UEFA competitions, UEFA’s approach for EURO 2024 will feature close collaboration with host and participating nation stakeholders, public authorities, and sports betting entities as well as real-time betting market monitoring. Our secure UEFA integrity website will allow players, referees, officials, and members of the public to report suspected cases of match-fixing confidentially and anonymously. During the workshop, UEFA shared its competition risk assessment and mitigation strategy and explained the escalation, triage, and assessment approach for any potential integrity concerns.

“Sport alone cannot eradicate match-fixing. We must work together – raising awareness, sharing information, ensuring robust prevention and detection systems are in place – to protect sport and athletes. During the UEFA EURO 2024, our Germany-based staff (supported by the entire Anti-Match-Fixing Unit based in Nyon) will work hand-in-hand with betting integrity entities, betting operators and regulators, public authorities, and the national associations.” Vincent Ven, Head of Anti-Match-Fixing at UEFA

“The main objective is to ensure robust 24/7 monitoring of the competition in compliment to our dedicated prevention and education programme for all participating athletes and officials. UEFA’s multi-stakeholder Anti-Match-Fixing Assessment Group will manage pre and in-competition monitoring, ensuring that UEFA can immediately review and address any potential integrity threats to the tournament.”, Ven added.

“Collaboration is essential. During the upcoming Olympic Games in Paris, we will work together with a series of betting operators, associations and major betting regulatory authorities to exchange relevant information about irregular betting patterns or suspicious betting activities detected that might imply competition manipulation.” Friedrich Martens, Head of the OM Unit PMC

Panel discussions with several sport governing bodies and betting integrity entities provided insight into best practices, trends, and success stories from each sector’s perspective, whilst two betting operators took the floor to share examples of recent fruitful cooperation with UEFA and the IOC on prevention and investigations.

The afternoon featured frank discussion regarding how to enhance cooperation between sport and sports betting entities, recent trends in sports betting and their potential impact on sport integrity, and how to improve information sharing in support of match-fixing detection and investigation.

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Gaming

Sortium Revolutionizing Video Game Development with Groundbreaking AI Tools Launch and $4 Million+ Funding Round

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In a significant leap forward for the gaming and entertainment sectors, Sortium, a leader in the wave of generative AI within gaming, has launched innovative AI tools for artists and game developers, marking a new era of creativity and efficiency. These tools, leveraging the Polkadot infrastructure, are set to transform the gaming industry by enhancing the creative process, streamlining production workflows, and producing high-quality user-generated content.

This transformative step is supported by a successful funding round Sortium just closed, surpassing $4 million. The round was led by industry stalwarts such as Signum Growth, with significant contributions from a diverse array of investors, including Cathie Wood’s ARK Investment Management LLC, IDG Blockchain, IVC Fund, Polygon, and 1881 S Group AG. This wide-ranging support underscores the industry’s confidence in Sortium’s potential to revolutionize 3D video game design and entertainment production.

Sortium’s AI tools integrate seamlessly into existing game production ecosystems, automating challenging content creation tasks. This innovation enables studios to significantly speed up production times and reduce costs, allowing them to focus more on innovation and design while empowering users across any system to design their own characters, thereby opening new creative freedoms and revenue streams for developers and individual creators alike. Sortium’s team, with deep expertise in game development, AI, and IP rights management, ensures the smooth adoption of this technology.

According to Angela Dalton, CEO & Founder of Signum Growth, “The Sortium team’s technical capabilities are impressive. Perhaps even more importantly, they possess deep expertise, relationships and understanding across the traditional gaming industry. Generative AI is in its broader market experimentation phase, leading many to ignore IP rights in the spirit of progress and innovation. Sortium’s believes that IP rights will ultimately matter – baking them into the technology at the outset, and respecting artists’ work, are core tenets of the company that we fully support.”

Building on this foundation of technical excellence and ethical commitment, Sortium’s innovations also translate into tangible benefits for the gaming community.

“Sortium is leading the frontier of AI in gaming and creative applications. Sortium gives creatives unparalleled freedom in leading gaming environments like Unreal,” said Lex Avellino, Founder & CCO at Passage, one of Sortium’s partners. “The team is breaking technical barriers, and it adds a huge value for our consumer audiences who want to take advantage of the latest virtual tech but need to act with speed and simplicity.”

Sortium is actively forming partnerships with major intellectual properties and leading gaming platforms. A recent major collaboration with Bit Brawl, a game utilizing Sortium technology to deliver live content to over 5,000 users, showcases the versatile application of Sortium’s tools across various gaming environments. Its technology’s wide compatibility with leading development platforms ensures extensive adoption potential and effortless integration into professional industry practices. Sortium’s enterprise solutions, such as the LiveOps API, aim to enhance gaming experiences and enable continuous creativity through endless, tailored content generation.

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