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Kambi Group plc Q1 Report 2024

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Financial summary

  • Revenue amounted to €43.2 (Q1 2023: 44.0) million for the first quarter of 2024
  • Operating profit (EBIT) for the first quarter of 2024 was €4.4 (4.5) million, at a margin of 10.2% (10.3%)
  • EBITA (acq)* for the first quarter of 2024 was 5.8 (5.8) million, at a margin of 13.3% (13.1%)
  • Cash flow (excluding working capital and M&A) amounted to €5.4 (3.2) million for the first quarter of 2024
  • Earnings per share for the first quarter of 2024 were €0.107 (0.107)
  • The 2024 AGM will be held on 21 May 2024. The Board proposes that no dividend is paid out.

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

Key highlights

  • AI trading division Tzeract to provide European operator kwiff with its market-leading Bet Builder product in first commercial partnership
  • Extended retail sportsbook partnership with Penn Entertainment until 31 December 2025, replacing previous agreement which was set to end July 2024
  • Launched LiveScore Group’s Kambi-powered sportsbook in Nigeria, followed by a launch in the Netherlands after quarter end ahead of a wider rollout before Euro 2024
  • Continued development of open platform and trading gateway with integration of Inspired Entertainment’s virtual sports offering and preparation of external odds feeds provision
  • Completed the third share buyback programme and announced a further share buyback programme running from 18 March to 20 May, up to a total of €4.0 million
  • In January, Kambi’s CEO and Co-founder Kristian Nylén notified the Board of his intention to step down from his current position once a successor is in place

CEO comment

“For the first quarter of the year we posted revenue of €43.2 million, which was in line with our expectations, while expenses were at the lower end of our guidance at €39.0 million.

A key highlight of the quarter was the launch of LiveScore Group’s new Kambi-powered sportsbook in Nigeria, followed swiftly by a launch in the Netherlands. LiveScore was a pivotal signing for Kambi in 2023 and these launches mark crucial milestones toward our long-term objectives. We look forward to additional launches in the near future, including in its core UK market, ahead of a busy summer of sports with Euro 2024 and Copa América both set to commence in June.

The important signing of LiveScore, as well as other key 2023 partner signings, were partly dependent on us delivering on certain product requirements. As part of these product deliveries, we have been integrating external content into the Kambi platform, enabling operators to enhance their offerings and deliver even greater product differentiation. In Q1, for example, we integrated virtual sports, an important and complementary vertical to sports betting, while more recently we enlisted a third party to strengthen our horse racing product. With these deliveries we strengthen our flexible and high quality solution for partners.

Having made great strides on opening up our platform to deliver on these partner requirements, we are now picking up the pace with modularisation. This sharpened focus means we are preparing to provide modular Kambi odds feeds to those operating on their own technology and outside of our network. This means operators can, via a single API integration, access our full suite of sports odds, including those powered by Tzeract and Abios, enabling them to select their desired mix of sports, events and product types from a single source. Our market research shows demand for such a flexible and powerful solution, with operators today having to integrate with multiple suppliers with varying degrees of quality.

As part of our ongoing modularisation strategy, yesterday we announced Tzeract’s first commercial agreement since launching as a standalone division. Partnering with kwiff to provide its leading Bet Builder product will enable Tzeract to demonstrate the quality of its product via an operator outside of the Kambi network for the first time, an important milestone in the division’s progress.

In summary, we have continued to build solid foundations for the future. Our commitment to pushing the boundaries of product excellence and innovation, as highlighted by the development of our modular odds feeds, is positioning Kambi as a leader in shaping the future of sports betting technology.”

You are invited to participate in a web presentation at 10.45 CEST with Kambi Group plc’s CEO Kristian Nylén and CFO 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.

Latest News

SBC Summit Tbilisi 2024: The iGaming and Sports Betting Event where Eastern Europe Meets Central Asia

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The SBC Summit Tbilisi 2024 is set to bring together the key players in the iGaming and sports betting industries from June 25-26, 2024, at the Sheraton Grand Tbilisi Metechi Palace, Georgia. Organized by SBC Events in collaboration with Sports Media Holding, this event promises to be a pivotal gathering for professionals targeting the burgeoning markets of Eastern Europe and Central Asia.

A Gateway to Eastern Europe and Central Asia

The second edition of the SBC Summit Tbilisi is designed to offer unparalleled insights into the high-potential markets of the Black Sea, Eastern Europe, and Central Asia. This premier conference is a must-attend for those looking to expand their business into complex and diverse regions such as Georgia, Romania, Serbia, Bulgaria, Kazakhstan, and Slovenia. The event provides a unique platform to understand the local regulatory landscapes, cultural nuances, and market opportunities.

Comprehensive Conference Agenda

The SBC Summit Tbilisi 2024 will feature a rich conference agenda that brings together C-Level executives and industry experts to discuss a wide range of topics. Attendees can expect to gain valuable knowledge on:

  • iGaming trends and innovations
  • Emerging market opportunities
  • Regulatory updates and compliance strategies
  • Outsourcing and business relocation opportunities

Who Will Be There?

The summit is expected to attract over 1,500 delegates, including 600 operators, 150 affiliates, 60+ speakers, and 30 exhibitors. This diverse gathering offers a fantastic opportunity to network with key decision-makers, generate leads, and forge meaningful partnerships.

Networking Opportunities

SBC Events are renowned for their exceptional networking experiences, and the Tbilisi Summit will be no exception. From the moment attendees step into the venue, they will be treated to an all-inclusive networking environment. Designated areas on the show floor will provide hot refreshments, breakfast, and lunch, along with various bars offering favorite drinks throughout the venue.

Evening networking events will take place in some of Tbilisi’s most upscale locations, providing a relaxed and enjoyable atmosphere to continue business discussions and build new connections.

Special Features

  • Keynote Speaker: Chris Bird, CEO of The Raheem Sterling Foundation and former COO of Manchester City, will share his insights and experiences, adding significant value to the event’s agenda.
  • VIP Networking: Attendees can look forward to an exclusive VIP networking experience, ensuring they can connect with the most influential figures in the industry.
  • Held in Collaboration with Sports Media Holding: As a leading service aggregator in the EE&CIS region, SMH Global brings a wealth of expertise and networking opportunities to the event.

Why Attend?

The SBC Summit Tbilisi 2024 offers an unmatched opportunity to gain a foothold in the promising markets of Eastern Europe and Central Asia. With a comprehensive agenda, top-tier speakers, and exclusive networking events, this summit is the ideal platform for industry professionals to learn, connect, and grow their businesses.

For more information and to register, visit the SBC Summit Tbilisi website.

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Compliance Updates

eGaming Integrity Launches to Enhance Compliance for OGRA Licence Holders and CSPs

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We proudly announce the official launch of eGaming Integrity, a specialised compliance services provider exclusively dedicated to protecting OGRA licence holders and the CSPs that support them.

Our mission is to enable online gambling operators, and the CSPs that support them, with the tools they need to thrive in the Isle of Man, ensuring integrity, transparency, and adherence to industry standards.

The Isle of Man eGaming sector continues to grow at a rapid pace, with the number of OGRA licensees more than doubling in recent years. With the sector having grown so quickly, it has led to a shortage of highly qualified, well trained, and egaming experienced compliance and AML professionals locally. This skills shortage presents a significant challenge for online gambling operators licensed here.

With our team of industry experts and former regulators, eGaming Integrity enables businesses to remain compliant with the stringent regulatory requirements under the Isle of Man licence through our tailored services which include mock audits, remediation, and internal audits.

Speaking about the requirement for such services, Emma Shilling, eGaming Integrity director said “licensed online gambling operators and local Corporate Service Providers have been looking for a credible provider to offer specialist services beyond day-to-day compliance. We’ve already helped several CSPs navigate the sector in previous roles, where eGaming isn’t always the primary area of expertise so businesses have sought our experience and industry knowledge to help them service their clients more effectively.”

Fellow director, Nick Bowden added “our in-depth evaluations prepare operators for regulatory visits, remediation support to bring businesses back into good standing with the regulator, and independent assurance makes sure risk management, governance and internal control processes are operating effectively.

eGaming Integrity are now working with a number of OGRA licence holders and local CSPs, providing customised compliance and regulatory advisory services that align with business objectives and operational intricacies.

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Latest News

Week 24/2024 slot games releases

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Week 24/2024 slot games releases
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Here are this weeks latest slots releases compiled by European Gaming

ELA Games, announced the release of its conceptually new game “Joker Cashpot”. The new slot game aims to attract players with its exciting mechanics, a balance of strategy and randomness and traditional colourful design by the studio’s artists. Joker Cashpot is a rare example of a creatively modified slot where the player can accumulate and multiply rewards.

 

Yggdrasil has partnered with ReelPlay to offer up to 10,000 ways to win in feature-filled dystopian release Armageddon 10K WAYS™. The cascading slot transports players into a hellish oblivion where spinning the reels can stave off otherworldly invaders and rack up prizes by way of Bonus Respins, 10K Ways and four local jackpots. The Bonus Respins feature is triggered whenever players land six or more scatter symbols anywhere on the reels.

Yggdrasil and ReelPlay unleash hell on earth in Armageddon 10K WAYS™

 

Habanero brings fairytale magic to its latest slot Waltz Beauty, where mystery symbols and multiplier rewards await players. Set on a 6×4 grid, the game sets the scene with an enchanted palace where a host of princesses populate the board as its symbols which must form matching combinations across 25 paylines.

Habanero dances with the beast in new release Waltz Beauty

 

Booming Games is proud to announce that its highly-anticipated title, Ronaldinho Spins, is now available to players worldwide. Ronaldinho Spins is the first slot game ever created featuring the image of international football superstar Ronaldinho Gaucho. After months of development and refinement, the slot is now set to deliver entertainment and joy with its stunning visuals and exciting features.

 

Amusnet brings you a fruity delight with its new classical video slot. The 5-reel 10 fixed paylines game offers colourful and yummy-looking gameplay. Packed with fruity symbols, sizzling design and captivating sound effects, 10 Power Hope promises a thrilling gameplay experience filled with fiery wins.

Go Hot or Go Home with Amusnet's newest slot release 10 Power Hot

 

Thunderkick has released the newest addition to its expanding collection, Sword of Arthur, taking players on a journey to King Arthur’s Ancient Briton. King Arthur himself features as the game’s highest-paying symbol, followed by his armour and shield, while the low-paying icons are represented by fantasy-style playing card symbols. The legendary sword of Arthur takes centre stage as the Wild and Scatter, helping to form wins and trigger the Bonus Game.

Thunderkick reignites Arthurian legend in latest slot Sword of Arthur

 

With the cream of European football preparing to showcase their skills on the grass at Euro 2024 in Germany starting this week, Apparat Gaming icon, Jack Potter, has set out on a mission to spread the beautiful game to ancient Egypt in the quirky new adventure, Jack Potter and The Book of Football.

 

Triple Edge Studios, part of Games Global’s exclusive studio network, has launched its latest feature-filled title, Goal Strike Rising Rewards™, kicking off the excitement ahead of a big summer of football. Set within an electrifying football stadium and showcasing five reels with varying rows of 3-4-5-4-3, players spin the slot’s unique reelset that is adorned with football shirts, boots, and whistle symbols for the chance to unlock a variety of innovative multiplier and free spins features and win increasing jackpots via the Rising Rewards™ mechanic.

 

Not all pigs are happy in mud and that’s certainly the case for the two porkers in the latest slot from Fantasma Games. Gold Pigger is already live with a limited number of operators, and a truly flying start with initial key player KPIs up +100% from an already very successful 2024 game release performance.

 

 

PG Soft has released its highly infectious video slot, Zombie Outbreak. The game unfolds within an apocalyptic world where the undead rise on the 5 reels, featuring a layout with 4 rows on reels 1, 3, and 5, and 5 rows on reels 2 and 4. One of the many electrifying features of Zombie Outbreak is the Expanding Wild symbol, which replaces all symbols aside from the Scatter symbol.

The game unfolds within an apocalyptic world where the undead rise on the 5 reels

 

 

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