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Kambi Group plc Q2 Report 2019

George Miller

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Kambi Group plc Q2 Report 2019
Reading Time: 3 minutes

 

Financial summary

  • Revenue amounted to €21.6 (17.6) million for the second quarter of 2019, an increase of 23%, and €42.6 (34.0) million for the first half of 2019, an increase of 25%
  • Operating profit (EBIT) for the second quarter of 2019 was €2.5 (2.4) million, with a margin of 11.7% (13.8%), and 5.1 (4.4) million, with a margin of 12.1% (12.9%) for the first half of 2019
  • Profit after Tax amounted to €1.6 (1.7) million for the second quarter of 2019 and 3.6 (3.2) million for the first half of 2019
  • Earnings per share for the second quarter of 2019 were €0.052 (0.055) and €0.117 (0.107) for the first half of 2019
  • Cash flow from operating and investing activities (excluding working capital) amounted to €0.4 (1.9) million for the second quarter of 2019 and €1.6 (2.5) million for the first half of 2019

 

Key highlights

  • Solid financial performance with 23% year-on-year revenue growth and 26% operator turnover growth, despite tough comparatives including the 2018 football World Cup
  • Signed a new customer in BetWarrior, which will further Kambi’s expansion in Latin America
  • Took first legal online sports bet in Pennsylvania with Rush Street Interactive (RSI). Powering the first three online sportsbooks to launch in Pennsylvania
  • Took first legal bet in New York State with RSI at Rivers Casino & Resort Sportsbook

 

“I’m pleased to report Q2 2019 was yet another positive period for Kambi, delivering solid financial growth despite the lighter sporting calendar, and signing new customer agreements to keep up our positive commercial momentum.

Kambi’s Q2 revenue increased 23% year-on-year while operator turnover grew by 26%. Operator trading margin was 8.2%, slightly higher than our expected long-term average. Across the first six months of the year, Kambi revenue was €42.6m, an increase of 25% on H1 2018.

It was during Q2 last year that the US Supreme Court decided to repeal the country’s federal sports betting ban, a judgment I said at the time would create significant business opportunities for Kambi. Looking back over the past 12 months, I’m proud to say we’ve built a robust US-facing business with a fantastic portfolio of partners, and I continue to have great confidence in our future prospects.

The development of the competitive landscape in the US has certainly been dynamic, with operators and suppliers taking a variety of strategic routes. For some, joint ventures or M&A have been the preferred choice, while for our multiple US customers, the decision to partner with Kambi has brought them immediate success, and long may that continue.

As the number of regulated states steadily increases over the coming years, so too will the number of attractive opportunities. The fact Kambi has proven its ability to deliver in the US, coupled with our ongoing US investments in people and products, puts us in a good position to convert the best of these opportunities.

Although much focus is on the US, Kambi continues to explore opportunities globally. In this regard, I am delighted we signed another new customer in Q2, with BetWarrior the latest to join the Kambi network. Although a new operator, BetWarrior is led by an experienced and ambitious management team, one which plans to target countries in Latin America, a region where we’ve seen positive regulatory developments of late.

I’m also pleased that we strengthened our partnerships with National Lottery and the Rank Group. National Lottery has taken the Kambi sportsbook into Moldova, having enjoyed strong growth in its home country of Bulgaria. Meanwhile, Rank will soon add the Kambi Sportsbook to its Spain-facing Enracha brand, and we’ll continue to power its Grosvenor Sports brand in the UK.

This remains an exciting time for Kambi and I look forward to seeing what the second half of the year brings.”

You are invited to participate in a report presentation at 10.45 (CET) with Kambi Group plc’s CEO Kristian Nylén and CFO David Kenyon. The presentation will be held in English via a telephone conference and can also be accessed via an audiocast using the link below.

Questions can be asked on the telephone conference or sent via the audiocast link. Please see details in the link below:

https://financialhearings.com/event/12004 

Numbers for participation in the telephone conference:

SE: +46856642704 UK: +443333009264 US: +18338230589

No pin required.

Link to the audiocast: https://tv.streamfabriken.com/kambi-group-q2-2019

 

About Kambi:

Kambi is a provider of premium sports betting services to licensed B2C gaming operators.  Kambi Group plc is listed on First North at Nasdaq Stockholm. Our services encompass a broad offering from front-end user interface through to odds compiling, customer intelligence and risk management, built on an in-house developed software platform. Kambi’s 20-plus customers include 888 Holdings, ATG, DraftKings, Greenwood Gaming & Entertainment, Kindred Group, LeoVegas, Napoleon Games and Rush Street Interactive. Kambi employs more than 750 staff across offices in Malta (headquarters), Australia, Philippines, Romania, Sweden, the UK, and the United States

Kambi utilises a best of breed security approach, with guiding principles from ISO 27001. Kambi is eCOGRA certified. Kambi Group plc is listed on First North at Nasdaq Stockholm under the symbol “KAMBI”. The Company’s Certified Advisor is Redeye AB.

Industry News

GVC Restructures its Customer Care Teams

Niji Narayan

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GVC Restructures its Customer Care Teams
Reading Time: < 1 minute

 

Ladbrokes Coral operator GVC has announced that it will reorganise its customer care teams in order to prepare for new VIP requirements in Great Britain. The announcement comes after the Betting and Gaming Council (BGC) adopted new rules for VIPs, created by a GVC-led Gambling Commission working group, including limiting the schemes to those aged 25 or older.

Last month, the Gambling Commission then launched a consultation on whether to make these changes part of the Licence Conditions and Codes of Practice (LCCP) for all licensees.

“GVC was the lead operator in the industry working group on what were formally referred to as VIP schemes,” a GVC spokesperson said.

“This work paved the way for the creation of the new code, which introduces significant enhancements to responsible gambling safeguarding measures for high-value customer (HVC) schemes and reduces the number of customers eligible to participate, including a complete restriction for those aged under 25.”

The spokesperson said in order to facilitate these changes, GVC has begun a restructuring of its customer care team.

He added that certain roles were placed at risk of redundancy under the restructuring, but said the operator expects the number of redundancies to be low.

“As a result of the restructure, a number of roles have been identified at risk, though it is hoped and expected that by offering alternate positions within the group, compulsory redundancies will be kept to a minimum.”

VIP schemes have become a controversial element of British operators’ businesses following a number of regulatory failings involving players designated as high-value customers.

The All-Party Parliamentary Group (APPG) on Gambling Related Harm said in its report on industry performance and regulatory change last month that these “highly problematic” loyalty programmes be banned.

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Industry News

Spinmatic Partners with Italian Platform Provider Pixelo

Niji Narayan

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Spinmatic Partners with Italian Platform Provider Pixelo
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Online casino games developer and supplier Spinmatic has partnered with the Italian platform provider Pixelo. Spimatic’s whole suite of video slots will soon be available to all the clients that have integrated the Pixelo platform.

The first operator to benefit from going live with Spinmatic games will be Vincitu, on its main website www.overplus.it, and other sites. Vincitu has its own package of casino games and it is among the most successful ones on the Italian market.

“Spinmatic is one of the main casino game providers on the market and Pixelo is a young but very dynamic and growing company. We are sure that thanks to Spinmatic’s high-performance games the successes will be even greater and our position on the Italian market as a software platform will be increasingly consolidated and appreciated by our customers,” Cristina Ferrario, CCO of Pixelo, said.

“Working with Pixelo for this integration was very easy, and we are very happy that our video slots are going to be part of its suite of games. Italy is a very special market for us, and I am sure this agreement will be very successful,” Gianfranco Arrichiello, Sales Manager at Spinmatic, said.

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Industry News

Gaming Realms Signs New Distribution Deal with Rank Group

Niji Narayan

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Gaming Realms Signs New Distribution Deal with Rank Group
Reading Time: < 1 minute

 

Gaming Realms has signed a new three-year distribution deal with the Rank Group.

Rank Group casino and bingo brands such as Aspers Casino, Lucky VIP Casino and Kitty Bingo now offer players the entire Slingo Originals portfolio of Gaming Realms, including top performing titles Slingo Monopoly, Slingo Rainbow Riches and Deal or No Deal Slingo.

“We are delighted to announce the continued strengthening of our relationship with Rank through this agreement. We constantly strive to bring new and exciting content to an increased audience and believe that through Rank’s great portfolio of brands we can further enhance the Slingo brand here in the UK,” Michael Buckley, interim CEO and chairman of Gaming Realms, said.

Gaming Realms already provides its Slingo portfolio to Rank’s Mecca brand in the UK, with the new agreement extending their distribution to the Stride Gaming brands acquired by Rank last year.

“We’ve been huge fans of Slingo ever since it hit the UK market, so the opportunity to add ALL the Originals to our game portfolio this year is genuinely exciting, and well worth the wait! We look forward to building on its success and bringing this market-leading content to a wider audience than ever before,” Riaan Slabbert, chief product officer of Rank Digital, said.

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