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Kambi Group plc Q3 Report 2019

George Miller

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Kambi Group plc Q3 Report 2019
Reading Time: 3 minutes

 

Financial summary

  • Revenue amounted to €23.0 (20.5) million for the third quarter of 2019, and €65.6 (54.5) million for the period January to September 2019
  • Operating profit (EBIT) for the third quarter of 2019 was €3.4 (4.2) million, with a margin of 14.9% (20.3%), and €8.6 (8.5) million for the period January to September 2019, with a margin of 13.0% (15.7%)
  • Profit after Tax amounted to €2.3 (3.3) million for the third quarter of 2019, and €5.8 (6.5) million for the period January to September 2019
  • Earnings per share for the third quarter of 2019 were €0.075 (0.109), and €0.193 (0.216) for the period January to September 2019
  • Cash flow from operating and investing activities (excluding working capital) amounted to €2.6 (3.3) million for the third quarter of 2019, and €4.2 (5.8) million for the period January to September 2019

 

Key highlights

  • Solid financial performance with 12% revenue and 23% operator turnover growth despite quiet sporting calendar
  • Strong operating result despite 2018 comparatives being significantly boosted by the football World Cup
  • Signed Penn National Gaming, the largest regional gaming operator in North America, and JACK Entertainment, a leading gaming entertainment brand in Ohio
  • Completed multiple customer launches globally across retail and online, including seven casinos in the US
  • Took the first legal bet in New York and launched on the first day of regulation in Indiana and Iowa

 

“Multiple customer launches, new product releases and major commercial agreements all contributed to a successful period for Kambi, as we continued to display a high-level of expertise throughout the organisation.

The third quarter is traditionally a challenging one for the sports betting industry, particularly in a year with no major summer football tournament. This, along with our ongoing investments to capitalise on the huge US opportunity, was the reason for the year-on-year decrease in operating result. However, despite the tough World Cup comparatives and a relatively quiet July sporting calendar, I’m pleased to report Kambi Q3 revenue grew 12% year-on-year while operator turnover increased 23%.

I was also pleased to see momentum increase throughout the quarter, culminating in September’s operator turnover, which was up significantly year-on-year and surpassed the previous highest monthly total. This encouraging performance was due to the combination of multiple customer launches, enhancements to the Kambi sportsbook, and a busier sporting calendar, which gives me confidence for the rest of the year.

We signed two new customers during the quarter, the first being Penn National Gaming, the largest regional gaming operator in North America. With market access to as many as 19 states, Penn National was always a key US target for us. In addition to the land-based establishments Penn National operates, the company has a sports betting philosophy that complements our own, which bodes well for a long and successful relationship.

We also signed a deal with JACK Entertainment, which covers two retail establishments and an online offering in Ohio. A digital-savvy operator with a strong, local brand, JACK Entertainment is an operator we are excited about working with. Meanwhile, we also secured contract extensions with NagaWorld and DraftKings, the latter of which has already seen us enter a number of additional states as we build upon the partnership’s early success in New Jersey.

Overall, there were multiple US customer launches to mention in Q3, with online or on-property launches taking place across the states of New York, Iowa, Indiana, Pennsylvania, New Jersey and West Virginia. Among those launches was Unibet, who made its US sports betting debut in New Jersey and then launched retail in Pennsylvania. Once again, this demonstrates our market leading US proposition based on our regulatory expertise and operational capability.

In general, Kambi remains well positioned for the future and I look forward to building on our successes in Q4 and beyond, a period which has begun well with an industry award win at the recent G2E exhibition in Las Vegas.”

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/12005

Numbers for participation in the telephone conference:

SE: +46850558365 UK: +443333009260 US: +18335268384

No pin required.

Link to the audiocast: https://tv.streamfabriken.com/kambi-group-q3-2019

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

Industry News

App Store’s App Conversion Deadline Extended Again

Niji Narayan

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App Store’s App Conversion Deadline Extended Again
Reading Time: < 1 minute

 

Tech giant Apple has decided to extend the app conversion deadline again. Last year, the Company issued a directive that required that all of the mobile apps on its App Store be fully native to iOS, its mobile operating system.

Apple now extended the deadline for compliance with the new directive to June 30. Until then, the HTML5-powered mobile gaming apps will still be available on the App Store.

This is the third time that Apple is postponing the deadline. The first extension was up to September 2019. The second postponement took the deadline to March 31. Both the extensions seemingly did not work out. That is why the company announced the third extension, which sets July 31 as the new deadline.

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Industry News

Hexopay Appoints James Fleming as Global Director of Payments

Niji Narayan

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Hexopay Appoints James Fleming as Global Director of Payments
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Hexopay, a leading global payments company, has appointed James Fleming as its Global Director of Payments. Fleming has been in the online gambling industry management, especially in the payments domain, for more than 17 years.

Fleming started his career as the Managing Director of iGaming recruitment specialist BettingJobs.com in 2003. Later, he joined EML Payments as Commercial Director.

“I’m delighted to add a person of James’s calibre and experience to the Hexopay family and wish him every success as we continue on this amazing journey. James will be leading the sales function and managing a team who work with our partners in every part of the world and we’re hugely excited to have him as part of our leadership team,” Bryan Blake, CEO of Hexopay, said.

“Joining Hexopay was too exciting an opportunity to walk away from. I’ve been watching with interest as the company navigated its way through the start-up phase and it’s been amazing to see it achieve such huge success in a very short period of time. I’m now looking forward to joining the team and helping build on the fantastic technology, partners and clients already in place,” James Fleming said.

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Industry News

Slotegrator Forges a New Partnership With Betsolutions

George Miller

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Slotegrator Forges a New Partnership With Betsolutions
Reading Time: < 1 minute

 

Game developer Betsolutions brings board games, slots, and their own range of provably fair titles to Slotegrator’s offering.

Online casino software provider Slotegrator has announced a new partnership with game developer Betsolutions. All of Betsolutions’s slots and other casino games will now be available through Slotegrator’s API protocol.

Founded in 2016, Betsolutions’s goal is to create authentic, omnichannel gaming experiences focused on player satisfaction, with a special emphasis on provable fairness and the social aspect of gaming. The company is active in the European and CIS markets and licensed in the UK, Italy, and Malta.

In addition to online slots, Betsolutions offers a series of provably fair games featuring fast gameplay, great UI, and network chat capability. Some of the most popular titles in this series include Zeppelin, High-Low, and Dice. The company’s diverse game content portfolio also includes casino board games like Backgammon, Dominoes, and Seka, a simplified version of poker, as well as the slots Underground Tuning, Captain of Pirates, the Mystery of Faberge, and Drunk Santa.

Since the company’s foundation in 2012, Slotegrator has been one of the iGaming industry’s leading software solution providers and aggregators for online casinos and sportsbooks. Headquartered in Europe with a strong presence in the CIS market, Slotegrator is consistently expanding its product offering, which includes online casino platform and white label solutions, a vast portfolio of casino games from the world’s best slot game developers, live dealer games and virtual sports, payment processors for online gambling projects, licensing services, and much more. The mission of the company is to facilitate the growth of the iGaming industry ecosystem through acting as an intermediary to bring together various pillars of the industry.

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