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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

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Industry News

Melco Resorts Issues Response to Money Laundering Warning

Niji Narayan

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Melco Resorts Issues Response to Money Laundering Warning
Reading Time: < 1 minute

 

Melco Resorts & Entertainment, a developer, owner, and operator of casino gaming and entertainment casino resorts in Cyprus, has issued a response to money laundering warnings from Moneyval, the European Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.

The warning had alleged that Cyprus could become a money-laundering destination after a visit from its representatives to a Melco owned venue in Cyprus.

The venue, namely Cyprus Casinos, also known as C2, is a gaming and entertainment brand and subsidiary of Melco Resorts & Entertainment.

Melco Resorts & Entertainment responded that it welcomed “a strong and compliant regulatory framework” and was operating with regulation authorities in the Eastern Mediterranean country “to implement all AML regulations” and was “dedicated to industry-leading and best practice AML/CTF procedures in all our operations”.

The brand owns and operates a number of casinos, all with the same name, and a report emerged from Moneyval following a visit to C2’s Limassol establishment.

The committee, which is an ‘independent monitoring mechanism within the Council of Europe, answerable directly to the Committee of Ministers’, said that the systems for preventing money laundering showed ‘weaknesses’ and stated that the establishment was:

“Currently operating at or beyond the limits of its AML/CTF compliance and risk management system.”

It also stated that the employees within the casino:

“Appear to not fully appreciate the quantitative magnitude of those risks when attached to operations of the casino’s current size – much less its anticipated future size.”

Reportedly, Moneyval suggested that in light of the findings, Casinos Cyprus should be blocked from expanding its gambling activities until it can demonstrate such effectiveness.

 

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Industry News

Global Gaming Market Forecast to Show Positive Growth During 2020-2024

George Miller

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Global Gaming Market Forecast to Show Positive Growth During 2020-2024
Reading Time: 3 minutes

 

The “Global Gambling Market: Size, Trends & Forecasts (2020-2024)” report has been added to ResearchAndMarkets.com’s offering.

The gaming industry is a term interchangeably used for the gambling industry. The term Gambling is more preferred by companies operating within the gambling market. As for them, it sounds sort of more legal to be known as a Gambling company instead of a gambling company. Gambling is defined as any game or activity in which a particular player risks his/her money in the expectation of winning more money.

The global gambling market can be segmented on the basis of product type and platform type. The market can be bifurcated into casinos, lotteries, gaming machines and betting on the basis of product type. On the basis of platform type, the market can be sub-segmented into land-based and online categories.

The global gambling market is forecasted to showcase positive growth through the forecast period (2020-2024). The market growth is estimated to supported by various growth drivers such as increasing spending capability, legalization of gambling in countries such as the US, rising penetration of smart devices, hike in internet penetration, an overall increase in global population especially within those lying in between the ages of 20-64 years.

The market is also confronted by some challenges such as the negative perceptions surrounding the gambling market and lack of internet connectivity in developing countries. The emergence of bitcoins, a growing number of mergers and acquisitions (M&A), the use of augmented reality to enhance gambling experience and cloud gaming are some of the major trends existing in the market.

The ‘Global Gambling Market: Size, Trends & Forecasts (2020-2024)’ report provides an in-depth analysis of the global gambling market followed by an analysis of its segments in terms of value. The report also consists of an analysis of the gambling market by value in regions such as the Americas and Europe. The gambling markets of Italy, the UK and France have been analyzed under the European region. Under the competitive landscape, different players in the gambling market have been compared on the basis of revenue generated and market capitalization.

The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global gambling market has also been forecasted for the period 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

Key Topics Covered:

1. Executive Summary

2. Introduction
2.1 Gambling Industry: An Overview
2.2 Regulations on Gambling: An Overview
2.3 Gambling Market Segments

3. Global Market Sizing
3.1 Global Gambling Market: An Analysis
3.2 Global Gambling Market: Product Type Analysis
3.3 Global Gambling Market: Platform Type Analysis

3.4 Global Gambling Market: Regional Analysis
3.4.1 Global Gambling Market by Region (America, Europe and Rest of the World)

4. Regional Analysis
4.1 America Gambling Market: An Analysis
4.2 America Gambling Market: Product Type Analysis
4.3 America Gambling Market: Platform Type Analysis
4.4 Europe Gambling Market: An Analysis
4.5 Italy Gambling Market: An Analysis
4.6 UK Gambling Market: An Analysis
4.7 France Gambling Market: An Analysis

5. Market Dynamics
5.1 Growth Drivers
5.2 Challenges
5.3 Market Trends

6. Competitive Landscape
6.1 Global Gambling Market Players by Financial Comparison

7. Company Profiles

  • Flutter Entertainment (Paddy Power Betfair Plc)
  • International Games Technology Plc.
  • Scientific Games Corporation
  • The Stars Group

For more information about this report visit https://www.researchandmarkets.com/r/874bkd

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Industry News

FDJ Revenues Rise in 2019

Niji Narayan

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FDJ Revenues Rise in 2019
Reading Time: < 1 minute

 

Française des Jeux (FDJ), the national lottery operator in France, witnessed a 9 per cent year-on-year increase in revenues, as its proceeds reached €1.96 billion in 2019, according to its full financial statement. Total wagers increased 9 per cent to €17.2 billion and EBITDA hiked 9 per cent to €346 million. However, the Net profit saw a 22 per cent decreased compared to last year.

FDJ Chairwoman and CEO Stéphane Pallez, said: “2019 will be remembered as a landmark year for Française des Jeux with the great success of its initial public offering to numerous institutional investors, individual shareholders, and Group employees. 2019 was also characterised by very strong growth in all our businesses, across all sales channels, both physical and digital, and the Group’s excellent operating and financial performances.

The financial statement has its projections for 2020: the French operator forecasts a revenue rise of 5 per cent and 5 per cent increase in stakes. EBITDA margin is expected to be maintained above the 20 per cent mark. These increases are projected due to a busy 2020 with the UEFA Euro 2020 and a new Euromillions format.

 

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