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Kambi Group plc Q1 Report 2020

George Miller

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Kambi Group plc Q1 Report 2020
Reading Time: 3 minutes

 

Financial summary

  • Revenue amounted to €27.9 (Q1 2019: 21.0) million for the first quarter of 2020, an increase of 33%
  • Operating profit (EBIT) for the first quarter of 2020 was €6.8 (2.6) million, with a margin of 24.5% (12.4%)
  • Profit after Tax amounted to €4.8 (2.0) million for the first quarter of 2020
  • Earnings per share for the first quarter of 2020 were €0.156 (0.066)
  • Cash flow from operating and investing activities (excluding working capital movements) amounted to €4.1 (1.1) million for the first quarter of 2020

Key highlights

  • Strong financial performance with 33% year-on-year rise in Q1 revenue and 27% year-on-year increase in Q1 operator turnover, despite reduced sports schedule from 12 March 2020
  • Average daily operator turnover to 12 March 2020 up 47% on the comparative period in Q1 2019 and up 7% on the comparative period in Q4 2019
  • Multiple partner launches, including taking the first legal sports bets in the US states of Illinois and Michigan, further demonstrating Kambi’s regulatory and operational excellence

“The coronavirus pandemic is having a major impact on people’s lives and livelihoods and represents a global challenge of the like we have never faced before. Industries of all kinds have been affected and interrupted, with our own sports betting industry no exception. 

The sports calendar has been stripped bare across the world, with major leagues and events being cancelled or postponed, quite rightly, until safety can be guaranteed. And while I have no doubt sports will return, the current situation has understandably led to a reduction in our revenues, although our teams have done a wonderful job to stem the flow and ensure our partners have a good product to sell. In the final weeks of Q1 and early Q2, we have been running at approximately 25-30% of previous levels in Q1, despite our increasingly material retail business being all but closed.

Despite the much lighter sporting calendar during the latter weeks of the first quarter, Kambi posted strong growth numbers. Operator turnover for the period was up 27% while our revenue increased by a third to €27.9m. EBIT was €6.8m, and we ended Q1 with a cash balance of €46.3m, a sum which will help us withstand the worst-case scenario: an extended period without major sports.

It’s worth highlighting the momentum we had built before the pandemic began to make its presence felt on the sporting calendar. Up to and including 12 March, Kambi’s average daily operator turnover in Q1 was up 47% on the respective period in Q1 2019, and on track to eclipse our record operator turnover of the previous quarter, with it ahead 7% on the comparative period in Q4 2019, despite fewer American football fixtures due to the season’s end.

Furthermore, on 9 and 11 March we processed the first legal bets in the states of Illinois and Michigan respectively. This continued our fantastic performance of getting partners to market quickly with a high quality and compliant sports betting service. To illustrate, Kambi is now active in 10 US states, achieving market firsts on eight occasions. In addition, we recently received our licence for the state of Colorado, where we expect to go live soon.

As announced earlier this month, we introduced a major cost saving programme, to which our staff have readily adapted. I must thank our people for the resilience they have shown during this difficult period. I feel proud of their commitment to our partners to deliver a quality service under the circumstances.

We owe it to our all our employees, partners and investors to ensure we are in the strongest position possible to pick up where we left off when sports do resume, and we enter what promises to be a prolonged period of busy sporting action. I’m confident the cost saving measures we’ve introduced in recent weeks, our strong balance sheet, and the flexibility we have retained to be back running at 100% capacity almost immediately, will ensure we are able to do so, alongside our fantastic partners.

So even though our momentum has been slowed by the unfortunate events of recent months, the decisions we have taken see us well placed to move through the gears as soon as the virus is under control and major sports return. There are positive signs some leagues and tours may resume before or during the summer, albeit behind closed doors, and when they do, we’ll be ready.”

You are invited to participate in a report presentation at 10.45 (CEST) 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/12433

Numbers for participation in the telephone conference:

Dial-in number SE: +46850558369 UK: +443333009262 US: +18338230589

Link to the audiocast: https://tv.streamfabriken.com/kambi-group-q1-2020

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

Industry News

Playtech Extends its Bingo Partnership with Rank Group

Niji Narayan

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Playtech Extends its Bingo Partnership with Rank Group
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Gambling technology company Playtech has announced a five-year extension of its partnership with The Rank Group to exclusively provide its Bingo platform in addition to games content.

The new Bingo deal covers Rank’s long-established Mecca Bingo brand, plus two new brands, Lucky Pants and Kitty Bingo.

“Rank is a much-valued Playtech partner and, following Rank’s launch of Playtech’s Poker platform and content, this latest agreement represents a key milestone in our working relationship. With terms also recently agreed to continue delivering Casino services, we’re proud to be providing the technology and content behind all three of Rank’s core verticals, and look forward to continuing to build on our partnership over the next five years,” Angus Nisbet, Director of Digital Bingo at Playtech, said.

“With bespoke content development at the heart of the agreement, we can continue bringing fresh, innovative content to Mecca Bingo players, as well as introducing new and classic content to a whole new audience through the Lucky Pants and Kitty Bingo brands,” Angus Nisbet added.

“We are an entertainment-first brand, so it is imperative that we drive innovation and growth by always exceeding the expectations of our customers. As such, we are delighted to be continuing and extending our long working relationship with Playtech. We continue to build on our market leading position and sustained growth and Playtech has a track record like no other supplier, both as a technology provider and content developer, making them a clear choice as our exclusive long-term Bingo provider,” James Boord, CMO at Rank, said.

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Industry News

SkillOnNet Launches Turbonino

Niji Narayan

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SkillOnNet Launches Turbonino
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Online casino platform provider SkillOnNet has announced the launch of Turbonino, its second Pay N Play Trustly player registration and verification product, already well established in countries such as Sweden, Finland and Germany.

The brand joins in excess of 100 other Trustly Pay N Play casinos launched to date, with the product bundling deposits and registration in such a way as to allow players to start playing immediately with only their first deposit and no registration being required.

Turbonino boasts a games portfolio of more than 3000 igaming titles from leading suppliers, with players also able to access bonuses, promotions and slot tournaments depending on their geo location.

Michael Golembo, sales and marketing director at SkillOnNet, said: “We have taken our time watching pure Pay N Play become a new standard in the online gambling industry proving hugely popular in markets such as Germany, Sweden and Finland.

“We have experienced them compete alongside our own casinos vying for players and have been impressed with the growth and lately the professionalism many of these Brands are now exhibiting.

“And now it’s Turbonino’s time combining the tremendous benefits of Pay N Play with many features that make SkillOnNet casinos so popular with players around the world.”

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Industry News

GameArt Joins Stakelogic’s Greenlogic Partner Programme

Niji Narayan

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GameArt Joins Stakelogic’s Greenlogic Partner Programme
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GameArt, the leading provider of high-quality digital gaming products, has partnered with Stakelogic to take advantage of its Greenlogic programme.

GameArt will now have access to over 500 operators worldwide through the Stakelogic developer’s partner platform, significantly boosting GameArt’s global presence and introducing their unique content to new markets.

Offering access to some of the biggest names in the industry, such as Kindred, Pokerstars, GVC and Betsson, the Greenlogic partner platform has already proven extremely popular and gained industry-wide recognition, attracting well established providers and some of the best up-and-coming studios to join its family.

“Our Greenlogic partner program has been an unparalleled success to date, and this is only emphasised by GameArt becoming the latest studio to sign on. It is our aim at Stakelogic to provide the very best gaming content available, either through our own talented in-house studio or via the impressive capabilities of independent studios who may be finding it hard to gain a foothold in such a competitive market place, or choose to fully focus on game development. GameArt is a stellar signing for Greenlogic and we look forward to working with their team for many years to come,” Stephen van den Oetelaar, CEO of Stakelogic, said.

“This is a pivotal moment in GameArt’s history and one which demonstrates the level of excellence our dedicated team have reached in the art of game development. Being able to offer our extensive library of games to even more operators across even more markets is a very exciting prospect, and one which we intend to grasp with both hands,” Stefano Picone, CEO of GameArt, said.

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