Kambi posts strong numbers in Q4 with numerous highlights

Kambi Group has announced its results for the fourth quarter of the year ended on December 31. During the three months, the company said that its revenue hit €57.8m, ahead of the results posted a year prior which stood at €34.9m.

The company elaborated that it had received a €12.6m termination fee from PENN Entertainment and said that its full-year results from January to December 2022 stood at €166m, ahead of the €162.4m reported for the full-year period in 2021.

Operating profit in Q4 2022 was also posted at €18.7m. This number stood at €34.8m for the period from January through December 2022. Not accounting for the termination fee Kambi received from PENN Entertainment, revenue and operating profit stood at €45.2m and €6m respectively. The results for the full year based on the same performance markers were €153.4m and €22.2m respectively.

Earnings per share for Q4 and 2022 were €0.491 and €0.861 respectively. An Annual General Meeting has been also scheduled for May 11, 2023, the company said, and announced that the Board has proposed that no dividend is paid to shareholders. Besides the numbers, the company wanted to highlight the biggest events of the period.

For example, the World Cup in Qatar was a strong contributor towards its bottom line during the period. Revenue was up 30% in the quarter, not least owing to the World Cup. Kambi Group also expanded with a Rei do Pitaco agreement in Brazil, which will see the company now collaborate with the fantasy sports operator in the market.

Kambi Group’s official press statement talked about the period in detail. While the World Cup was one of the key highlights, the company reflected what other gambling entities had said before, specifically that the event saw other top leagues stop in mid-season, causing some loss of momentum there. The full year, though, was very rewarding for Kambi all the same.

"Looking back on the full year, it was one where Kambi was able to make significant strategic progress, whether it was securing partnership extensions with Kindred and Parx," the official statement said. However, the company is already onto a good start this year, with 2023 beginning with an extended partnership agreement with Rush Street Interactive and more positive developments in the pipeline.

Kambi Group also launched on day one in both Massachusetts and Ohio as the states rolled out their sports gambling industries. The company also teamed up with Miami Valley Gaming in Ohio and del Lago Resort & Casino in New York in the first quarter of 2023.

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