Kambi Sees Small 2% Q3 Revenue Rise To €43m

Key Points:

• Revenue for Q3 2024 rose 2% to €43m, with January–September revenue reaching €132m
• Operating profit decreased by 21.7% year-on-year, with a margin drop from 11% to 8.3%
• New partnerships formed with Hard Rock Digital in the US and KTO Group in Brazil

Q3 2024 Financial Performance

Kambi Group reported​ a​ 2% year-on-year revenue increase, bringing​ Q3 2024 revenue​ tо €43m ($46.3m). For the January-to-September period, revenue grew​ by 2.3%​ tо €132m. However, operating profit (EBIT) dropped​ by 21.7%, falling​ tо €3.6m, with the EBIT margin decreasing​ tо 8.3%.

Earnings per share for​ Q3 2024 were down 29.1%​ tо €0.083, while January–September earnings rose​ by 12.7%​ tо €0.345.​ A €12m share repurchase program, effective from November 2024​ tо May 2025, was also announced​ tо manage capital.

Key Partnerships And Expansions

Kambi entered new partnerships and renewals this quarter. A multi-year contract with Hard Rock Digital in the US will allow integration of Kambi’s new Odds Feed+ product, part of its modularisation approach.

Kambi also extended a partnership with Rush Street Interactive in the Americas and reached an agreement with KTO Group in Brazil, positioning for the regulated sports betting market launch in early 2025.

Market Expansion And Launches

The third quarter saw multiple platform launches. In the Americas, Kambi enabled Bally’s Corporation to launch operations in Maryland, Massachusetts, and Tennessee.

European launches included 711 in the Netherlands and two brands for Paf in Spain. After the quarter, Kambi facilitated launches for Bally’s in Tennessee, Nexus’s Olimpo.bet in Peru, and LeoVegas’s BetMGM in Sweden.

Operational Metrics And Financial Performance

The company’s operator turnover index rose by 14%, reaching 687, driven by events such as UEFA Euro 2024 and Copa América.

The operator trading margin increased to 10.4%, influenced by favorable sports outcomes. Soccer was a primary revenue driver, with additional contributions from American football and tennis.