Kambi earns $33m in revenue for Q3

Kambi Group reported €28.1m ($33.3m) in revenue for Q3 2020, a 22% increase from €23m for the same period in 2019. Revenue for the first nine months of the year was €70.8m.

Operating profit was €6.5m against €3.4m last year. Profit after tax for the quarter was €5.1m, a 55% drop from €2.3m in 2019. For the first nine months of the year, profit after tax was €6.8m, a 15% year-on-year.

Cash flow from operating activities was €6.9m, a 62% drop from 2019. 

According to the company statement, during Q3 Kambi signed a long-term extension with LeoVegas Group and expanded its partnership network through BetAmerica, a sports betting brand that belongs to Churchill Downs. “We are already live on-property with BetAmerica in two states and will launch online in the near future," said the company.

The statement noted the company’s ability to recover despite the ongoing pandemic restrictions. It also added the momentum gained at the end of Q2 had carried over to Q3: “Operator turnover was also up significantly to an all-time high, rising 62% year-on-year. The gradual return of sports drove greater volumes throughout the period, particularly during September, which produced 43% of the operator turnover for the quarter. This positive trend has continued into the start of Q4.” 

 

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