Kambi Sees 66% Revenue Hike in Autumn 2022
Kambi Group is a leading independent sportsbook partner that provides sports betting technology. The company was created to improve the sports betting experience for players across the world. Its services include everything from the front-end user interface to customer intelligence, odds compiling, and risk management.
The financial report for the fourth quarter of 2022 saw a 66% rise in revenue and a 164% increase in operating profit. CEO of Kambi, Kristian Nylén, said that ending the year with delivery in a number of key areas offered the right springboard into 2023. Kambi share prices jumped in response to the Q4 growth.
Highlights from Q4
One of the highlights of the fourth quarter of 2022 was the World Cup. The Final was Kambi’s highest turnover soccer game of all time. Kambi also launched 3rd generation trading technology in Q4. Another highlight was the signing of a partnership deal with the largest fantasy sports activities operator in Brazil, Rei do Pitaco.
In the US, Parx online sportsbook leverages Kambi’s award-winning technology. It currently operates best-in-class mobile sports betting with its betPARX app in Pennsylvania, New Jersey, Michigan and Ohio. There are plans to enter more states in the future.
The World Cup provided Kambi with the opportunity to stress-test its new methodology for buying and selling automation at scale. Nylén said Kambi was very satisfied with the efficiency of its product.
Rei do Pitaco partnership
Nylén has great hopes for the partnership with Rei do Pitaco. He has seen the value of transitioning fantasy sports activities databases to regulated sports activities betting. The partnership also strengthens Kambi’s position in Latin America. In terms of geographic performance, the Americas made up 58% of the revenue total in Q4, Europe 42%, and the rest of the world 3%,
Important strategic progress through the year
Kambi Group made strategic progress throughout the year. It secured partnership extensions with Parx and Kindred. The betPARX sports betting app has given players in various U.S. states the chance of winning money while betting on sports. Kambi also signed many new partners and completed over 60 online and on-property launches. In Jan 2023, it also secured the extension of the partnership agreement with Rush Street Interactive.
The acquisition of Shape Games, native front-end tech specialists, resulted in a leap in UX functionality. The modularization of its trading services continued throughout the year to extend its total addressable market.
Outlook for 2023 and beyond
The worldwide economic outlook may be unsure, but Kambi is a proven business that’s well-equipped to meet any of the challenges that lie ahead. Nylén says the company will continue to construct in the direction of its monetary targets for years to come.
