DraftKings departure lingers over Kambi’s Q2 earnings; revenue down 19% year on year

DraftKings departure lingers over Kambi’s Q2 earnings; revenue down 19% year on year

Article brief provided by Covers
  • Geoff Zochodne, Covers
July 27, 2022 9:45 PM
  • Geoff Zochodne, Covers

The move by DraftKings Inc. away from Kambi Group PLC is still muddling the results of the latter, even as the provider of online sports betting technology is finding new customers in recently regulated states and provinces.

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Kambi on Wednesday reported its financial results for the second quarter of 2022, noting that revenue fell to €34.7 million [$35.4 million] for the period, a 19% drop compared to a year earlier. Revenue was €71.5 million for the year’s first half, down 17%.

Profit after tax for the three months ended June 30 was €3.3 million, a 75% decrease from a year ago. Profit for the first half was down 69%, to €8.8 million.