Kambi Group CEO and co-founder Kristian Nylén said he was “not satisfied” with the sports betting supplier’s financial performance in 2023 despite posting a year-on-year increase in revenue.
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Revenue at Kambi reached €173.3m ($187.3m) in 2023, up 4.4% from the previous year. This was despite losing a major client halfway through the year. Penn Entertainment in July terminated its agreement with Kambi and began using its own proprietary technology.
However, while revenue was higher, the news was not so good elsewhere for Kambi. Net profit was lower year-on-year, with both EBITDA and EBITDA falling, while costs were higher.
Reflecting on the year, Nylén raised concerns over the provider’s financial performance.
