Kambi clears hurdles as Q1 is dragged by DraftKings and Dutch dramas

Kambi clears hurdles as Q1 is dragged by DraftKings and Dutch dramas

Article brief provided by SBC News
  • Ted Menmuir, SBC News
May 2, 2022 9:39 PM
  • Ted Menmuir, SBC News

Kambi Group Plc maintains confidence in achieving its 2022 commercial and operating objectives, despite a tough start to year trading.

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Publishing its Q1 trading results (period ending 31 March), the Stockholm-listed sports betting technology supplier registered a 15% decline in corporate revenues to €37 million (Q1 2021: €43m).

This fall in headline revenues was attributed to Kambi’s adjustment of former partner DraftKings sportsbook migration onto the US operator’s proprietary tech stack. As such Kambi notified investors that its client turnover would be up by 25% adjusting for DraftKings migration.

Compounding the DraftKings situation, Q1 trading was further dragged by continued Dutch market restrictions, as Kambi clients froze their sportsbook operations to adhere to the KOA Regime’s ‘cooling-off command’.