Kambi rebalances network in Q3 as new deals brighten future prospects

Kambi rebalances network in Q3 as new deals brighten future prospects

Article brief provided by SBC News
  • Ted Menmuir, SBC News
November 1, 2023 7:17 PM

Kambi Group Plc has reaffirmed its long-term commercial prospects following strong Q3 trading in which it has secured transformative agreements with Svenska Spel and LiveScore Group.

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Publishing its Q3 2023 trading update, the Stockholm-listed sports betting technology group achieved corporate revenues of €42m [$44m], up 15% on Q3 2022 comparatives of €37m.

Headline growth was achieved despite Kambi registering a lower operator turnover index of 602 during Q3 (down 6% YoY), following the exit of US partner Penn’s online business in July.

Despite the impact of Penn’s migration on betting volumes, Kambi benefited from a deeper commercial pipeline as the technology group was able to charge “€3.4m from Penn for transition services”.