Business to business sports betting provider Kambi Group published its first-quarter financial report Wednesday, showing revenue of $46.2 million (€43.2 million), a 1.8 percent decrease from last year’s $47 million (€44.0 million).
“For the first quarter of the year, we posted revenue of €43.2 million, which was in line with our expectations, while expenses were at the lower end of our guidance at €39 million,” said Kristian Nylén, Kambi CEO.
Kambi made $4.7 million in operating profit during the first quarter at a margin of 10.2 percent. This figure also was down 2.2 percent year-over-year from $4.8 million in the first quarter of 2023. EBITA stood at $6.2 million and cash flow was $5.8 million, up 68.8 percent from $3.4 million in 2023. Earnings per share remained consistent with first quarter 2023 at $0.11.
“Our commitment to pushing the boundaries of product excellence and innovation, as highlighted by the development of our modular odds feeds, is positioning Kambi as a leader in shaping the future of sports betting technology,” Nylén said.
A key highlight for Kambi during this period was extending its retail sportsbook partnership with Penn Entertainment until Dec. 31, 2025. This agreement replaces the companies’ previous one, which was scheduled to end this July.
The first quarter also saw NylĂ©n, who has served as CEO since the company’s founding in 2010, announce his plan to step down this year upon the appointment of a successor.
