{"id":126793,"date":"2020-02-13T08:57:59","date_gmt":"2020-02-13T16:57:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=126793"},"modified":"2020-02-13T08:57:59","modified_gmt":"2020-02-13T16:57:59","slug":"kambi-group-enjoys-strong-2019-due-to-us-growth-envisions-solid-2020","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/kambi-group-enjoys-strong-2019-due-to-us-growth-envisions-solid-2020\/","title":{"rendered":"Kambi Group Enjoys Strong 2019 Due to US Sports Betting Growth, Envisions Trend to Continue in 2020"},"content":{"rendered":"

Kambi Group PLC ended the fourth quarter of 2019 on a strong note, thanks especially to developments that took place in the US sports betting market. But there\u2019s a bit of uncertainty now surrounding the sports betting services provider, especially as one of its top clients has announced it’s purchasing its own technology solution.<\/p>\n

\"\"
Kambi Group CEO Kristian Nyl\u00e9n had plenty of reasons to ring a bell in 2019 thanks largely to the growth the sports betting technology provider enjoyed in the US market. (Image: NASDAQ)<\/figcaption><\/figure>\n

Nevertheless, Kristian Nyl\u00e9n, CEO of the Malta-based company, said Kambi\u2019s revenues for 2020 will likely be unaffected by DraftKings\u2019 decision. He also thinks there may be an upside for the back-end technology provider.<\/p>\n

I remain of the view that DraftKings\u2019 long-term prospects would be better served with Kambi, but also that this will increase the appeal of Kambi to an even greater level,\u201d Nyl\u00e9n said in a statement released with the financials on Wednesday. \u201cWe remain firmly committed to the US, where we have a diverse network of partners which have fantastic potential for growth, particularly as more states regulate.\u201d<\/p><\/blockquote>\n

Among Kambi\u2019s highlights for the fourth quarter, which ended in December, was the launch of DraftKings\u2019 mobile sports betting application in New Hampshire. That took place in the final week of the year.<\/p>\n

In November, the company announced a deal with Seneca Gaming Corp.<\/a>, and launched sportsbooks at the tribal nation\u2019s three western New York casinos by the next month. That rollout could spur more business in a growing market, Nyl\u00e9n added.<\/p>\n

\u201cSeneca is a great customer signing for us,\u201d he said. \u201cNot only is it an organization which shares our values of trust and collaboration, but the fact it is owned by one of the most respected US Native American tribes ensures it is a partnership that will resonate within the tribal community nationwide.\u201d<\/p>\n

Revenue, Profits Up<\/h2>\n

For the quarter, Kambi reported revenue of \u20ac26.7 million ($29 million), an increase of 23.1 percent from the fourth quarter of 2018. For the 2019 calendar year, revenues rose more than 21 percent to \u20ac92.3 million ($100.4 million).<\/p>\n

After-tax profits rose substantially in the fourth quarter to \u20ac4.6 million ($5 million), up 28.5 percent from the same period in 2018. For the year, profits rose by about \u20ac600,000 ($652,825), or 6.4 percent, to \u20ac10.4 million ($11.3 million).<\/p>\n

\n

The jump in revenue coincides with a period of major growth for Kambi in the US market. In the final quarter of 2018, sports betting in North and South America made up 16 percent of Kambi\u2019s revenue. For the same period in 2019, it made up 37 percent.<\/p>\n<\/div>\n

How much has US sports impacted Kambi’s bottom line? In the fourth quarter, the NFL surpassed English soccer as the leading gross revenue generator for the company.<\/p>\n

Kambi Likes Penn National Strategy<\/h2>\n

While Nyl\u00e9n would like to keep DraftKings in the fold, Kambi believes it can still grow in the US thanks to its other partners. Besides tribal gaming, another US opportunity may exist in Penn National. Already in 2020, Kambi has installed a sportsbook and self-service betting terminals at the company\u2019s Hollywood Casino in Charles Town, W. Va.<\/p>\n

The company also has sportsbook implementations lined up for five Penn National casinos in Mississippi for this quarter.<\/p>\n

\u201cThe company has put sports betting at the heart of its growth strategy, underlined by its recent investment in media company Barstool Sports<\/a>, the brand Penn will leverage for its on-property and mobile sports betting product,\u201d Kambi\u2019s quarterly report stated. \u201cPenn has a well-considered strategy, a strong management team, a track record of success, and the financial resources to achieve its target of becoming a top-three player in every state in which it operates.\u201d<\/strong><\/p>\n

Besides DraftKings and Penn National, Kambi also serves as a technology provider to Rush Street Interactive, Kindred Group, 888, and Parx Racing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kambi Group PLC ended the fourth quarter of 2019 on a strong note, thanks especially to developments that took place in the US sports betting market. But there\u2019s a bit of uncertainty now surrounding the sports betting services provider, especially as one of its top clients has announced it’s purchasing its own technology solution. Nevertheless, […]<\/p>\n","protected":false},"author":45,"featured_media":126795,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,1074],"tags":[],"acf":[],"yoast_head":"\nKambi Group Enjoys Strong 2019 Due to US Growth, Envisions Solid 2020<\/title>\n<meta name=\"description\" content=\"Among Kambi Group's highlights for the fourth quarter was the launch of DraftKings\u2019 mobile sports betting application in New Hampshire.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kambi Group Enjoys Strong 2019 Due to US Growth, Envisions Solid 2020\" \/>\n<meta property=\"og:description\" content=\"Among Kambi Group's highlights for the fourth quarter was the launch of DraftKings\u2019 mobile sports betting application in New 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