Annual Report and Accounts

Kambi reports record-breaking 2020 results

"With a close eye on promising developments in Latin America and Canada, 2021 is another year in which Kambi has the potential to significantly grow our global reach," said Kristian Nylén, CEO of Kambi.
2021-03-29
Reading time 1:52 min
Kambi Group has published its 2020 Annual Report and Accounts, showing record-breaking financial results in the trading period, including a 28% increase in revenue alongside a 27% rise in operating margin.

The total revenue in 2020 increased to $ 138.6 million (2019: $ 108.7 million). The company said the 28% year-on-year increase shows continued growth, despite a significant period of the year in which sporting events are scarce as a result of the COVID-19 pandemic. See Full Report

Earnings before interest, taxes and depreciation (EBITDA) for the full year of 2020 was $ 58.5 million (2019: $ 34.3 million), while operating income for the full year of 2020 was $ 37.9 million (2019: $ 17.3 million). Yes, Kambi’s scalable business model. Profit after tax for the full year of 2020 was $ 28.4 million (2019: $ 12.3 million).

In 2020, $ 19.4 million in development costs (2019: $ 17.6 million) was capitalized. Key factors in capitalized development costs in 2020 were strengthening sportsbooks, US product development, market expansion, and the evolution of the company’s retail channels.

Addicionally in this period Kambi signed with four new partners, with Churchill Downs, Four Winds Casinos, the Belgian National Lottery and JVH gaming and entertainment group joining the industry's premium sports betting network.

Lars Stugemo Chairman of the company said: "Kambi’s position as the industry’s trusted sportsbook partner has only been strengthened by the events of 2020. Despite temporary shutdowns to top-tier sports, Kambi was able to emerge in fine shape with a strengthened balance sheet, demonstrating our robustness and capability to adapt to any situation. I believe we’re extremely well positioned to push forward and capitalise on the ongoing changes in market conditions and continue our success over the months and years ahead."

Kristian Nylén, CEO of the group commented: "Kambi’s continued expansion as more jurisdictions put sports betting frameworks into place illustrates this capability. The growth of the US market is a core driver for the business and remains a significant area of focus for commercial expansion. State-by-state regulatory efforts continue to gather pace, with increasing emphasis being placed on mobile and online in addition to on-property wagering. Our record of delivery in the US speaks for itself. We are now live in 14 states, having achieved market firsts with our partners in 10."

"We also made large strides in Europe throughout 2020. Extending our contract with long-term partner LeoVegas was a significant milestone that expanded our relationship to cover all the sports betting brands within the wider LeoVegas Group," added Nylén.

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