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Kambi Group plc Q1 Report 2021

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Financial summary

  • Revenue amounted to €43.2 (Q1 2020: 27.9) million for the first quarter of 2021, an increase of 55%
  • Operating profit (EBIT) for the first quarter of 2021 was €18.7 (6.8) million, an increase of 173%, at a margin of 43.2% (24.5%)
  • Profit after tax amounted to €15.1 (4.8) million for the first quarter of 2021
  • Earnings per share for the first quarter of 2021 were €0.487 (0.156)
  • Cash flow from operating and investing activities (excluding working capital movements) amounted to €16.5 (4.1) million for the first quarter of 2021

Key highlights

  • Operator turnover index exceeded 1,000 mark for first time, equating to a x10 growth since Kambi’s first quarter post-listing in 2014
  • Strong revenue growth of 55% year-on-year at an operator trading margin of 8.5%
  • Continued US expansion with launches across a number of jurisdictions including Michigan, Illinois, Virginia and Arkansas – the latter became the 14th state in which Kambi provides regulated sports betting

“I’m pleased to report the exceptional performance we produced during the latter part of last year has continued into 2021, with significant growth across a range of KPIs including operator turnover, revenue and operating margin. We also continued our impressive commercial momentum with new partner signings and extensions in key target markets. The operator turnover index surpassed 1,000 for the first time after a record quarter which saw operator turnover more than double year-on-year, with the caveat of the final fortnight of Q1 2020 impacted by COVID-19. This strong performance was driven by a busy sporting calendar, including the end of the NFL season and the March Madness college basketball tournament, and more than compensated for the planned migration of a large proportion of 888’s business off the Kambi sportsbook in January.

Revenue growth was also exceptionally strong at 55%, with operator trading margin of 8.5% for the quarter. The business was once again able to demonstrate its scalability with an operating margin of 43%, which was particularly pleasing to see in a quarter played out in an environment more reflective of the pre-pandemic landscape, as we transition back to something more akin to normality.

From a commercial perspective, and as detailed in our previous report, we signed new partnerships with Racing & Wagering Western Australia (RWWA) and Casino Magic. Within weeks of signing with Casino Magic, our sportsbook was live in Neuquén, Argentina, strengthening our position in the promising South American market, while we continue to work with RWWA on the transition of its existing business to Kambi from its current provider. In addition to signing two new partners, it was great to strengthen our partnership with Napoleon Sports & Casino, and we look forward to building further on this long-term relationship in the years to come.

As ever, the quarter saw Kambi continue to support the expansion of partners across the globe, averaging a partner launch every week throughout the reporting period. In addition to the launch of Casino Magic, we supported US-facing partners in states including Michigan, Virginia, Illinois and Arkansas, with the latter becoming the 14th state in which Kambi is live and generating revenue. Although I’ve said it before, it’s worth repeating our market-leading excellence and reliability in the areas of integrations and launches, often working closely with regulators to ensure our partners are first or among the first to go live.

Regulation in the US continues to move at pace, with progress seen in a variety of states in recent weeks and months, perhaps most notably in New York, where the state has committed to adding online sports betting to its existing retail market. As the first company to process a regulated sports bet in New York, we’re of course monitoring the developing situation there closely and look forward to the publication of further details concerning the licensing framework in due course.

In the meantime, our teams are busy preparing for what will be a special summer of sports, with major events such as the delayed Euro 2020, Copa America and Olympic Games, as well as the return of annual summer tournaments including Wimbledon and The Open. In addition, this year should see a full MLB season played out, with a high volume of games to be played throughout the summer months. As always, our partners will have a first class offering across all sports and competitions, and as sports fans we have a lot to look forward to.”

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N1 Beyond the Insights: Facebook in July

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Every month, N1 Insights features N1 Partners experts sharing their perspective on the latest developments in the iGaming industry. But these insights are only part of the bigger picture. Behind every prediction lies market analysis, hands-on experience, and real-world cases that deserve a deeper discussion.

That’s why we’re launching N1 Beyond the Insights — a new series where N1 Partners experts take a closer look at the industry’s most important topics, share in-depth analysis, and explore the nuances that help affiliates make better traffic decisions.

In our first edition, we focus on Facebook: the seasonal shifts that typically occur in July, the metrics that matter most, and why evaluating campaign performance requires looking beyond surface-level results and analyzing the entire user journey.

False Signals: When a Drop in CTR and CR Doesn’t Mean Your Campaign Is Failing

In July, traditional advertising metrics can be misleading — even for experienced media buyers. One of the most common mistakes is treating a decline in CTR and CR as a clear sign that a campaign has burned out and should be turned off.

In reality, the cause is often a seasonal shift in user behaviour rather than the campaign itself. During the summer, people spend more time on mobile devices, travel more, and generally devote less attention to social media. They scroll through their feeds faster, which naturally leads to lower CTR and registration conversion rates, even when the campaign continues to attract high-quality traffic.

This is where many affiliates make costly mistakes. They see performance drop in their tracker, pause campaigns that are still delivering value, and start testing new creatives, spending additional budget to solve a problem that may not actually exist.

The N1 Partners Approach

In situations like these, the N1 Partners team avoids drawing conclusions based solely on the first signs of declining advertising metrics.

Instead, we look at the full picture by analysing:

  • user cohorts;
  • the time between registration and first deposit;
  • post-click user behaviour;
  • overall campaign profitability.

During the summer, it’s especially important to allow the entire conversion cycle to unfold before evaluating performance. A user may click on an ad during the day but only complete registration or make a first deposit later that evening or even over the weekend.

Our team also recommends adapting creatives to seasonal user behaviour. Shorter funnels, clear messaging, and offers built around fast or instant-play games tend to perform better during the summer, as they require less time and commitment from users who are often browsing on the go.

Night-Time Traffic: Why a Lower CPC Doesn’t Always Mean Higher ROI

Another seasonal trend in July is the shift in user activity patterns.

Across many Tier-1 markets, longer daylight hours and warmer weather change how people spend their time. Users are generally less active on social media during the day, with engagement gradually moving into the late evening and overnight hours.

Facebook adapts quickly to these behavioural changes, allocating more impressions during peak activity periods — typically between 10:00 PM and 3:00 AM local time.

For affiliates, this can initially look like an opportunity:

  • lower CPC;
  • higher traffic volume;
  • more registrations.

However, these metrics don’t necessarily translate into better campaign performance. A lower acquisition cost doesn’t automatically mean higher-quality traffic or stronger long-term profitability, which is why it’s important to evaluate the full conversion funnel rather than relying on CPC alone.

What the Ads Manager Shows What’s Actually Happening
Lower CPC Users are more likely to browse their feeds without taking action.
More Registrations A smaller share of users progresses to making a quality first deposit.
Higher traffic volume More registrations fail to convert into long-term revenue.

During late-night hours in Tier-1 markets, additional factors can affect deposit conversion:

  • users may reach their daily card spending limits;
  • banks often perform scheduled maintenance and security updates overnight;
  • declined payment rates tend to increase.

As a result, affiliates may see a high number of registrations while the conversion rate from registration to first deposit declines.

The N1 Partners Approach

At N1 Partners, we don’t recommend limiting campaigns to night-time hours through dayparting simply because CPC appears lower.

While daytime traffic is often more expensive, users acquired during the day and early evening are generally more likely to complete meaningful deposits and deliver stronger long-term value. Rather than optimizing for the lowest acquisition cost, we recommend evaluating traffic quality across the entire conversion funnel and optimizing for overall campaign profitability.

Metrics That Help You Spot Problems Before Your Competitors

Today, Facebook campaign analysis goes far beyond CTR, CPC, and registration volume. If a campaign continues to generate high-quality traffic while ROI starts to decline, the issue isn’t necessarily on Facebook’s side.

At N1 Partners, one of the earliest warning signs we monitor is payment infrastructure performance. Changes in payment metrics often reveal underlying issues before they become visible in overall campaign results.

The first metrics we analyze include:

Metric What It Indicates
Success Rate The share of successful payments compared to failed transactions.
Decline Rate Whether payment failures are increasing over time.
Reg-to-Dep How efficiently registrations convert into first-time depositors.
FTD First deposit

During the summer, banks in Tier-1 markets regularly update their payment gateways, adjust transaction limits, and introduce changes to payment processing. Even a 5–10% increase in the Decline Rate over a few hours can indicate an underlying technical issue.

Teams that focus solely on the number of first-time deposits often detect these problems too late. Monitoring Success Rate and Decline Rate allows affiliates to identify issues much earlier and adjust their campaigns before performance is significantly affected.

Why It’s Harder to Kill Underperforming Campaigns in July

During the summer, finding a new winning campaign is often easier than knowing when to stop running an existing one. Lower CPCs driven by reduced competition in Facebook’s ad auction can create the illusion that a temporary performance dip will eventually correct itself.

In reality, many affiliates fall into the trap of delayed conversions, attributing weaker results solely to seasonality. More often, the issue lies with the traffic itself rather than the product. During the summer, Tier-1 users respond differently to gambling creatives, while Facebook’s algorithms gradually optimize delivery toward less engaged audiences.

Instead of continuing to scale a declining campaign in the hope that retention will improve later, it’s usually more effective to pause underperforming setups early and reallocate budget to testing new angles and creatives that better match July’s seasonal demand.

Deep Localization: Which GEOs Need It Most?

These seasonal shifts are particularly noticeable in mature Tier-1 markets such as Germany, Austria, and Canada.

Users in these markets have been exposed to gambling advertising for years. They’ve seen countless welcome bonuses, promotional offers, and product concepts, making it much harder for generic campaigns to stand out. Simply increasing a welcome bonus is no longer a meaningful competitive advantage.

At N1 Partners, we take a broader product-driven approach that focuses on:

  • deep product localization;
  • personalized retention strategies;
  • VIP mechanics;
  • local payment methods;
  • a user experience tailored to the specifics of each market.

Summer also changes how users interact with products. People spend more time away from home, rely more heavily on mobile devices, and switch between content more quickly. At the same time, major sporting events remain a powerful driver of engagement. Products optimized for mobile, fast gameplay, and user journeys that naturally fit summer behaviour tend to deliver the strongest results.

At the same time, lower-cost traffic in Latin America and Asia can be misleading. High registration volumes don’t necessarily translate into strong profitability, especially when optimization focuses on installs or registrations rather than first-time deposits and long-term player value.

Why Brands Are Prioritizing Quality Over Volume

Over the past few months, brands have significantly changed the way they evaluate affiliate traffic. The focus has shifted from traffic volume to user quality and long-term value.

Today, affiliates are increasingly expected to provide transparent source-level reporting, full-funnel analytics, traffic segmentation, and insights into the quality of the acquired audience.

As a result, the best commercial terms are no longer reserved exclusively for the largest affiliates. 

According to N1 Partners, the key differentiators today are:

  • strong expertise in traffic analytics;
  • the ability to quickly identify changes in the registration-to-deposit conversion rate;
  • fast campaign optimization and decision-making;
  • stable LTV and healthy DepSum/Payout economics;
  • transparent communication between affiliates and affiliate managers.

This approach enables long-term partnerships and sustainable growth—even without continuously increasing traffic volumes.

Key Takeaway

Seasonality changes user behaviour, Facebook’s algorithms adjust traffic distribution, and traditional advertising metrics are no longer enough to evaluate campaign performance.

At N1 Partners, we recommend taking a full-funnel approach by looking beyond CTR, CPC, and registration volume. Instead, evaluate user cohorts, Success Rate, Decline Rate, deposit quality, and overall ROI to make more informed optimization decisions.

Work with N1 Partners and Turn Insights into Results

  • 14+ casino and sportsbook brands with strong Reg2Dep conversion
  • 10+ Tier-1 GEOs
  • CPA up to €700 and RevShare up to 55%, plus NNCO for top-performing affiliates

Be number one with N1!

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Esportes Gaming Brasil lands three brand nominations at Reclame Aqui Awards 2026

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Esportes Gaming Brasil (EGB) says all three of its brands—Esportes da Sorte, Onabet and Lottu—have been shortlisted for the Reclame Aqui Awards 2026, a Brazilian awards programme focused on corporate reputation and customer relationships. The group announced the nominations on Thursday 16th July.

EGB said it is the first time the three brands have been nominated simultaneously. Esportes da Sorte is shortlisted in the Ultra Sports Betting Operators (Mega Operations) category, while Onabet and Lottu are in the Sports Betting Operators (Mega Operations) category.

“Receiving nominations for all three Group brands at the Reclame Aqui Awards for the first time is incredibly meaningful recognition of the work we carry out every day. More than simply an achievement, it reflects our consistent strategy of putting the customer at the centre of every decision by investing in technology, operational efficiency and personalised customer service to build long-term relationships based on trust,” said Maria Neves, Director of Customer Experience, Customer Support and Reputation Channels at Esportes Gaming Brasil.

The company attributed the nominations to ongoing investment in customer service processes, technology integration, employee training and changes to the user journey across its brands. EGB also said it reduced average response time for human customer support from 30 minutes to two minutes.

Reclame Aqui Awards winners are decided by consumer voting, according to the company. Public voting for the 2026 edition is scheduled to run from 2 September to 5 November.

The post Esportes Gaming Brasil lands three brand nominations at Reclame Aqui Awards 2026 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Alberta

Gaming Corps goes live with bet365 in Alberta on regulated market day one

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Deal expands bet365 casino rollout in Spain and Ontario, with 50+ Gaming Corps titles certified for Alberta from 13 July 2026.

Gaming Corps has launched with bet365 in Alberta on the first day of the province’s regulated iGaming market opening (13 July 2026), while also expanding its content footprint with the operator in Spain and Ontario.

The Sweden-based, publicly listed game developer said it is among the first wave of studios certified for Alberta, supporting bet365’s entry with more than 50 games available at launch. The day-one portfolio spans Slots, Table, Plinko, Mine Games and Instant Blitz.

Gaming Corps said the expanded partnership includes its football-themed titles, including Penalty Champion: Goals to Glory, plus the 3 Pigs series (3 Pigs of Olympus, 3 Pigs of Olympus 2: Rise of the DemiHog and 3 Pigs of the Caribbean).

The rollout also brings Gaming Corps’ new Low RTP Blackjack titles to bet365, which the supplier said are designed around 93.57% RTP and approximately 6% operator hold, with side-bet mechanics and flexible branding options.

Graham Greensmith, Chief Commercial Officer at Gaming Corps, said: “Extending our partnership with bet365 across Spain, Ontario and Alberta is a major moment for Gaming Corps, but Alberta is the real statement here. Going live with bet365 from day one reflects the work our teams have put into certification, onboarding and ensuring we can move quickly and confidently with major operator partners.

“As one of the earliest studios ready for Alberta, we’ll be bringing more than 50 titles to the province. That breadth matters, because it gives operators like bet365 a single partner across multiple verticals, with content designed to support acquisition, engagement and retention across different player segments. Spain and Ontario are also important regulated markets for us and expanding with a global operator of this scale highlights how far Gaming Corps has come in a short period of time.”

Richard Graham, Associate VP of Gaming at bet365 at said: “Gaming Corps has become a valuable content partner, combining recognisable game identities with formats that add variety across our casino offering. We are pleased to extend the partnership into Spain, Ontario and Alberta, with the Alberta launch particularly important as part of our day-one commitment to the market.

“Expanding the relationship across multiple territories in a relatively short period reflects the strength of the collaboration, as well as the Gaming Corps team’s clear product direction, commitment and continued development as a game vendor. We look forward to giving players access to a wide-ranging portfolio from the moment the market opens.”

The post Gaming Corps goes live with bet365 in Alberta on regulated market day one appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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