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Kambi Provides Q1 Updates and Measures to Strengthen its Financial Position in Light of COVID-19 Impact

Published

6 years ago

April 10, 2020

Reading Time: 2 minutes

Kambi Group has announced a series of cost saving measures to strengthen its financial platform and increase its ability to withstand the impacts of the COVID-19 outbreak.

Despite the impact of COVID-19 on the sporting calendar in the last two weeks of the first quarter, Q1 revenue was strong and is expected to be in the range of €27.5–28.0m. Opex is expected to be €21.0–21.5m, giving EBIT of €6.0–7.0m. The cash balance at the end of the quarter was in the range of €45–47m.

The sporting calendar has been severely impacted by COVID-19 since mid-March. In the last three weeks, revenue from sporting activities was in the range of 25–30% of those in Q4 2019.

The cost saving programme will result in savings across the whole business, including significantly reduced travel and marketing costs, a freeze on staff recruitment and a substantial reduction in data costs associated with fewer sporting events.

Kambi has also decided to apply for the financial support packages recently announced by the Swedish and UK governments, both of which are designed to protect jobs. Furthermore, with effect from 1 April 2020, Kambi Board members, the CEO and Executive Management have agreed to salary deferrals of 20%, 15% and 10% respectively.

Based on these savings and several smaller initiatives, operating expenditure in Q2 2020 is anticipated to be in the range of 10–20% lower than in Q4 2019. The cost saving package will also result in associated savings in capitalised development costs of 20–30% compared to Q4.

“Kambi is conscious of its duty to protect the company, its staff, partners and investors at all times, but particularly during a period of such uncertainty. The cost saving measures we are announcing today enable us to do just that for a significant period of time,” Kristian Nylén, CEO of Kambi, said.

“Kambi is a technology company powered by skilled and experienced people, all of whom have helped establish Kambi as the global market leader, and who will be pivotal to us pushing on further in the coming years. Therefore, it is in Kambi’s long-term interests to retain these staff while also reducing our costs, including payroll, and I firmly believe we have found the right balance in order to achieve this goal. When sports resume, we are ready to gear up to normal activity immediately, and in the meantime, we are being creative and agile in order to offer a high-quality and compliant service to our partners and their end users,” Kristian Nylén added.

ELA Games

ELA Games’ Business Development Team Lead Wins Manager of the Year Award at SBC Awards Europe 2026

Published

33 seconds ago

May 7, 2026

Wladimir P.

ela-games’-business-development-team-lead-wins-manager-of-the-year-award-at-sbc-awards-europe-2026

ELA Games, an innovative casino game studio, has secured a major leadership victory at the SBC Awards Europe on April 30 at the Xara Lodge in Malta. Its Business Development Team Lead Yaroslav Soloshenko has secured the Manager of the Year title at the event.

This recognition showcases the studio’s leading role in the industry and the exceptional internal culture steering the company forward. It amplifies its overall success, revealing how a solid foundation of studio leadership at ELA, along with Yaroslav’s vital contributions, guides the team to its recent achievements and shapes its reputation for excellence.

Earning the trophy places the studio among the biggest names in the space. The ELA Games team stood tall in the company leadership categories alongside Employer of the Year winner Betsson Group, with Yaroslav honoured among some of the best individual leaders in the industry, including Alea’s Alexandre Tomic and Playtech’s Elena Rousseva, who were jointly awarded Leader of the Year. Being recognized shoulder to shoulder with these industry giants comes down to the entire team’s passion for the games they produce, starting from the very top.

The SBC Awards Europe took place on April 30 at the Xara Lodge. Hosted by renowned sports broadcaster Alison Bender, the ceremony celebrated the operators, affiliates, and suppliers setting new standards across the industry.

The post ELA Games’ Business Development Team Lead Wins Manager of the Year Award at SBC Awards Europe 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Ilkka Kosola

Veikkaus Appoints Ilkka Kosola as its New Chief Financial Officer

Published

34 seconds ago

May 7, 2026

Wladimir P.

veikkaus-appoints-ilkka-kosola-as-its-new-chief-financial-officer

Veikkaus has appointed Ilkka Kosola as its new Chief Financial Officer (CFO) and a member of the executive management team. He will assume his new role by the end of September 2026.

Kosola will play a significant role in Veikkaus’ ongoing transformation towards the partial multi-license system and the execution of the company’s 2030 strategy. He brings with him extensive experience in demanding financial management positions and a strong track record of leading successful strategic projects and transformations.

“Ilkka’s broad and international experience in leading finance and IT functions, combined with his proven ability to drive change and execute strategic transactions, makes him an excellent fit for Veikkaus as we navigate this period of significant transformation,” said Olli Sarekoski, CEO and President at Veikkaus.

“We are confident that his expertise will be a great asset to our company and our executive management team as we work towards our strategic goals for 2030.”

Kosola joins Veikkaus from his position as Group CFO at Reaktor. He has previously served as Group CFO at Adven Group and has held several senior finance and business control positions at companies such as TietoEvery, Basware and Fortum. His career includes a strong history of successful M&A transactions, financial turnarounds and the development of modern, digitally enabled finance functions. His expertise also includes areas such as artificial intelligence in finance and international board work.

“I am thrilled to be joining the Veikkaus team and to have the opportunity to contribute to the next chapter of this iconic Finnish company,” said Ilkka Kosola.

“Veikkaus is at a pivotal point in its history, and I am eager to apply my experience to support the company’s transformation and the execution of its new strategy in the opening license market.”

The post Veikkaus Appoints Ilkka Kosola as its New Chief Financial Officer appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Acquisitions/Merger

Genius Sports Announces Close of Acquisition of Legend

Published

35 seconds ago

May 7, 2026

Wladimir P.

genius-sports-announces-close-of-acquisition-of-legend

Genius Sports Limited, a global leader in real-time sports data, announced it has completed its previously announced acquisition of Legend, a global, digital sports and gaming media network.

Legend provides a scaled media platform, with world-class marketing technology powering owned and operated digital properties including Covers.com, Casino.org and Casino Guru. In 2025, Legend generated 320 million annual visits from 118 million unique visitors, with more than two-thirds returning on a regular basis.

With the acquisition of Legend, Genius Sports is uniquely positioned as the only company operating two synergistic businesses across official sports data and media and advertising.

“Genius Sports has spent years building the data infrastructure behind modern sport. With Legend, we now extend that into the moment where fans choose to participate and act. This combination not only strengthens our core sports business but also expands our ability to monetize new audiences in iGaming, increasing the economic value of our platform across both verticals and driving significant cash flow,” said Mark Locke, CEO of Genius Sports.

The post Genius Sports Announces Close of Acquisition of Legend appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.