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Kambi Group plc Q4 Report 2021

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Financial summary

  • Revenue amounted to €34.9 (Q4 2020: 46.9) million for the fourth quarter of 2021, a decrease of 26%, and €162.4 (2020: 117.7) million for the period January to December, an increase of 38%
  • Operating profit (EBIT) for the fourth quarter of 2021 was €7.1 (22.2) million, at a margin of 20.2% (47.3%), and €57.0 (32.2) million, at a margin of 35.1% (27.4%) for the period January to December 2021
  • Profit after tax amounted to €6.1 (17.3) million for the fourth quarter of 2021 and €46.4 (24.1) million for the period January to December 2021
  • Earnings per share for the fourth quarter of 2021 were €0.198 (0.558) and €1.501 (0.781) for the period January to December 2021
  • Cash flow from operating and investing activities (excluding working capital movements and acquisitions) amounted to €4.8 (20.5) million for the fourth quarter of 2021 and €44.6 (28.7) million for the period January to December 2021
  • The 2022 AGM will be held on 17 May 2022. The Board proposes that no dividend is paid out.

Key highlights

  • Robust financial performance driven by market expansion and strong underlying network growth. When adjusting for the migration of 888 and DraftKings, and the impact from regulation in the Netherlands, operator turnover was up 38%
  • Received a mobile platform licence in New York, the most populous US state to regulate online sports betting thus far, and subsequently went live in Q1 2022
  • Expanded US partner network with the signings of omni-channel operator Affinity Interactive and tribal operators Desert Diamond Casinos and Saginaw Chippewa Gaming Enterprises
  • Completed 38 launches, including three additional US states – Connecticut, Louisiana and Maryland – and with new partners in Australia, the Bahamas and the Netherlands
  • Following close of quarter, extended long-term partnership with Kindred Group until 2026 and have ability to repay convertible bond held by Kindred

“The momentum we built in Q3 continued into Q4, helping us finish the year in fine fashion. This positivity has continued into the new year, most notably having recently extended our partnership with Kindred Group, which now runs for the next five years up until the end of 2026, providing us with additional financial strength. Separately, we also have the ability to repay the convertible bond held by Kindred, which when paid at a time of our discretion will provide us with complete freedom to make the right strategic decisions for Kambi’s future, which has never looked brighter.

Looking back at Q4, growth from the Americas continued to be a key driver of our performance. The Americas region was responsible for 58% of operator GGR and is set to increase further with additional markets to regulate and go live this year across Canada, the US, and South America.

One of the key quarterly highlights was the receipt of our licence in New York State, which since launching a few weeks ago has quickly grown to become the largest market in the country. Not only did Kambi secure one of the few licences on offer in New York, the bid we led as a primary applicant also achieved the highest score from the regulator following a competitive application process. Such an achievement is a real testament to Kambi’s reputation in the US and the quality, integrity, and reliability of our sports betting technology.

We signed three new partners in the US during Q4, including a multi-state partnership with US omni-channel operator Affinity Interactive, which operates casinos in three states and the Daily Racing Form, an iconic horse racing news brand. We followed these signings up after the quarter with a multi-state deal with MaximBet and a partnership in Canada with NorthStar Gaming, which is partnered with Torstar Corporation, one of the country’s largest news organisations.

In addition to North America, we made significant progress in Argentina, going live in both Buenos Aires City and Buenos Aires Province, while we also launched new partners in Australia and the Bahamas. Furthermore, in Europe we launched BetCity and JVH in the re-regulated Netherlands market and have been buoyed by the early performance. We are excited by prospects in the Netherlands, particularly once additional partners are awarded their licence in the coming months.

In summary, Q4 concluded a transformative year for Kambi and as we move into 2022, I am confident the business has never been better positioned for the future. The prospect of further regulation and additional partner signings across the globe is positive and we are firmly established as the go-to provider for the global sports betting market. I look forward to building on our successes this year and beyond to the benefit of both our partners and shareholders alike.”

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Backseat Gaming

Hub88 integrates Backseat Gaming and Clutch Gaming in double supplier deal

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Aggregator adds high-volatility slots including Hades Harvest, Deep Sea Mafia and Radiate to its operator network.

Hub88 has added Backseat Gaming and sister studio Clutch Gaming to its supplier network via a double integration deal, expanding the content available to operators on its aggregation platform.

The integration makes a number of titles available through Hub88, including Hades Harvest, Deep Sea Mafia and Radiate. Hub88 positioned the move as a way to broaden its catalogue with high-volatility content.

Ollie Castleman, Managing Director at Hub88, said: “Backseat Gaming and Clutch Gaming bring a level of craft and personality that stands out.

“By choosing both complementary studios run by the same team, our partners gain the flexibility to reach different player preferences. With both brands already making a splash in the industry, we’re sure this content will become an unmissable addition to lobbies.”

Debbie Cooper, Head of Commercial Operations at Backseat Gaming, said: “Partnering with Hub88 marks an exciting next step for Backseat Gaming and Clutch Gaming as we look to expand our reach across the iGaming industry.

“Hub88’s proven aggregation platform and extensive operator portfolio give us the ideal network to get our content in front of new audiences quickly and efficiently. We’re excited to work alongside their team and bring our game content to their partners.”

The studios said they plan to release one game per week from each provider, with both brands managed by the same team and positioned to target different player tastes.

The post Hub88 integrates Backseat Gaming and Clutch Gaming in double supplier deal appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Africa

Mancala Gaming signs QTech distribution deal for emerging markets

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Mancala Gaming has struck a distribution deal with QTech to roll out its slots and crash games to operators across emerging markets, the companies said on 21 July 2026.

Under the agreement, QTech will add Mancala Gaming’s catalogue to its aggregator platform. Mancala said its current portfolio includes more than 80 games, spanning slots and crash titles such as Panther Legacy, Coin Craze: Supercharged, Diego’s Spicy Truck, Cheese Chase, Beer Halla and Muscle Tussle.

Mancala Gaming CCO Emiliano Sanchez said: “We’re thrilled to have partnered with QTech to boost our reach and relevance across emerging markets, seamlessly offering our premium slots and crash content to a range of previously undiscovered operators. We now look forward to elevating our ambitions through the sprawling reach of QTech’s platform, particularly in Africa and LatAm where the crash-gaming genre is in such high demand. Mobile-first consumption and speed are the consequential keys to success in these two continents where players want instant entertainment, short sessions, and quick results, even when mobile connectivity is not optimal.

QTech CEO Philip Doftvik added: “Mancala Gaming’s content brings a level of gameplay and interactive engagement that keeps players coming back for more, improving retention and dwell-time metrics. Their growing gaming suite of slots, instant-win, and crash games is built for rapid deployment across any market. So, we’re confident that our operator partners will soon see strong performance courtesy of some multi-layered gameplay experiences which appeal to both seasoned and casual players.

The companies did not disclose commercial terms or name operator launch partners.

The post Mancala Gaming signs QTech distribution deal for emerging markets appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Avanti

Avanti Studios names former Evolution executive Steven Tabone as Commercial Director

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Tabone joins from Evolution, where he served as Head of Region, as Avanti targets new operator and aggregator partnerships.

Avanti Studios has appointed Steven Tabone as Commercial Director, hiring the former Evolution Head of Region to lead its commercial strategy and partnership growth.

Tabone spent two years at Evolution, where he worked on commercial strategy, sales and account management, and supported operator relationships, according to the company. Avanti said his remit will include building operator and aggregator partnerships and developing a scalable go-to-market strategy focused on international expansion.

The supplier also pointed to recent activity in Spain and Brazil, citing partnerships with Entain and Bet365 as it scales operations in those markets.

Steven Tabone, Commercial Director at Avanti, said: “I firmly believe Avanti is the most exciting thing to have happened to the iGaming industry for a very long time, so I’m obviously delighted to be joining as Commercial Director during what is undoubtedly a pivotal period for the company.

“What drew me to Avanti is having the chance to build something genuinely different. The team has a clear vision that will disrupt the industry with its innovation and quality, and as an operator, you can either jump on the train with us or be left standing at the station. Being able to shape that journey from the very beginning is a huge opportunity, and one that I’m really looking forward to.”

The post Avanti Studios names former Evolution executive Steven Tabone as Commercial Director appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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