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Kambi Group plc Q4 Report 2021
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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affiliate marketing
N1 Partners puts Deputy Head Vlad Chernov in the spotlight in N1 Faces
Why do some teams scale and grow consistently, while others start losing money as soon as they increase volume — even when working with the same offers and traffic sources? The difference rarely comes down to tools. More often, it’s about how the system is managed: how decisions are made, how responsibility is distributed, and how the team works with partners when performance starts to decline.
In the new episode of N1 Faces, the N1 Partners team introduces Vlad Chernov, Deputy Head of Affiliates. In this interview, Vlad shares how he entered affiliate marketing, what managing a team really means in a fast-moving environment, where money is most often lost during scaling, and what principles help build teams that actually drive growth.
How did you get into affiliate marketing, and when did you realize this was the field you wanted to grow in?
I entered the industry in 2020. Before fully moving into affiliate marketing, I worked in a range of roles — from Customer Support Manager to Operations Director. That gave me a broad understanding of processes, team management, and how the business operates from the inside.
Over time, I became more interested in the affiliate side: how deals are structured, how traffic is driven to casino products, and which sources partners rely on. When the opportunity came to move into affiliate marketing, I quickly realized this was the area where I could develop my skills, work closely with partners, and directly see the impact of my decisions.
What brought you to N1 Partners, and what was the deciding factor?
When I was just starting out in affiliate marketing, I was actively studying the market and consistently following N1 Partners — their positioning, their brands, and the fact that they were always among the top performers. I also paid attention to the team and saw professionals I genuinely wanted to work with and learn from.
The key factors for me were a strong brand portfolio and the flexibility to choose my direction — both in terms of the team and traffic sources. It was also important for me to join a company that values new ideas and supports initiative. I’ve always seen that as a critical part of professional growth.
What’s more challenging in team management: scaling results or developing the team itself?
Scaling results is definitely more challenging.
We operate in a highly dynamic environment where the market changes almost daily. What works today may stop working tomorrow.
That’s why both we and our partners often find it harder to maintain and grow performance — it requires constant attention to key metrics and the ability to adapt quickly.
At the same time, team development is an ongoing process. We’re continuously looking for ways to streamline workflows, reduce manual tasks, and improve efficiency. We’re also gradually integrating AI into our internal processes to increase both speed and quality.
What qualities define a strong affiliate manager today?
First and foremost — strong communication skills. This is especially critical at the very first touchpoint with a partner. The way you communicate early on often determines whether you’ll even get a response.
Honesty and transparency are just as important. In this industry, building trust is essential because everyone is ultimately working toward shared results.
I would also highlight a deep understanding of analytics. An affiliate manager should go beyond basic metrics like average check or ROAS and understand profitability, traffic quality, and overall campaign efficiency.
And of course — multitasking. It’s unavoidable today. We work with 10+ brands, accept traffic from multiple sources, and constantly test new funnels and hypotheses together with partners.
How does team growth impact the quality of partner relationships, and what’s critical to avoid a drop in service when scaling?
Team growth and the level of expertise among managers form the foundation of everything that follows. We’re very selective in hiring and place a strong emphasis on analytics and understanding traffic sources, as this directly impacts our ability to scale.
As the team grows, processes become just as important as people. It’s essential to have a transparent system in place: clear standards, shared understanding of goals and key metrics, and consistent approaches to working with partners. This ensures stability and maintains service quality even as volumes increase.
At the same time, the level of the team remains critical. Strong specialists set the bar and shape the overall approach. That’s what allows you to scale without losing quality.
What are the most common pitfalls when working with partners, and where do teams usually lose money?
Most losses happen during scaling, when quality starts to drop as volume increases. A typical mistake is choosing the wrong scaling strategy — pushing all ad sets instead of focusing only on those that have already proven performance with strong CTR and EPC on the affiliate side, as well as solid player activity and ROI on the advertiser’s side.
Another key factor is offer selection. Chasing an offer with a 10–15% higher CPA doesn’t always make sense if the conversion rate is lower. In the long run, this directly impacts profitability.
From our side, we focus on selecting offers that perform best in real time for a specific traffic source. We can also provide actual performance proof and help partners secure the most competitive terms available on the market.
How do you build relationships with key partners so they don’t just stay, but grow with you?
I focus on a personalized approach and building trust-based relationships with a long-term perspective.
I’d rather start with a small test, scale gradually, and increase the rate later than run multiple tests and stop working together — even if early results are not ideal.
We work toward win-win conditions and continuously test new approaches and hypotheses. With the right strategy and offer selection, I’m confident that mutual growth is always achievable.
What helps you stay focused and make decisions under constant pressure?
Prioritization and structured task management are key.
It’s important to assess situations objectively, double-check information, and base decisions on data rather than emotions. Staying calm and focused allows me to work effectively under pressure, adapt quickly, and take responsibility for decisions with confidence.
If you weren’t in iGaming…
I’d likely still be in a related field. One option would be marketing in another industry, where I could apply my experience. Another would be returning to operations, focusing on building and optimizing processes in a high-risk environment.
Either way, I’d want to stay in a fast-paced, high-responsibility environment with challenging tasks — that’s what drives me.
Top-3 Blitz
What mistakes most often prevent affiliate teams from growing?
-
- Choosing the wrong strategy and chasing higher payouts instead of conversion and sustainability.
Teams often choose offers based on CPA alone, ignoring conversion, even though conversion drives long-term results. - Lack of communication with the manager.
Teams sometimes stop traffic without notice and draw quick conclusions without investigating deeper. The issue might not be conversion, but something like incorrect postback setup.
- Choosing the wrong strategy and chasing higher payouts instead of conversion and sustainability.
- Mixing traffic from different sources without proper segmentation.
These flows need to be agreed upon and segmented to maintain quality and properly analyze performance.
What do you look at first when evaluating a partner?
- Audience fit and traffic quality.
The traffic must match our target audience and meet internal profitability benchmarks. - Flexibility and willingness to collaborate.
The ability to adapt quickly and find win-win solutions is key. - Previous performance.
I look at historical data, results in other campaigns, and how consistently the partner meets agreements.
What factors most influence traffic profitability today?
- Cost of acquisition and player retention.
It has become harder to both acquire and retain users. - Funnel and landing page optimization.
Even high-quality traffic can drop off if the funnel is too long or complex. - Continuous campaign optimization and bid adjustments.
Daily monitoring of metrics and fast adaptation—from both the partner and advertiser side—is critical.
Working with N1 Partners
Partners who want to discuss a launch, tailor conditions to their traffic, or test an offer can reach out to Vlad directly.
N1 Partners is a multi-brand affiliate program and direct advertiser, bringing together 14+ casino and betting brands with strong LTV and Reg2Dep rates of up to 70% across Tier-1 GEOs.
N1 Partners offers competitive terms for top partners, including CPA up to €650-700 and RevShare up to 45%, ensuring stable and scalable performance.
Trusted by 14,000+ partners, N1 Partners stands out for its transparency, flexibility, and focus on long-term partnerships, supported by a strong product portfolio and advanced retention systems.
The post N1 Partners puts Deputy Head Vlad Chernov in the spotlight in N1 Faces appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
affiliate marketing
N1 Partners puts Deputy Head Vlad Chernov in the spotlight in N1 Faces
Why do some teams scale and grow consistently, while others start losing money as soon as they increase volume — even when working with the same offers and traffic sources? The difference rarely comes down to tools. More often, it’s about how the system is managed: how decisions are made, how responsibility is distributed, and how the team works with partners when performance starts to decline.
In the new episode of N1 Faces, the N1 Partners team introduces Vlad Chernov, Deputy Head of Affiliates. In this interview, Vlad shares how he entered affiliate marketing, what managing a team really means in a fast-moving environment, where money is most often lost during scaling, and what principles help build teams that actually drive growth.
How did you get into affiliate marketing, and when did you realize this was the field you wanted to grow in?
I entered the industry in 2020. Before fully moving into affiliate marketing, I worked in a range of roles — from Customer Support Manager to Operations Director. That gave me a broad understanding of processes, team management, and how the business operates from the inside.
Over time, I became more interested in the affiliate side: how deals are structured, how traffic is driven to casino products, and which sources partners rely on. When the opportunity came to move into affiliate marketing, I quickly realized this was the area where I could develop my skills, work closely with partners, and directly see the impact of my decisions.
What brought you to N1 Partners, and what was the deciding factor?
When I was just starting out in affiliate marketing, I was actively studying the market and consistently following N1 Partners — their positioning, their brands, and the fact that they were always among the top performers. I also paid attention to the team and saw professionals I genuinely wanted to work with and learn from.
The key factors for me were a strong brand portfolio and the flexibility to choose my direction — both in terms of the team and traffic sources. It was also important for me to join a company that values new ideas and supports initiative. I’ve always seen that as a critical part of professional growth.
What’s more challenging in team management: scaling results or developing the team itself?
Scaling results is definitely more challenging.
We operate in a highly dynamic environment where the market changes almost daily. What works today may stop working tomorrow.
That’s why both we and our partners often find it harder to maintain and grow performance — it requires constant attention to key metrics and the ability to adapt quickly.
At the same time, team development is an ongoing process. We’re continuously looking for ways to streamline workflows, reduce manual tasks, and improve efficiency. We’re also gradually integrating AI into our internal processes to increase both speed and quality.
What qualities define a strong affiliate manager today?
First and foremost — strong communication skills. This is especially critical at the very first touchpoint with a partner. The way you communicate early on often determines whether you’ll even get a response.
Honesty and transparency are just as important. In this industry, building trust is essential because everyone is ultimately working toward shared results.
I would also highlight a deep understanding of analytics. An affiliate manager should go beyond basic metrics like average check or ROAS and understand profitability, traffic quality, and overall campaign efficiency.
And of course — multitasking. It’s unavoidable today. We work with 10+ brands, accept traffic from multiple sources, and constantly test new funnels and hypotheses together with partners.
How does team growth impact the quality of partner relationships, and what’s critical to avoid a drop in service when scaling?
Team growth and the level of expertise among managers form the foundation of everything that follows. We’re very selective in hiring and place a strong emphasis on analytics and understanding traffic sources, as this directly impacts our ability to scale.
As the team grows, processes become just as important as people. It’s essential to have a transparent system in place: clear standards, shared understanding of goals and key metrics, and consistent approaches to working with partners. This ensures stability and maintains service quality even as volumes increase.
At the same time, the level of the team remains critical. Strong specialists set the bar and shape the overall approach. That’s what allows you to scale without losing quality.
What are the most common pitfalls when working with partners, and where do teams usually lose money?
Most losses happen during scaling, when quality starts to drop as volume increases. A typical mistake is choosing the wrong scaling strategy — pushing all ad sets instead of focusing only on those that have already proven performance with strong CTR and EPC on the affiliate side, as well as solid player activity and ROI on the advertiser’s side.
Another key factor is offer selection. Chasing an offer with a 10–15% higher CPA doesn’t always make sense if the conversion rate is lower. In the long run, this directly impacts profitability.
From our side, we focus on selecting offers that perform best in real time for a specific traffic source. We can also provide actual performance proof and help partners secure the most competitive terms available on the market.
How do you build relationships with key partners so they don’t just stay, but grow with you?
I focus on a personalized approach and building trust-based relationships with a long-term perspective.
I’d rather start with a small test, scale gradually, and increase the rate later than run multiple tests and stop working together — even if early results are not ideal.
We work toward win-win conditions and continuously test new approaches and hypotheses. With the right strategy and offer selection, I’m confident that mutual growth is always achievable.
What helps you stay focused and make decisions under constant pressure?
Prioritization and structured task management are key.
It’s important to assess situations objectively, double-check information, and base decisions on data rather than emotions. Staying calm and focused allows me to work effectively under pressure, adapt quickly, and take responsibility for decisions with confidence.
If you weren’t in iGaming…
I’d likely still be in a related field. One option would be marketing in another industry, where I could apply my experience. Another would be returning to operations, focusing on building and optimizing processes in a high-risk environment.
Either way, I’d want to stay in a fast-paced, high-responsibility environment with challenging tasks — that’s what drives me.
Top-3 Blitz
What mistakes most often prevent affiliate teams from growing?
-
- Choosing the wrong strategy and chasing higher payouts instead of conversion and sustainability.
Teams often choose offers based on CPA alone, ignoring conversion, even though conversion drives long-term results. - Lack of communication with the manager.
Teams sometimes stop traffic without notice and draw quick conclusions without investigating deeper. The issue might not be conversion, but something like incorrect postback setup.
- Choosing the wrong strategy and chasing higher payouts instead of conversion and sustainability.
- Mixing traffic from different sources without proper segmentation.
These flows need to be agreed upon and segmented to maintain quality and properly analyze performance.
What do you look at first when evaluating a partner?
- Audience fit and traffic quality.
The traffic must match our target audience and meet internal profitability benchmarks. - Flexibility and willingness to collaborate.
The ability to adapt quickly and find win-win solutions is key. - Previous performance.
I look at historical data, results in other campaigns, and how consistently the partner meets agreements.
What factors most influence traffic profitability today?
- Cost of acquisition and player retention.
It has become harder to both acquire and retain users. - Funnel and landing page optimization.
Even high-quality traffic can drop off if the funnel is too long or complex. - Continuous campaign optimization and bid adjustments.
Daily monitoring of metrics and fast adaptation—from both the partner and advertiser side—is critical.
Working with N1 Partners
Partners who want to discuss a launch, tailor conditions to their traffic, or test an offer can reach out to Vlad directly.
N1 Partners is a multi-brand affiliate program and direct advertiser, bringing together 14+ casino and betting brands with strong LTV and Reg2Dep rates of up to 70% across Tier-1 GEOs.
N1 Partners offers competitive terms for top partners, including CPA up to €650-700 and RevShare up to 45%, ensuring stable and scalable performance.
Trusted by 14,000+ partners, N1 Partners stands out for its transparency, flexibility, and focus on long-term partnerships, supported by a strong product portfolio and advanced retention systems.
The post N1 Partners puts Deputy Head Vlad Chernov in the spotlight in N1 Faces appeared first on Americas iGaming & Sports Betting News.
Latest News
N1 Partners puts Deputy Head Vlad Chernov in the spotlight in N1 Faces
Why do some teams scale and grow consistently, while others start losing money as soon as they increase volume — even when working with the same offers and traffic sources? The difference rarely comes down to tools. More often, it’s about how the system is managed: how decisions are made, how responsibility is distributed, and how the team works with partners when performance starts to decline.
In the new episode of N1 Faces, the N1 Partners team introduces Vlad Chernov, Deputy Head of Affiliates. In this interview, Vlad shares how he entered affiliate marketing, what managing a team really means in a fast-moving environment, where money is most often lost during scaling, and what principles help build teams that actually drive growth.
How did you get into affiliate marketing, and when did you realize this was the field you wanted to grow in?
I entered the industry in 2020. Before fully moving into affiliate marketing, I worked in a range of roles — from Customer Support Manager to Operations Director. That gave me a broad understanding of processes, team management, and how the business operates from the inside.
Over time, I became more interested in the affiliate side: how deals are structured, how traffic is driven to casino products, and which sources partners rely on. When the opportunity came to move into affiliate marketing, I quickly realized this was the area where I could develop my skills, work closely with partners, and directly see the impact of my decisions.
What brought you to N1 Partners, and what was the deciding factor?
When I was just starting out in affiliate marketing, I was actively studying the market and consistently following N1 Partners — their positioning, their brands, and the fact that they were always among the top performers. I also paid attention to the team and saw professionals I genuinely wanted to work with and learn from.
The key factors for me were a strong brand portfolio and the flexibility to choose my direction — both in terms of the team and traffic sources. It was also important for me to join a company that values new ideas and supports initiative. I’ve always seen that as a critical part of professional growth.
What’s more challenging in team management: scaling results or developing the team itself?
Scaling results is definitely more challenging.
We operate in a highly dynamic environment where the market changes almost daily. What works today may stop working tomorrow.
That’s why both we and our partners often find it harder to maintain and grow performance — it requires constant attention to key metrics and the ability to adapt quickly.
At the same time, team development is an ongoing process. We’re continuously looking for ways to streamline workflows, reduce manual tasks, and improve efficiency. We’re also gradually integrating AI into our internal processes to increase both speed and quality.
What qualities define a strong affiliate manager today?
First and foremost — strong communication skills. This is especially critical at the very first touchpoint with a partner. The way you communicate early on often determines whether you’ll even get a response.
Honesty and transparency are just as important. In this industry, building trust is essential because everyone is ultimately working toward shared results.
I would also highlight a deep understanding of analytics. An affiliate manager should go beyond basic metrics like average check or ROAS and understand profitability, traffic quality, and overall campaign efficiency.
And of course — multitasking. It’s unavoidable today. We work with 10+ brands, accept traffic from multiple sources, and constantly test new funnels and hypotheses together with partners.
How does team growth impact the quality of partner relationships, and what’s critical to avoid a drop in service when scaling?
Team growth and the level of expertise among managers form the foundation of everything that follows. We’re very selective in hiring and place a strong emphasis on analytics and understanding traffic sources, as this directly impacts our ability to scale.
As the team grows, processes become just as important as people. It’s essential to have a transparent system in place: clear standards, shared understanding of goals and key metrics, and consistent approaches to working with partners. This ensures stability and maintains service quality even as volumes increase.
At the same time, the level of the team remains critical. Strong specialists set the bar and shape the overall approach. That’s what allows you to scale without losing quality.
What are the most common pitfalls when working with partners, and where do teams usually lose money?
Most losses happen during scaling, when quality starts to drop as volume increases. A typical mistake is choosing the wrong scaling strategy — pushing all ad sets instead of focusing only on those that have already proven performance with strong CTR and EPC on the affiliate side, as well as solid player activity and ROI on the advertiser’s side.
Another key factor is offer selection. Chasing an offer with a 10–15% higher CPA doesn’t always make sense if the conversion rate is lower. In the long run, this directly impacts profitability.
From our side, we focus on selecting offers that perform best in real time for a specific traffic source. We can also provide actual performance proof and help partners secure the most competitive terms available on the market.
How do you build relationships with key partners so they don’t just stay, but grow with you?
I focus on a personalized approach and building trust-based relationships with a long-term perspective.
I’d rather start with a small test, scale gradually, and increase the rate later than run multiple tests and stop working together — even if early results are not ideal.
We work toward win-win conditions and continuously test new approaches and hypotheses. With the right strategy and offer selection, I’m confident that mutual growth is always achievable.
What helps you stay focused and make decisions under constant pressure?
Prioritization and structured task management are key.
It’s important to assess situations objectively, double-check information, and base decisions on data rather than emotions. Staying calm and focused allows me to work effectively under pressure, adapt quickly, and take responsibility for decisions with confidence.
If you weren’t in iGaming…
I’d likely still be in a related field. One option would be marketing in another industry, where I could apply my experience. Another would be returning to operations, focusing on building and optimizing processes in a high-risk environment.
Either way, I’d want to stay in a fast-paced, high-responsibility environment with challenging tasks — that’s what drives me.
Top-3 Blitz
What mistakes most often prevent affiliate teams from growing?
-
- Choosing the wrong strategy and chasing higher payouts instead of conversion and sustainability.
Teams often choose offers based on CPA alone, ignoring conversion, even though conversion drives long-term results. - Lack of communication with the manager.
Teams sometimes stop traffic without notice and draw quick conclusions without investigating deeper. The issue might not be conversion, but something like incorrect postback setup.
- Choosing the wrong strategy and chasing higher payouts instead of conversion and sustainability.
- Mixing traffic from different sources without proper segmentation.
These flows need to be agreed upon and segmented to maintain quality and properly analyze performance.
What do you look at first when evaluating a partner?
- Audience fit and traffic quality.
The traffic must match our target audience and meet internal profitability benchmarks. - Flexibility and willingness to collaborate.
The ability to adapt quickly and find win-win solutions is key. - Previous performance.
I look at historical data, results in other campaigns, and how consistently the partner meets agreements.
What factors most influence traffic profitability today?
- Cost of acquisition and player retention.
It has become harder to both acquire and retain users. - Funnel and landing page optimization.
Even high-quality traffic can drop off if the funnel is too long or complex. - Continuous campaign optimization and bid adjustments.
Daily monitoring of metrics and fast adaptation—from both the partner and advertiser side—is critical.
Working with N1 Partners
Partners who want to discuss a launch, tailor conditions to their traffic, or test an offer can reach out to Vlad directly.
N1 Partners is a multi-brand affiliate program and direct advertiser, bringing together 14+ casino and betting brands with strong LTV and Reg2Dep rates of up to 70% across Tier-1 GEOs.
N1 Partners offers competitive terms for top partners, including CPA up to €650-700 and RevShare up to 45%, ensuring stable and scalable performance.
Trusted by 14,000+ partners, N1 Partners stands out for its transparency, flexibility, and focus on long-term partnerships, supported by a strong product portfolio and advanced retention systems.
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