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Kambi Group plc Q2 Report 2022

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Financial summary

  • Revenue amounted to €34.7 (Q2 2021: 42.8) million for the second quarter of 2022 and €71.5 (H1 2021: 86.0) million for the first half of 2022
  • Operating profit (EBIT) for the second quarter of 2022 was €4.9 (16.6) million, at a margin of 14.1% (38.8%), and €12.2 (35.3) million, at a margin of 17.1% (41.0%) for the first half of 2022
  • Earnings per share for the second quarter of 2022 were €0.109 (0.432) and €0.286 (0.919) for the first half of 2022
  • Cash flow amounted to €0.1 (11.4) million for the second quarter of 2022 and €5.6 (28.0) million for the first half of 2022

Key highlights

  • Operator turnover increased by 16%, when adjusting for the migration of DraftKings, leading to revenue of €34.7 million
  • Strong financial performance against demanding 2021 comparatives, with numerous headwinds including the Netherlands impact, the seasonality effect of the quiet sporting calendar and the DraftKings migration
  • Expanded partner network following an online agreement with Mohegan Gaming & Entertainment and its Fallsview Casino brand in Ontario, Canada
  • Signed an extended deal with Greenwood Gaming and Entertainment, which owns US multi-state operator betPARX
  • Continued expansion across North America including going live on day one in Canada and launches in the United States and Mexico
  • Completed phase one of pricing separation from platform, key to enabling the provision of modularised trading services while delivering greater differentiation capabilities

“In Q2, Kambi delivered another positive quarter with underlying growth remaining healthy and operator turnover up 16% when adjusting for the migration of DraftKings. This performance was achieved despite a quieter than usual sporting calendar, particularly with the soccer World Cup taking place later in the year, outside its usual Q2 starting slot. We also signed a partnership with Mohegan Gaming & Entertainment, launched in Canada and Mexico, and announced an extension to our contract with US multi-state operator betPARX, all while making significant strategic progress.

Behind the scenes we have been working tirelessly on executing on our product strategy. Kambi’s Bet Builder offering is a good example of what we can achieve in this regard having taken a leading position in bet combinability, now a must-have for any high-quality sportsbook. As such, I was delighted to see our Bet Builder product receive the recognition it deserves during Q2 when it won the Innovation in Sports Betting Software award at the EGR B2B Awards, along with Kambi being recognised as the best B2B sportsbook provider once more.

However, we have only scratched the surface of what is possible and our product roadmap looks exciting as we continue to raise the bar in sports technology provision. Integral to our product and wider company strategy is our commitment to opening up our platform and modularising our service, enabling Kambi to increase its total addressable market. Not only will this enable us to develop new and exciting products at greater speed, therefore ensuring Kambi’s turnkey offering remains at the cutting edge, but it will also create additional revenue streams as we make available market-leading modules as a standalone service to operators outside of the network.

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In Q2, we hit an important milestone on this modularisation journey. As we communicated in the previous quarter, we have been focused on separating pricing functionality from our core platform and in recent weeks we were pleased to soft launch our first standalone pricing functionality for a limited number of low-tier soccer leagues. This functionality leverages Kambi’s recently developed Trading Gateway, serving the Kambi platform as well as potentially operators outside the Kambi network, and presents partners with an opportunity to take even more control of their offering should they wish.

This is an exciting time for Kambi. The product journey we are on today along with our healthy balance sheet and positive underlying financial performance means we are on a strong footing for the future. We were delighted to see Kindred relaunch in the Netherlands recently and with more product launches, partner signings and a World Cup to come, I look forward to an even greater second half of the year.”

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Blake Sartini

Golden Entertainment Announces Leadership Changes

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Golden Entertainment Inc. announced that effective March 20, 2024, Blake Sartini II, Golden’s Executive Vice President of Operations, became the Company’s Chief Operating Officer.

“Blake has worked in every capacity throughout our organization since he started at Golden almost 17 years ago. His unique knowledge of our Company’s culture, commitment to operational excellence, and strong leadership skills make him the ideal individual to be given responsibility for all our Nevada casino resorts, locals properties, tavern operations and related corporate functions,” Blake Sartini, Chairman and CEO of Golden, said.

Blake Sartini II initially joined Golden in June 2007, working with Golden’s tavern operations and building what is now the largest branded tavern portfolio in Nevada with 69 locations. Currently, as Executive Vice President of Operations, in addition to oversight of Golden’s taverns, he has direct responsibility for the Company’s five local casinos in Las Vegas and Pahrump.

Steve Arcana, Golden’s current Chief Operating Officer, became the Company’s Chief Development Officer also effective March 20, 2024. In this newly created role, Mr. Arcana will be responsible for all new tavern development, finding new third-party food and beverage concepts for the Company’s casino resorts, and exploring opportunities to unlock value in the Company’s excess real estate in Las Vegas, Laughlin and Pahrump. Mr. Arcana initially joined Golden in 2003 and has overseen the Company’s operations as it has grown from a privately held, 900-slot machine route operation to a publicly traded gaming company with casinos in Las Vegas, Laughlin and Pahrump in addition to its significant tavern portfolio.

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“Steve has been with Golden for over 20 years and has been an integral part of growing our business and guiding us through many challenges. Steve has established a strong operating team and has been a consistent leader throughout his decades at Golden. His long history and extensive experience in the industry will continue to benefit the Company in his new role focused on creating value from new tavern development and unused assets in our casino portfolio,” Mr. Sartini said.

“These management changes will allow Golden to focus on maximizing performance in our core operations while exploring opportunities to drive future improvement by bringing potential new concepts to our existing portfolio. I am confident the changes to Blake and Steve’s roles with the Company will position us well to create additional shareholder value,” Mr. Sartini added.

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Barclays Capital Inc

MGM Resorts International Announces Proposed Senior Notes Offering

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MGM Resorts International announced that it proposes to offer $750,000,000 in aggregate principal amount of senior notes due 2032.

The Company intends to use the net proceeds from the offering of the notes to repay existing indebtedness, including its outstanding 6.750% senior notes due 2025. Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities, or similar investments.

The notes being offered will be general unsecured senior obligations of the Company, guaranteed by substantially all of the Company’s wholly-owned domestic subsidiaries that guarantee the Company’s other senior indebtedness, and equal in right of payment with all existing or future senior unsecured indebtedness of the Company and each guarantor.

Deutsche Bank Securities Inc., BofA Securities, Inc., Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citizens JMP Securities, LLC, Fifth Third Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., and Truist Securities, Inc. will act as joint book-running managers and Goldman Sachs & Co. LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., and Wells Fargo Securities, LLC will act as co-managers for the proposed offering.

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The Nomination Committee’s Proposal of Catena Media’s Board of Directors at the Annual General Meeting 2024

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The Nomination Committee of Catena Media proposed re-election of the following members of the Board of Directors:

Øystein Engebretsen

Theodore Bergquist

Adam Krejcik

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Sean Hurley

The Nomination Committee proposed that Erik Flinck and Dan Castillo be elected as new members of the Board of Directors.

Göran Blomberg, Esther Teixeira-Boucher and Austin Malcomb have declined re-election as board members.

The Nomination Committee proposed that there will be six (6) members of the Board of Directors, changed from seven (7).

The Nomination Committee also proposed Erik Flinck to be elected as Chairman of the Board of Directors.

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Erik Flinck, born in 1980, currently provides high end business consulting combined with serving as Chairman for the digital health startup, dr HUD. Mr Flinck previously served as Head of BCG Sweden and has extensive experience from corporate management, growth and turnarounds from nearly 20 years of Management Consulting and serving as Head of Group Strategy and M&A at Sandvik AB. He has a Masters Degree in Engineering (Software development and Financial Mathematics) from the Royal Institute of Technology in Stockholm and a Masters Degree in Business and Administration from Stockholm University and Stockholm School of Business.

Born in 1980, Dan Castillo has accumulated over 20 years of experience across startups, growth companies and turnarounds. Since 2015, Castillo has invested in Catena Media, maintaining a close watch on its progression, especially after its IPO in 2016. He has previous experience of listed board work in Kotipizza which Orkla acquired in 2018. He currently serves on the boards of five companies in different sectors, including Quartr.com in Fintech and Hope Studios in movie production. His academic background includes studies in Finance and Economics at Linköping University.

The Nomination Committee of Catena Media consists of:

Nicklas Paulson, representing Investment AB Öresund (chair of the nomination committee)

Marianne Stenberg, representing Second Swedish National Pension Fund

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Martin Zetterlund, representing Niklas Karlsson

Göran Blomberg, chairman of the board of Catena Media.

The post The Nomination Committee’s Proposal of Catena Media’s Board of Directors at the Annual General Meeting 2024 appeared first on European Gaming Industry News.

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