New betting options through Kambi and Hard Rock partnership
Through a newly signed agreement with Hard Rock Bet, Kambi Group will enhance its pre-match and live odds. This new partnership will allow Kambi Group to provide its Odds...
Kambi reports financial results of 2024 with €176.4M
Kambi Group released its Q4 and FY 2024 results, highlighting a slight increase and surpassing of the 2023 results.
In Q4, revenue reached EUR 44.5 million ($46.6 million), while full-year revenue reached EUR 185 million. However, Kambi’s EBITA for Q4 decreased to EUR 7.1 million ($7.4 million), down from EUR 8.5 million in 2023. Operating profit for Q4 fell to EUR 5.9 million, missing the previous year’s EUR 7.2 million. Despite this, Kambi’s total expenses were manageable, with Q4 expenses reaching EUR 38.5 million ($40.4 million).
The company’s plans for 2025, projecting EBITA of EUR 20-25 million ($21-26.2 million), failed to inspire investor confidence. This modest guidance led to a decline in the company’s share price, which dropped from SEK 124.50 to SEK 110.
Despite these challenges, Kambi also had notable moments in 2024, including a partnership with Hard Rock Digital and securing a license to offer B2B products in Nevada. The company also expanded its footprint in Brazil and took over FDJ Group’s sportsbook responsibilities in Ontario.
Werner Becher, CEO, Kambi, said:
“Looking further ahead, the strategic initiatives we have undertaken – advancing AI innovation, expanding our product portfolio, and initiating a cost-efficiency program – along with our various partner signings, provide a solid platform for the future. The foundations we are building today will enable us to emerge stronger, more agile, and well-positioned for long-term growth.”
Becher acknowledged that there are still challenges for the company. These include losing major partners like Kindred and LeoVegas and rising taxes in markets such as Colombia. However, Kambi is focused on diversifying its revenue streams and global expansion.
Kambi CEO Kristian Nylen to resign
Kambi’s Chief Executive, Kristian Nylen, has announced he will be leaving his position.Nylen’s resignation announcement follows shortly after the firm’s Board proposed to...
