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Kambi Group plc Q2 Report 2023
Financial summary
- Revenue amounted to €42.9 (Q2 2022: 34.7) million for the second quarter of 2023 and €86.9 (H1 2022: 71.5) million for the first half of 2023
- Operating profit (EBIT) for the second quarter of 2023 was €3.7 (4.9) million, at a margin of 8.6% (14.1%), and €8.2 (12.2) million, at a margin of 9.4% (17.1%) for the first half of 2023
- EBITA (acq)* for the second quarter of 2023 was €5.0 (5.2) million, at a margin of 11.7% (15.1%), and €10.8 (12.9) million, at a margin of 12.4% (18.1%), for the first half of 2023
- Cash flow (excluding working capital and M&A) amounted to €0.1 (0.1) million for the second quarter of 2023 and €3.4 (5.6) million for the first half of 2023
- Earnings per share for the second quarter of 2023 were €0.083 (0.109) and €0.190 (0.286) for the first half of 2023
*EBITA (acq) = Earnings before interest, taxation and amortisation on acquired intangible assets
Key Q2 highlights
- Revenue growth of 24% year-on-year driven by an operator trading margin of 9.9% and the addition of Shape Games
- Entered into exclusive global sportsbook partnership agreement with Bally’s Corporation, replacing the global operator’s proprietary sports betting technology
- Significant progress in incubation of cutting-edge AI pricing division which will deliver the next evolution of sports trading to the wider industry
- Signed contract extensions with key partners BetPlay, LeoVegas and Paf
- Repaid the €7.5 million convertible bond previously held by Kindred Group and repurchased 381,476 shares for a total of €7.2 million
“The second quarter of the year was another encouraging period for Kambi as we made significant strategic progress towards executing our long-term growth strategy, including a tier-one partner signing, key partner renewals and the continued development of our AI trading capability.
During the quarter we delivered strong revenue growth of 24% year-on-year, driven by new customers, the addition of Shape Games and a high operator trading margin. Operator turnover growth of 4% was not as strong as revenue, impacted by rising foreign exchange headwinds, the dampening effect of a high trading margin and PENN Entertainment’s year-on-year decline in US market share. Excluding the impact of foreign exchange movements, EBITA (acq) increased by €2.8 million year-on-year.
From a commercial perspective, we were delighted to welcome Bally’s Corporation to the Kambi network in Q2. As we further solidify our market leadership position, this partner win is a major milestone for the business and comes on the back of our flexible product strategy. As one of the world’s leading gaming operators, Bally’s commands strong brand recognition, a large customer database and expansive global footprint that has the potential to open up significant opportunities for Kambi in both the US and beyond.
Bally’s decision to replace its proprietary sportsbook with Kambi Complete underlines the current pressures facing many in-house sports betting operations. Indeed, demand for our Complete sportsbook service remains high, further evidenced by our sales pipeline and the Q2 renewals of key partners BetPlay, LeoVegas Group and Paf.
Kambi’s offering is only getting stronger as we pioneer next generation betting entertainment, highlighted by the success of our award-winning AI-powered trading. Recognising the powerful benefits this unique method of pricing delivers for our partners, we also see an exciting future for this service as a module, powering odds for those outside of the Kambi network. In Q2, we made significant progress in incubating the unit with a view to it operating as a distinct division in the future, similar to Abios and Shape Games. We are confident our AI-driven pricing is uniquely positioned to meet the growing demand for trading services.
In summary, I am pleased with the strategic progress made in Q2 and believe Kambi is in a fantastic position moving forward. Having repaid the convertible bond held by Kindred during the quarter, we are in complete control over our strategic direction as we continue to execute our ambitious long-term strategy that I am confident will deliver value for both partners and shareholders.” said Kambi Group plc’s CEO, Kristian Nylén.

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The Churn Model is already in use by several Fast Track partners and is fully integrated into the platform’s core workflows. Once activated, operators receive clear, actionable insights into which players are likely to churn, along with data-informed recommendations on timing and incentive levels for re-engagement.
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The Churn Model addresses a common challenge in the industry – overuse of reactivation bonuses – by helping teams deliver more relevant and timely incentives based on predictive insights, not guesswork.
To support the launch, Fast Track will host a live webinar on Thursday, 10 July 2025 at 16:00 CEST, offering a walkthrough of the new Churn Model and its practical applications. Save your spot at app.livestorm.co/fast-track/save-your-players.
The post Fast Track releases new AI Player Churn Model appeared first on European Gaming Industry News.
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The worldwide deal, including the USA, covers online content from all Evolution brands, including Evolution, Ezugi, NetEnt, Red Tiger, Big Time Gaming (BTG), Nolimit City and Livespins.
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The post Evolution and Hasbro sign exclusive online live casino and slots partnership agreement appeared first on European Gaming Industry News.
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The post Expanse Studios (GMGI) Obtains Croatian iGaming Certification appeared first on European Gaming Industry News.
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