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Kambi Group plc Publishes Q4 Report 2023 and Provides Guidance on Revenue for the Full Year 2024

Published

2 years ago

February 21, 2024

Reading Time: 5 minutes

“I am pleased with the strategic progress we made throughout 2023 as we continue to build a strong foundation for growth over the coming years,” the co-founder and Chief Executive Officer for Kambi Group plc, Kristian Nylen, said.

Financial summary:

Revenue amounted to €44.3 (Q4 2022: 57.8) million for the fourth quarter of 2023 and €173.3 (2022: 166) million for the period January to December of 2023
Operating profit (EBIT excluding Items affecting comparability) for the fourth quarter of 2023 was €7.2 (18.7) million at a margin of 16.1% (32.3%) and €20.0 (34.8) million at a margin of 11.5% (20.9%) for the period January to December of 2023
EBITA (acq)* for the fourth quarter of 2023 was €8.5 (20.5) million at a margin of 19.2% (35.4%) and €25.2 (37.6) million at a margin of 14.6% (22.7%) for the period January to December of 2023
Cash flow (excluding working capital and M&A) amounted to €5.5 (17.9) million for the fourth quarter of 2023 and €15.0 (25.2) million for the period January to December of 2023
Earnings per share for the fourth quarter of 2023 were €0.182 (0.491) and €0.488 (0.861) for the period January to December of 2023
Kambi Group plc has decided to communicate revenue guidance for 2024. Kambi Group plc estimates revenue for the full year to be €170 to €180 million
Kambi Group plc announced a share repurchase programme running from December 5, 2023, to May 21, 2024, up to a total of €2.8 million
The 2024 AGM will be held on May 21, 2024. The board proposes that no dividend is paid out

*EBITA (acq) = Earnings before interest, taxation and amortisation on acquired intangible assets

Key highlights:

Underlying turnover growth of 6% when excluding the impact from Penn Entertainment’s (Penn) online migration
Excluding the termination fee recorded in Q4 2022, revenue of €44.3 million represented a 2% decrease for the quarter and full year 2023 revenue of €173.3 million was a 13% increase against tough comparatives including the World Cup in Q4 2022 and the Penn online migration
Entered into long-term sportsbook platform agreements with Svenska Spel and LiveScore Group to power their respective brands. These partnerships leverage established customer bases and revenue streams with meaningful financial impact anticipated from H2 2024
Secured two additional European sportsbook partnerships including a long-term deal with fast-growing Dutch online casino operator 711 and a multi-channel partnership with Bingoal to provide superior sports betting technology in Belgium and the Netherlands
In November, Kambi Group plc co-founder and member of the board Anders Strom became Chair of the Board, succeeding Lars Stugemo
In January, Kambi Group plc’s co-founder and Chief Executive Officer Kristian Nylen notified the board of his intention to step down from his current position upon the appointment of a successor

Revenue guidance for 2024:

Kambi Group plc today provides 2024 full year revenue guidance of €170 to €180 million. This full-year guidance is provided strictly on a one-off basis and Kambi Group plc does not intend to provide annual guidance for coming years.

Chief Executive Officer comment:

“The final quarter of 2023 saw Kambi Group plc conclude a year of strong strategic progress whilst navigating what remains a complex and challenging sports betting landscape. Revenue of €44.3 million in Q4 reflected a 2% year-on-year decline excluding the one-off termination fee from Penn recorded in Q4 2022, largely due to the loss of Penn’s online revenue. On a full-year basis, revenue increased 13% to €173.3 million when excluding the termination fee.

“As I look back on the year, I have two overriding takeaways, the first being I’m not satisfied with our financial performance. This performance was impacted by lower than anticipated revenue from Shape Games, smaller than expected revenue contributions from two of our largest partners and Bally’s more measured approach to marketing its sportsbook thus far. My second reflection is we made good progress in building the foundations that will ultimately lead to a much-improved financial performance in the future, giving me confidence we’re on the right path for the long-term.

“These foundations include the numerous partner signings and renewals made last year, headlined by the partnerships with Bally’s Corporation, LiveScore Group and Svenska Spel, which we expect to deliver a meaningful revenue contribution from H2 2024. We also continue to work on our modularisation capability and believe with Abios, Shape Games and now Tzeract, the positive commercial conversations we’re having with regards our strong product portfolio will increasingly bear fruit during the year ahead.

“On Shape Games, we recently took the decision to integrate it further into the business to make the most of the opportunities we see in combining the strengths of the Kambi Group plc and Shape Games UX teams. Meanwhile, another important element to financial performance is tight cost control, so it is pleasing today we can communicate a limited year-on-year cost increase for 2024. These are just some of the actions we have taken to put us in a stronger position moving forward.

“Having said that, it is important to note that challenges do continue to exist, including a slower roll-out of newly regulated sports betting markets. The outlook in certain markets has not been as promising as previously anticipated, particularly in California where 2028 now appears to be a more realistic timeline for regulation. In Brazil, we welcome the long-awaited regulation of the country’s sports betting market but are also mindful that the transition to a fully-licensed framework is unlikely before Q3 2024 and that new operators will face tough competition entering what is already a mature grey market with established sports betting brands.

“Meanwhile, in January, I communicated to the market of my intention to step down as Chief Executive Officer in 2024 and a search to find my successor is now underway. I want to emphasise that our long-term strategic direction remains unchanged and I am pleased with the milestones we achieved as a business throughout 2023. While there has indeed been a slowdown in regulatory-driven opportunities, we remain very positive about the long-term trajectory of Kambi Group plc. Our resilience, strategic progress and commitment to product excellence have set us up well for the future and, as we move forward, we do so with great optimism for the journey ahead.”

Update from the Chair:

Anders Strom, who was appointed Chair of the Board in November of 2023, provides the following update on appointing a successor to Kristian Nylen:

“Following the announcement regarding our Chief Executive Officer in January of 2024, the board of Kambi Group plc has initiated the process of seeking a successor. The search is progressing according to plan, with the aim to finalise an appointment prior to the summer period. In the meantime, the company’s progress towards its long-term strategic objectives remains uninterrupted.”

You are invited to participate in a web presentation at 10.45 CET with Kambi Group plc’s Chief Executive Officer, Kristian Nylen, and Chief Financial Officer, David Kenyon. The presentation will be held in English and can be accessed using the link below. After the presentation there will be the opportunity to ask questions.

Please see details in the link below:

https:// FinancialHearings. com/event/46435

Link to the webcast:

https:// IR.FinancialHearings. com/Kambi-Group-q4-report-2023

Dial-in number to the teleconference will be received by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference: https:// Conference.FinancialHearings. com/teleconference/?id=50046435.

Link to report page: https:// www. Kambi. com/investors/financial-reports-and-presentations/

Latest News

From ‘Mummyverse’ to Crash Games: Belatra Reviews a Landmark 2025

Published

1 day ago

December 23, 2025

George Miller

Editor’s Take

Why this matters: Belatra has been a steady hand in the slots world for a long time, but 2025 marked a distinct shift in strategy. By entering the Crash vertical with Goose Boom Bang and winning big at SiGMA Africa, the studio is clearly pivoting to capture the high-growth, high-frequency players in emerging markets. They are no longer just a “classic slots” developer; they are diversifying the portfolio to ensure relevance in regions like LatAm and Africa.

The Full Story

Belatra Games, the specialist online slots developer, has issued a strategic review of its 2025 operations, celebrating a 12-month period defined by entry into new game verticals, significant franchise expansion, and high-profile industry recognition.

The year was characterized by a dual strategy: deepening engagement in established markets while aggressively expanding its content portfolio to suit local preferences in emerging territories.

Portfolio Evolution: Crash and Battles 2025 saw Belatra move beyond its traditional slot roots. The company made its debut in the high-demand Crash game vertical with the launch of Goose Boom Bang, a title designed to tap into the fast-paced gameplay preference of younger demographics.

Additionally, the studio introduced a fresh game concept with the launch of Battles, a new format unveiled for the first time in 2025, with further development planned for 2026.

The ‘Mummyverse’ Expands For fans of classic slots, the highlight of the year was the aggressive expansion of the Mummyverse. Belatra nearly doubled the size of this franchise over the year, making it the most extensive game universe in their entire catalog.

The developer also focused on B2B localization, releasing a number of exclusive bespoke games created specifically for selected operator partners to meet specific local market tastes.

Awards and Recognition The company’s strategic shifts were validated by industry accolades. Belatra secured over 30 nominations throughout the year, with standout wins including:

Best Slot Provider (awarded by BitStarz).
Most Played Game of 2025 for Make It Gold at the SiGMA Africa Awards.
Player’s Pick Award.

Management Commentary Misha Voinich, Head of Business Development at Belatra, commented on the studio’s momentum:

“This year has truly defined who we are as a studio – ambitious, creative and focused on building long-term partnerships. We’ve expanded our universes, launched new ones and entered exciting new markets that will all help us carry this momentum into the New Year.”

The post From ‘Mummyverse’ to Crash Games: Belatra Reviews a Landmark 2025 appeared first on Gaming and Gambling Industry Newsroom.

Latest News

‘Chaos and Soul’: Ebaka Games Plots Global Expansion After Viral Launch

Published

1 day ago

December 23, 2025

George Miller

Editor’s Take

Why this matters: The “Instant Game” vertical (Crash, Plinko, Mines) is becoming crowded, but Ebaka Games is cutting through the noise with a distinct brand personality. By securing BMM Testlabs certification so quickly after launch, they are signaling to Tier 1 operators that despite their “chaotic” marketing vibe, the math underneath is solid and compliant. The backing of industry veteran Dmitry Belianin also adds immediate commercial credibility to the startup.

The Full Story

Ebaka Games, the fledgling studio that promises to bring “chaos and soul” to the iGaming sector, has outlined an aggressive growth strategy for 2026 following a landmark launch period in late 2025.

The studio, which officially debuted in November, reports that its initial rollout reached more than five million people worldwide. The launch saw its portfolio go live with the operator Menace, serving as the initial testbed for its mechanics and “Ebaka modes.”

The Product: Instant Games with Personality Ebaka is bypassing traditional slots to focus on the high-growth vertical of fast-paced, instant-win games. Their initial lineup includes:

Plinko
Mines
Tower
Limbo
Crash

Differentiation is achieved through unique mascots and signature gameplay tweaks designed to offer high win potential and distinct visual identities, moving away from the generic interfaces often found in this genre.

Regulatory Milestone Crucially for its 2026 roadmap, Ebaka Games has confirmed it has secured certification from BMM Testlabs. This accreditation validates the fairness and integrity of its RNG (Random Number Generator) and game engines, removing a major barrier to entry for regulated markets. With this certification in hand, the studio plans to launch with a number of “major brands” in the coming year.

Management Commentary Vitalii Zalievskyi, CEO of Ebaka Games, commented on the studio’s unorthodox approach:

“It’s only been a few weeks since we first introduced Ebaka Games to the world. The feedback has been breathtaking, and it vindicates the decision for us to take a different path to the rest of the industry. You don’t need huge marketing budgets to grab people’s attention if you are building something truly innovative.”

Industry Backing The studio describes itself as being “created by players for players” but boasts significant industry firepower in its corner. The team includes Dmitry Belianin, a well-known figure in the sector who is the co-founder of Blask and Menace, as well as Managing Partner at Already Media.

The post ‘Chaos and Soul’: Ebaka Games Plots Global Expansion After Viral Launch appeared first on Gaming and Gambling Industry Newsroom.

Latest News

Racing Meets Nightlife: SBK Backs ARC’s New ‘Friday Night Live’ Series

Published

1 day ago

December 23, 2025

George Miller

Editor’s Take

Why this matters: British racing has a well-documented demographic problem; its core audience is aging. “Friday Night Live” is a direct attempt to fix this by blending high-stakes racing with the “experience economy” (DJs, nightlife vibes) that appeals to Gen Z and Millennials. Bringing SBK on board—a mobile-first, app-only sportsbook—is a perfect demographic fit, while the Racing Post adds the necessary credibility to ensure the actual racing product remains the focus.

The Full Story

Arena Racing Company (ARC) has unveiled the strategic commercial lineup for its upcoming Friday Night Live series, confirming SBK as the Exclusive Betting Partner and The Racing Post as the Official Media Partner.

Set to launch in January 2026, Friday Night Live is a new initiative created in collaboration with youth-focused events company INVADES. The series is designed to overhaul the traditional race day experience, featuring fast-paced fixtures under floodlights, DJ sets, and significant entertainment elements sandwiched between races.

The Commercial Deal

SBK: As the exclusive betting partner, the Smarkets-owned sportsbook will take naming rights and on-course branding for all 35 races. Crucially, these races will be broadcast live on mainstream television via ITV Racing as well as Sky Sports Research.
The Racing Post: As the Official Media Partner, the publication will provide content, coverage, and promotion across its digital platforms, aiming to bridge the gap between established racing purists and the new audience ARC hopes to attract.

A High-Stakes Experiment The series is not just a marketing exercise; it carries serious sporting weight. Each of the five scheduled nights will feature over £200,000 in prize money. The fixtures will rotate across three of ARC’s all-weather tracks: Wolverhampton, Newcastle, and Southwell.

Management Commentary David Leyden Dunbar, Group Director of Commercial Strategy at ARC, was clear about the target audience:

“We have been very clear that one of the aims of Friday Night Live is to engage the next generation of racing fans… Both [partners] have shown real enthusiasm to work with us… as well as using the platform that these fixtures will offer them to also engage with more established racing and sports fans.”

Adam Baylis, Marketing Director at SBK, added:

“Friday Night Live [is] a fresh and engaging concept that brings a new energy to British racing. SBK has always been built around sport… our focus is on enhancing the live race day experience in a fun, social and responsible way.”

The 2026 Schedule The series kicks off immediately in the new year: