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Kambi Group plc Q1 Report 2024
Financial summary
- Revenue amounted to €43.2 (Q1 2023: 44.0) million for the first quarter of 2024
- Operating profit (EBIT) for the first quarter of 2024 was €4.4 (4.5) million, at a margin of 10.2% (10.3%)
- EBITA (acq)* for the first quarter of 2024 was 5.8 (5.8) million, at a margin of 13.3% (13.1%)
- Cash flow (excluding working capital and M&A) amounted to €5.4 (3.2) million for the first quarter of 2024
- Earnings per share for the first quarter of 2024 were €0.107 (0.107)
- The 2024 AGM will be held on 21 May 2024. The Board proposes that no dividend is paid out.
*EBITA (acq) = Earnings before interest, taxation and amortisation on acquired intangible assets
Key highlights
- AI trading division Tzeract to provide European operator kwiff with its market-leading Bet Builder product in first commercial partnership
- Extended retail sportsbook partnership with Penn Entertainment until 31 December 2025, replacing previous agreement which was set to end July 2024
- Launched LiveScore Group’s Kambi-powered sportsbook in Nigeria, followed by a launch in the Netherlands after quarter end ahead of a wider rollout before Euro 2024
- Continued development of open platform and trading gateway with integration of Inspired Entertainment’s virtual sports offering and preparation of external odds feeds provision
- Completed the third share buyback programme and announced a further share buyback programme running from 18 March to 20 May, up to a total of €4.0 million
- In January, Kambi’s CEO and Co-founder Kristian Nylén notified the Board of his intention to step down from his current position once a successor is in place
CEO comment
“For the first quarter of the year we posted revenue of €43.2 million, which was in line with our expectations, while expenses were at the lower end of our guidance at €39.0 million.
A key highlight of the quarter was the launch of LiveScore Group’s new Kambi-powered sportsbook in Nigeria, followed swiftly by a launch in the Netherlands. LiveScore was a pivotal signing for Kambi in 2023 and these launches mark crucial milestones toward our long-term objectives. We look forward to additional launches in the near future, including in its core UK market, ahead of a busy summer of sports with Euro 2024 and Copa América both set to commence in June.
The important signing of LiveScore, as well as other key 2023 partner signings, were partly dependent on us delivering on certain product requirements. As part of these product deliveries, we have been integrating external content into the Kambi platform, enabling operators to enhance their offerings and deliver even greater product differentiation. In Q1, for example, we integrated virtual sports, an important and complementary vertical to sports betting, while more recently we enlisted a third party to strengthen our horse racing product. With these deliveries we strengthen our flexible and high quality solution for partners.
Having made great strides on opening up our platform to deliver on these partner requirements, we are now picking up the pace with modularisation. This sharpened focus means we are preparing to provide modular Kambi odds feeds to those operating on their own technology and outside of our network. This means operators can, via a single API integration, access our full suite of sports odds, including those powered by Tzeract and Abios, enabling them to select their desired mix of sports, events and product types from a single source. Our market research shows demand for such a flexible and powerful solution, with operators today having to integrate with multiple suppliers with varying degrees of quality.
As part of our ongoing modularisation strategy, yesterday we announced Tzeract’s first commercial agreement since launching as a standalone division. Partnering with kwiff to provide its leading Bet Builder product will enable Tzeract to demonstrate the quality of its product via an operator outside of the Kambi network for the first time, an important milestone in the division’s progress.
In summary, we have continued to build solid foundations for the future. Our commitment to pushing the boundaries of product excellence and innovation, as highlighted by the development of our modular odds feeds, is positioning Kambi as a leader in shaping the future of sports betting technology.”
You are invited to participate in a web presentation at 10.45 CEST with Kambi Group plc’s CEO Kristian Nylén and CFO 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.
The post Kambi Group plc Q1 Report 2024 appeared first on European Gaming Industry News.

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Playtech Announces New Partnership with Progress Play
Playtech has announced a new long-term partnership with Progress Play, selecting Playtech as their exclusive Bingo provider for their extensive network of brands.
This collaboration marks a significant milestone as Progress Play becomes the first white label network to launch Playtech’s brand new innovative Bingo platform, which went live in December 2024.
This strategic partnership strengthens the existing relationship between Progress Play and Playtech, further cementing Playtech’s Bingo position as the B2B market leader. By joining Playtech’s network, Progress Play will benefit from the largest B2B liquidity in the market, offering a wide variety of networked rooms that are well-known and loved by Bingo players.
As Progress Play embarks on its first-ever Bingo launch, they will work closely with Playtech’s Bingo experts to tailor the product to their specific needs. Playtech’s network management team will provide ongoing support and consultation to ensure the success of the Bingo offering.
The deal also includes a variety of side games featuring content from Playtech’s Eyecon studio, renowned for their industry-leading Bingo slots. Together, the Playtech and Progress Play teams will leverage the liquidity and these games with exciting campaigns already underway.
Marat Koss, VP of Interactive Gaming at Playtech, said: “We are delighted to welcome Progress Play to the Playtech Bingo network. We have enjoyed working together for many years, and we are excited to extend this partnership to Bingo vertical. By joining Playtech’s network, Progress Play will be able to offer a best-in-class bingo experience to their vast pool of players who will benefit from a wide choice of content, attractive prizes and large variety of games. We look forward to a continuing our long and successful partnership.”
Itai Loewenstein, CEO at Progress Play, said: “We are thrilled to extend our partnership and integrate Playtech’s innovative Bingo platform into our offerings. This collaboration allows us to deliver an unparalleled gaming experience and next level entertainment to our players. We look forward to the exciting campaigns we have planned together.”
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IGT Lottery Secures EL Responsible Gambling Certification for the Sixth Consecutive Time
International Game Technology PLC announced that its Italian subsidiary, IGT Lottery, obtained the European Lotteries (EL) Responsible Gaming (RG) Certification for the sixth consecutive time. Through an agreement between European Lotteries and the World Lottery Association (WLA), IGT Lottery has also obtained WLA Responsible Gaming Certification Level 4, the highest level available.
The EL RG Certification was developed to promote the adoption of RG best practices across EL membership organizations. The EL RG standards are also designed to be complementary to the WLA RG Principles and Framework, allowing companies that meet the implementation of the EL RG Standards to also achieve Level 4 certification of the WLA Framework.
“IGT Lottery achieving responsible gaming recertification by EL for the sixth consecutive time, paired with the highest level of WLA certification, showcases our status as a true global leader in sustainability. ‘Advancing Responsibility’ is vital to our success as a lottery company, and central to our sustainability strategy. We will continue to deliver innovation while operating with the highest level of integrity to protect our people, products and processes,” said Marco Tasso, IGT COO of Italian and International Sales and Operations.
IGT Lottery’s RG programme is guided by international best practices. Consistently updated to meet evolving standards, the programme operates on three macro guidelines: the promotion of a positive approach to gaming, the prevention of underage gambling and support for players who need it.
The EL RG certification was issued following an in-depth examination of IGT Lottery’s tools, activities and processes that comprise its RG programme in Italy. IGT Lottery was found to be fully in line with the international standards established by the EL, which require specific actions to protect players by the gaming operator, reaching a score of 100% for each of ten specified areas.
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Meridianbet Expands B2B Operations into Nigeria, Entering a Regulated $2 Billion Betting Market
Meridianbet, a subsidiary of Golden Matrix Group, Inc., has officially launched its B2B operations in Nigeria, one of the largest and fastest-growing betting markets in Africa. The company’s entry into Nigeria further strengthens its 20-year presence in Africa, leveraging its proven track record in regulated markets to deliver world-class gaming products.
Through its newly licensed local entity, Masterlive Network Limited, Meridianbet has secured full regulatory approval from the Lagos State Lotteries and Gaming Authority (LSLGA), allowing it to operate in both sports betting and online casino verticals under License No: LSLGA/OP/OSB/MB041124.
The official launch of Meridianbet.ng marks a strategic expansion into a market worth over $2 billion, according to the research of Orange Business Intelligence Technology, with over 60 million Nigerians actively participate in betting, contributing to one of the fastest-growing industries on the continent.
Zoran Milosevic, CEO of Meridianbet, commented: “Our expansion into Nigeria marks a significant step in our long-term strategy to deepen our presence in Africa’s most dynamic gaming markets. With a highly engaged player base and strong industry growth, Nigeria presents a major opportunity for our B2B model. We are committed to bringing our cutting-edge technology, AI-powered betting solutions, and localized expertise to drive long-term success for our partners in the region.”
FY 2024 Revenue Growth & Investor Outlook
Golden Matrix Group has provided a preliminary full-year 2024 revenue estimate of $150 million, reflecting the company’s continued growth trajectory. The Group expects to release its audited FY 2024 financial results in the coming days, offering investors a comprehensive performance overview. The Nigerian market represents a strategic opportunity for future revenue expansion, aligning with GMGI’s global strategy to strengthen its presence in high-growth gaming markets.
Key Market Potential & Strategic Expansion
According to the Orange Business Intelligence Technology (ORBIT), Nigeria’s betting industry surpassed $2 billion back in 2020, with projections indicating up to $4.7 billion in annual revenue potential over the next decade. Football remains the primary driver of market growth, with a vast customer base engaging both online and offline. Meridianbet’s B2B model will provide advanced technology solutions, gaming content, and platform services to local operators, offering a scalable and highly adaptable system tailored to the Nigerian market.
A Strategic Milestone in Meridianbet’s African Growth
With operations in 18 markets across Europe, Africa, and Latin America, Meridianbet has built a reputation as a leading technology provider and betting operator. The company’s expansion into Nigeria follows its long-standing success in established African markets, where it has been a dominant player for over two decades.
The soft launch of Meridianbet.ng is already delivering positive early results, with strong partner satisfaction and excellent customer feedback.
AI-Powered Innovation & Market Expansion
As part of this rollout, Meridianbet is introducing its proprietary AI Sports Betting Recommender and AI Casino Recommender, delivering personalized betting experiences based on real-time data, player behavior, and predictive analytics. These innovations, already proving successful in multiple markets, will enhance customer engagement, retention, and overall user satisfaction in Nigeria’s rapidly evolving gaming landscape.
The post Meridianbet Expands B2B Operations into Nigeria, Entering a Regulated $2 Billion Betting Market appeared first on European Gaming Industry News.
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