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Kambi Group plc Q3 Report 2022
Financial summary
- Revenue amounted to €36.7 (Q3 2021: 41.6) million for the third quarter of 2022 and €108.2 (2021: 127.5) million for the period January to September of 2022
- Operating profit (EBIT) for the third quarter of 2022 was €3.9 (14.7) million, at a margin of 10.6% (35.4%), and €16.1 (50.0) million, at a margin of 14.9% (39.2%) for the period January to September of 2022
- Earnings per share for the third quarter of 2022 were €0.084 (0.384) and €0.370 (1.302) for the period January to September of 2022
- Cash flow (excluding working capital and M&A) amounted to €1.8 (11.9) million for the third quarter of 2022 and €7.3 (39.8) million for the period January and September of 2022
Key Q3 highlights
- Operator turnover increased by 12%, driven by new partner signings and market launches
- Expanded the partner network in the Americas with four new signings of ilani, Mohegan, Oaklawn Racing Casino Resort and Ondiss
- Acquired front end specialist Shape Games, a profitable and fast-growing business that will provide Kambi with market-leading native front end technology
Highlights after Q3
- Partnered with Great Canadian Entertainment, a leading on-property gaming and entertainment company owned by an affiliate of Apollo Global Management
- Signed agreement with PENN Entertainment that provides for ongoing revenue share payments during the transition period and $27.5 million in early termination and transition fees
“The third quarter is always the most challenging for the sports betting industry given the quiet sporting calendar and this year was no exception. It was also a quarter marked by growing global economic uncertainty and higher cost of living, trends which show little sign of subsiding any time soon. Despite this, Kambi proved its resilience once more and I am pleased to report another busy quarter for the business with operator turnover growth of 12%.
Kambi also saw great commercial momentum during the quarter with the signings of ilani, Mohegan, Oaklawn and Ondiss, and with the recent signing of Great Canadian Entertainment, one of Canada’s largest on-property gaming companies, Kambi’s partner network was significantly strengthened. Owned by Apollo Global Management, which holds a number of gaming assets, Great Canadian has the potential to become a major player in the Canadian sportsbook market and its selection of Kambi underlines our position as the partner of choice in the Americas.
Our UX capability was also enhanced during the quarter with our acquisition of front end specialists Shape Games. This is a landmark deal for Kambi for many reasons. Crucially, it gives us the fully-fledged, native front end capability at a time when the front end experience is a more vital part of the sports betting value chain than ever before. Having worked closely with Shape Games on various projects in recent years, I have seen first-hand the strength of their technology and the level of expertise they possess, and I am pleased to welcome such a profitable and rapidly growing business to the Kambi Group. The acquisition will not only complement our turnkey solution but it also aligns with our modularisation strategy with the front end module set to be sold as a standalone service outside of the existing network, thereby increasing our total addressable market.
We continue to make great strides towards executing our modularisation strategy and can reveal that our award-winning Bet Builder, which recently launched for NBA, the final major US team sport to be added to the product, has been identified as the first standalone module we’ll go to market with. Unlike our key competitors, Kambi’s Bet Builder was created as part of the core sportsbook, thereby benefitting from our expertise in areas such as competitive pricing, unique user experience and risk management, creating a compelling product for operators to integrate.
Our future is looking promising, operating from a strong position as we enter an economic recession which, while it will no doubt present challenges, may prove positive for B2B businesses such as Kambi in the long term. When also taking into consideration the recent start of the US basketball season and a World Cup still to come, we look forward to ending 2022 on a high before embarking on an exciting 2023.”
Compliance Updates
ClearStake awarded ISO 27001 certification cementing its position as a trusted financial risk check provider

Real-time risk profiling tool provider ClearStake has been awarded ISO 27001 certification, the globally recognised standard for data protection and system security, cementing its position as a trusted provider to the gambling industry.
To qualify for the ISO 27001, ClearStake was required to actively demonstrate the successful deployment and adherence to a robust Information Security Management System (ISMS), as part of a rigorous two-stage accreditation process with an independent auditor.
A key endorsement when expanding across global markets, the certification proves ClearStake’s team is fully compliant with international data protection and security standards, which were most recently updated by the International Organization for Standardization and the International Electrotechnical Commission in 2022.
Martin Burt, CEO at ClearStake, said: “At the heart of what we do at ClearStake is building a secure environment for operators to handle and process data. As such, we are delighted to receive the ISO 27001 certification, which reaffirms our position as a reliable and compliant technology provider.
“This is a vital step in our growth as a company and will give clients further assurance that we operate to the highest standards.”
Latest News
ProgressPlay brings forward the future of casino management with revolutionary AI

Once again, casino and sports platform provider ProgressPlay are ahead of their time with a new wave of technology innovation that has helped the company to attend major shows during 2023 with soaring confidence based on pioneering proprietary technological advances that have featured strongly in annual awards shows.
The company’s future-centred thinking and ambitious AI product development attracted a raft of operators and partners attending last week’s SiGMA Europe in Malta. A raft of casino operators during the show had the opportunity to see firsthand ProgressPlay’s new tech which offers a comprehensive gaming management solution across multiple channels and products.
ProgressPlay’s enhanced iGaming platform provides operators with a powerful real-time AI-driven proprietary flow tool for optimising the performance of an online casino in a dynamic data ecosystem. Real-time player interaction provides compliance teams with the information to manage and interact with players.
Last year, ProgressPlay undertook an ambitious reframe of their technology with new proprietary Responsible Gambling automation and tools at its heart. ProgressPlay’s new platform manages player accounts, payments, bonuses, loyalty programs, fraud prevention and games, using robust tools and analytics.
ProgressPlay Sales Manager Marina Nahhas said: “ProgressPlay’s innovative Responsible Gambling software covers topics like KYC, player activity, affordability levels, and a transparent audit trail. These topics resonate heavily with operators and we were delighted with the level of engagement around this revenue-critical activity during the week we spent in Malta.”
ProgressPlay’s combo sportsbook and comprehensive turnkey solution, including casino platform, player management, payments module, and affiliate software are designed to boost operators seeking to effectively drive both revenue and efficiency with the latest cutting-edge technology.
Over 150 online casino brands have partnered with ProgressPlay covering a unique combination of casino games and sports-betting. ProgressPlay’s sportsbook offers up to 40,000 live betting markets and services across 20 languages while the latest platform offers a slick AI-driven UI/UX, and extensive value-added services alongside thousands of casino games, including slots, online casino, live casino, poker, table games, and sportsbook, across all devices and currencies.
ProgressPlay CEO Itai Loewenstein said: “Commercial agreements are being driven by our breakthrough technology that enables deployment of our AI tools for greater efficiency and revenue-generation. SiGMA Europe has been the last stop in a busy year and we believe that since we first launched our new technology in London at the beginning of the year our sophisticated Responsible Gambling tool has quickly moved beyond the early-adopter stage.”
Latest News
Yggdrasil fires up festive fun with Rock Star Santa MultiMax™

Leading iGaming publisher Yggdrasil has dialled up the Christmas cheer with a hellraising new hit, Rock Star Santa MultiMax™.
A 6×6 grid awaits players, with the cluster pays mechanic requiring five or more matching symbols to be conjoined for a winning spin. Every wining cluster is then removed from the reels, with more icons cascading down from above, and a wild also joins the party.
The multiplier at the top of the reelset will then increase, with the popular MultiMax Game Engagement Mechanic (GEM) swiftly seeing cascades cranked up in volume into massive wins. These can also combine if the cluster straddles reels, for supersonic rewards.
In addition, the Present symbol can land on any spin, awarding up to 100x, 11 free spins, or four extra wilds. This can also include an extra spin or an increased multiplier if it falls during the free spins.
Three or more Golden Ticket Free Spins icons will trigger the bonus round, giving players at least seven spins. During this, the multiplier at the top of each reel does not reset, allowing it to quickly pile up with every winning combination. Free Spins may also be gambled for the chance to win more.
The game also features two separate Buy Bonus options, depending on the jurisdiction, and a Golden Bet option, which increases the chances of a player hitting the bonus for an increased stake.
Rock Star Santa MultiMax is the latest core game developed by Yggdrasil, following recent vibrant releases Defenders of Mystica and Wild Stack Frenzy.
Mark McGinley, Chief Gaming Officer at Yggdrasil, said: “We’ve taken a different approach when it comes to festive hits and introduced the world to our showstopping Santa in our rocking new release, Rock Star Santa MultiMax.
“Incorporating a cluster-pays mechanic is an exciting addition to our portfolio, where we strive to deliver incredible experiences for our players.”
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