Kambi credits World Cup extra-time matches for extra wagering

Sports betting technology provider Kambi enjoyed a solid boost from the 2018 FIFA World Cup, but warned investors that the returns from legal betting in the United States would be slow in coming.

On Wednesday, Kambi reported that its revenue in the three months ending June 30 was up 25% year-on-year to €17.6m, while operating profit hit €2.4m from just €300k in the same period last year, which suffered from a pitifully low betting margin. Similarly, after-tax profits went from €100k in Q2 2017 to €1.7m in the most recent quarter.

Kambi clients’ betting turnover hit a record €307m in Q2, and the World Cup matches that went to extra-time accounted for 37% of tournament turnover, which the company claims reflects its “market-leading extra-time offer.”

Kambi CEO Kristian Nylén said the company’s “very positive results” got a boost not only from increased World Cup wagering at its clients’ betting sites, but also from the launch of three new customers in three regulated markets – Stanleybet Romania, South Africa’s Sun International and Rush Street Interactive (RSI) in Colombia – in the space of a week prior to the World Cup kickoff.