Kambi Goes After Five US State Licenses

Kambi Goes After Five US State Licenses

Sportsbook specialist, Kambi, has confirmed that the company is on the hunt for no less than five licenses among US states – a quest that was bound to happen in the midst of a flurry of activity regarding legalized sports betting in the US.

Revenue Increases, Appetite Rises

During the conference which served as a perfect opportunity for Kambi to review their second quarter financials (year-on-year revenue growth of 25% to €17.6 million and a first-half rise in profit after tax from €1.2 million to €3.2 million), the company’s CEO, Kristian Nylen, asserted that the USA is “an attractive long-term opportunity for the sports betting providers.”

Next week will see Kambi embark on the US investor roadshow in order to find potential partners for their American growth as well as make most of the positive momentum that US states are showing at present.

Two of three Kambi’s new customers in Q2 were US-based. The company expects at least 12 states to go live with sports betting by the end of 2019. This is why they have already applied for sports betting licenses in New York, New Jersey, Mississippi, Pennsylvania and West Virginia.

CEO’s Words of Wisdom

Nylen comments…

“The US is obviously a very interesting market for us at the moment. Whereas some states have moved towards sports betting quickly, others will take a more considerate approach. Kambi’s US business therefore should be viewed in the mid to long term.”

“In previous quarterly reports we discussed how Kambi had been preparing for such an outcome, and our proactive efforts in the US can already be seen in our recent business wins.”

He hinted at some markets outside of the US that Kambi is eyeing: Colombia is growing very quickly” We strongly believe that there is very good potential for us to become the leader in that market eventually, but we’re not there yet.”

Source:

“Kambi targets foothold in five US states”, igamingbusiness.com, July 25, 2018.

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