According to its most recent financial report, Kambi made €176.4 million in 2024, a 1.8% rise from the previous year. CEO Erik Becher characterized the time as both “transitional” and “transformative,” despite the limited growth.
Becher, who succeeded longtime CEO Kristian Nylén in July 2024, was upbeat about the company’s varied sources of income. He did, however, provide a warning about possible challenges in 2025, pointing to Kindred and LeoVegas’ departure from Kambi’s turnkey sportsbook as well as the effects of Colombia’s recently authorized temporary VAT.
“This year won’t be without significant challenges, with 2025 presenting a particular set of headwinds, which we expect to ease going forward,” Becher stated. He emphasized the company’s commitment to cost management and product expansion to navigate upcoming challenges.
Key Growth Drivers and Challenges
In 2024, Kambi’s marginal revenue increased due to a number of variables. The business increased its Bet Builder product with Kwiff and included Hard Rock Digital and Rei do Pitaco to its Odds Feed+ offerings. Its turnkey sportsbook portfolio was further enhanced by new alliances with Wind Creek Hospitality, VIP Play Inc., Choctaw Nation, and KTO Group.
For its retail sportsbook network, longtime customers like Rush Street Interactive, Sun International, and Penn Entertainment all extended their contracts. Kambi was subject to regulatory challenges, meanwhile, including increased gambling taxes in Sweden and new deposit caps in the Netherlands. Revenue was also hurt by Penn Entertainment’s 2023 online operations shift.
Kambi’s EBITDA increased by 5.5% to €59.7 million, while operating profit remained flat at €20.1 million. Total costs rose by 2%, but restructuring expenses led to a 5% decline in pre-tax profit (€19 million). However, lower tax payments helped boost net profit to €15.4 million, a 3.4% improvement from 2023.
The company closed the year with a €25.9 million cash flow, marking a 73% increase from the previous year.
Looking ahead, Kambi forecasts EBITA between €20 million and €25 million in 2025. Growth is expected from LiveScore and Svenska Spel, but the expiration of transition fees from 2024 and Colombia’s deposit VAT may create revenue pressure.
“Looking further ahead, the strategic initiatives we have undertaken – advancing AI innovation, expanding our product portfolio and initiating a cost efficiency programme – along with our various partner signings, provide a solid platform for the future,” Becher concluded.
Kambi aims to strengthen its market position by focusing on innovation, cost efficiency, and expanding its operator network.
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