- Kambi is a sports betting processing company that operates in many US states.
- Kambi’s earnings report for Q1 2020 noted a 33% increase in revenue over Q1 2019.
- Most major sports leagues started to close around March 10, while Q1 2020 ended on March 31st.
STOCKHOLM, Sweden - The sports betting processing giant, Kambi, has reported positive growth in Q1 of 2020.
Kambi’s Q1 report claimed revenue increases of 33% and attributed these increases to their expansion within the United States. In 2019’s Q1 report, Kambi had $22.6 million in revenue. A year later in 2020’s Q1 report, they had around $30 million in revenue.
Over the last year, Kambi Group has increased its earnings by 6.4% which is a reasonable increase overall, but Q1 2020 noted a genuine uptick.
Of course, this all occurs in the shadow of the COVID-19 pandemic - Q1 2020 ended on March 31, which is when the nationwide quarantines really started to set in.
However, it is worth noting that the major sports leagues began suspending play around the 10th and 11th of March, which means that this Q1 dataset does contain some amount of information on post-pandemic revenue.
Unfortunately, that post-pandemic revenue is grouped together with a lot of other data - data from before the pandemic.
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Before the pandemic, Kambi’s business was booming - they launched in three states across the United States. The company even processed the first legal bets in the state of Michigan, as well as the state of Illinois.
Those three states were a notable increase in the number of states served for Kambi. Before Q1 2020, Kambi served only seven US states with sports betting, and after Q1 2020, Kambi was in ten.
In other words, over the course of Q1 2020, Kambi increased the amount of states it served by around 42%. This makes their revenue numbers unsurprising, even though some of the tail end of Q1 2020 overlaps with the COVID-19 pandemic.
It makes a ton of sense that, given their increase in business, Q1 2020 was great for Kambi despite the pandemic - the real question is what will happen in Q2 2020 and beyond.
That said, this is good news for the sports betting industry - sports betting providers posting record profits amidst the pandemic is good for online sportsbooks no matter the context.
Maxwell joined the USAOnlineSportsbooks team in 2019. He focuses on creating sports betting content that informs and educates. He focuses on the NBA, the NFL, College Football and Basketball, and whatever else comes across his desk.
