B2B sports betting company Kambi Group, has announced the withdrawal of its previously communicated 2027 financial targets, due to slower-than-expected regulatory progress in certain target markets.
In a statement, the company’s Board of Directors revealed that they have decided to withdraw the 2027 financial targets, which were first announced in January 2023.
The targets included a revenue goal of 2-3 times the 2022 fiscal year levels, equating to approximately €330 million ($356.4 million) to €500 million ($540 million), and an EBIT (Earnings Before Interest and Taxes) in excess of €150 million ($162 million).
The company’s Board indicated in a dispatch that while Kambi has made progress in areas within its control, the slower-than-expected progress toward regulation in certain key markets would likely delay revenue from such markets.
Kambi is a provider of sports betting services to licensed B2C gaming operators. The company’s services encompass a broad offering, including front-end user interface, odds compiling, customer intelligence, and risk management, all built on an in-house developed software platform.
The company employs over 1,000 staff across offices in Malta (headquarters), Australia, Denmark, the Philippines, Romania, Sweden, the United Kingdom, and the United States.
As a result, the Board concluded that the previously set 2027 financial targets were no longer achievable.
Earlier this week, Kambi also announced the appointment of a new CEO, Werner Becher, with the Board highlighting that their focus will now be on providing Becher with full support in executing the company’s long-term strategy and further extending Kambi’s position as the world’s leading sports betting provider.
Kambi’s management added that it should have long-term financial targets in place, and these will be evaluated by the new CEO, with any updated targets to be communicated at the appropriate time.