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Kambi Group plc Q1 Report 2022
Financial summary
- Revenue amounted to €36.9 (Q1 2021: 43.2) million for the first quarter of 2022, a decrease of 15%
- Operating profit (EBIT) for the first quarter of 2022 was €7.3 (18.7) million, at a margin of 19.9% (43.2%)
- Profit after tax amounted to €5.4 (15.1) million for the first quarter of 2022
- Earnings per share for the first quarter of 2022 were €0.178 (0.487)
- Cash flow from operating and investing activities (excluding working capital movements and acquisitions) amounted to €5.5 (16.5) million for the first quarter of 2022
- The 2022 AGM will be held on 17 May 2022. The Board proposes that no dividend is paid out.
Key highlights
- Strong financial performance against tough 2021 comparatives and Netherlands headwinds, with operator turnover up 25% when adjusting for the migration of DraftKings
- Extended long-term partnership with Kindred Group until 2026 and announced full control over strategic future with ability to repay convertible bond held by Kindred
- Strengthened North American partner network with the signings of online operators NorthStar Gaming and MaximBet
- Showcased product excellence during the Super Bowl and March Madness while also providing complete platform stability unmatched by various high-profile US sportsbooks
- Obtained regulatory approval in Ontario, Canada, and subsequently launched with partners on day one of the market opening in Q2
“The first quarter of the year proved to be another busy period at Kambi as we delivered new partner signings, contract extensions, continued market expansion and multiple product and technology advancements.
Operator turnover was up 25% when adjusting for the migration of DraftKings which proves the underlying financial performance of the business remains strong. This growth comes despite being up against tough Q1 2021 comparatives and the temporary impact of regulatory headwinds in the Netherlands, which we expect to ease soon. Turnover was driven by a busy US sporting calendar, including the Super Bowl and March Madness, the US college basketball championship, and I was proud to see Kambi provide its partners with a market-leading offering and platform stability unmatched by some of the most high-profile B2C sportsbooks.
In terms of contract extensions, in February we signed a new agreement with Kindred to continue our very successful partnership which will develop over time to best support the evolving strategies of both companies over the longer term. This agreement is very much reflective of what we see in the wider industry, with some top-tier operators adopting a hybrid approach to technology by blending first-class third-party services with proprietary elements. The industry is now broadly divided into two operator types – those that outsource their sportsbook entirely and those that outsource to varying degrees. As we continue to develop a more open and modularised sportsbook, we believe we’ll become even more attractive to the former group, while also significantly widening our addressable market by making select products and services available to the latter for the first time.
I am particularly pleased with the momentum Kambi continues to build across North America. During the quarter, Kambi completed a total of 11 partner launches in the US and signed two new partnerships with North America-facing operators NorthStar Gaming and MaximBet, the latter moving away from its predominantly in-house technology strategy. With regulation across North America moving at pace, and states such as California, Texas, and Ohio yet to go live, I have never been more confident in our position to capitalise on the opportunities this vast market presents.
In Canada, our excellence in compliance and regulation enabled us to become one of the first sportsbook providers to obtain regulatory approval from the Ontario regulator, ensuring our partners were up and running on day one of single-event sports betting going live in the province earlier this month. Ontario promises to be one of the largest sports betting markets in North America and we look forward to the prospect of additional Canadian partner signings as well as other provinces establishing their regulatory frameworks.
We remain steadfast in our commitment to strengthening our position as the world’s leading sportsbook and continuing to provide exciting sports betting experiences for players. To deliver this requires a strong core platform with the crucial flexibility to facilitate localised offerings to satisfy the varying regional demands. This capability, which we demonstrate across the 40-plus regulated markets we operate in today, will be pivotal to our global success as the expansion of sports betting regulation continues the world over, in turn creating ever more exciting business opportunities.
In short, the future looks bright for Kambi with high interest in the sportsbook and services we offer today, as well as those we are developing for tomorrow. As discussed in the previous report, the ability to repay the convertible bond held by Kindred provides us with complete freedom to make strategic decisions that will deliver value for all stakeholders. With Kambi reaching the milestone of 40 partners during the quarter, the scale of the Kambi network has never been greater nor more diverse, and I believe we have only scratched the surface of what’s possible.”
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Borja Imbergano, Betbrothers: “Our Priority is Always the Player”

We recently sat down with BetBrothers’ Head of Growth & Strategy, Borja Imbergamo, to talk about the company’s mission to become a global leader in regulated sports betting markets. He discusses the principles driving BetBrothers strategy, its unique value to players and operators, and what it takes to build a trusted affiliate brand in today’s market.
Could you please share a bit about your background and experience within the iGaming industry?
My journey in the iGaming industry began more than 11 years ago. I was one of the few professional bettors who successfully turned sports betting into a full-time career. Later, I became a professional tipster and in the meantime, 8 years ago, I had the opportunity to build one of the leading affiliate websites in Spain from the ground up.
During that project I was involved in every aspect of the business — from content creation, SEO, and marketing to sales, product development and team management. Being part of a small team meant I had to wear many hats, which I believe gave me a 360-degree understanding of the industry and the skills needed to launch and scale successful projects. As well as identify and manage the right people to make them happen.
Currently, as Head of Growth & Strategy at Betbrothers, I’m applying this experience to lead the expansion into more than 20 GEOs. I’m confident we’ll achieve this ambitious goal thanks to the strong and talented team we have built.
What’s Betbrother’s mission, and what sets it apart in the affiliate marketing landscape?
At Betbrothers, our priority is always the player. Our core mission is “Connecting Players with Safer Bets”. This means helping users enjoy sports betting as a form of entertainment — guiding them to bet responsibly, in ways that suit their style and preferences.
A key part of this is ensuring users are betting in safe and regulated environments. We are fully committed to working only with licensed operators, and we invest significant resources in matching users with the right bookmakers in each market. Ones that are compliant with local regulations.
We believe regulated markets, despite their limitations, offer the safest and most transparent experience for users. Through our content and platform, we aim to promote responsible gambling by helping users understand their options, set limits and stay in control of their behaviour. Ultimately, we see our role as both a guide and a safeguard — making the betting experience safer and more enjoyable.
BetBrothers is only partnering with operators holding licenses in regulated markets. What is the strategic reasoning behind this focus?
Our focus on regulated markets comes from user-centric philosophy. We want our users to enjoy sports betting in a safe, transparent and well-regulated way — even if sometimes it means fewer promotions or tighter restrictions. Licensed operators provide clear rules, secure transactions, and fair play. It leads to a much more positive user experience.
From a business perspective, partnering exclusively with regulated operators also ensures long-term sustainability. These operators have invested significant time and resources to obtain licenses, which means they are committed to the market and are here to stay. This gives us the confidence we need to build long term partnerships.
In short, working with licensed operators aligns with both our values and our strategic vision — promoting sports betting as a safe form of entertainment, while building a trustworthy and future-proof business.
From an operator’s perspective, what is the unique value that BetBrothers brings to the table?
First and most important: we bring high-quality, compliant traffic. Our strategy is heavily focused on organic acquisition, which we believe is the most valuable and sustainable traffic (and not only in iGaming). But we don’t just deliver volume. We are focused on providing users with the right content to help them make informed decisions — where, how and when to place their bets. This results in users who truly want to play with a specific operator. Players that are loyal, conscious of their choices, and more likely to stick around in the long term.
Additionally, we bring deep industry knowledge to the table. Our team has over 25 years of combined experience, allowing us to create content that is not only optimized and compliant, but also useful.
On top of that, we are building Betbrothers as a globally recognized and trusted brand. One that players all over the world can rely on. When users see an operator on our side, they’ll know it’s fully licensed, reputable and safe. Because we have done the due diligence for them already. That trust is a key part of the value we offer to both users and operators alike.
How Betbrothers is going to differentiate itself from competition in terms of content and product experience?
Our focus is — and always will be — the user. Every piece of content we produce is designed to deliver real value, helping users to make smarter betting decisions and improve their strategy. We know what players are looking for, how to speak their language, and how
to strike the right balance between honest, user-first content and effective promotion of trusted operators.
In an industry where a lot of the content is AI-generated and tailored primarily for Google, we are doing things differently. We are not writing for algorithms — we’re writing for people. Our editorial team is made up of experts with hands-on industry knowledge.
Another key differentiator is our approach to user-generated content. We want our platform to be a space where users share their opinions, voice their concerns, and help each other out. We see UGC as a way to create community, improve transparency, and provide even more value — with our team always there to guide and support where needed. We believe that strong content combined with smart, intuitive UX is the best strategy to grow organically and stand out in a crowded space.
What’s the long-term vision for BetBrothers when it comes to expanding into new markets?
Our long-term vision is to become the most trusted and recognizable brand in the world when it comes to regulated sports betting. We want users to know exactly what to expect when they visit Betbrothers: transparent information, responsible guidance and a curated list of fully licensed operators.
We are committed to expanding only into regulated jurisdictions, where we can guarantee a safe, legal and responsible betting experience for our users. We’re already active in focus markets such as Spain and Greece, along with a growing number of others across Europe and beyond. With more than 20 GEOs currently in progress, our goal is to establish a strong local presence wherever sports betting is legal and regulated. We want to become a regional authority in each market while maintaining the same standards of quality.
Looking ahead two to three years, what does success look like for BetBrothers?
In two to three years, success for Betbrothers means being the go-to platform for both users and operators. For users, we want to be the most trusted and reliable source of information about legal, regulated bookmakers. A place where they know they’ll find expert, honest and useful content to guide their betting decisions.
For operators, we aim to be the ideal long-term partner — providing high-quality, compliant traffic from engaged users across multiple markets. When an operator is looking for a partner they can trust, with a global footprint and a focus sustainability, we want Betbrothers to be the first name that comes to mind.
Beyond business success, our broader goal is to help push the industry in a more responsible, transparent direction. More and more countries are moving toward regulation and safer gambling practices. We want to be part of that transformation. To play a key role in building an industry that’s not just profitable, but also fair, honest and truly centered around the player.
The post Borja Imbergano, Betbrothers: “Our Priority is Always the Player” appeared first on European Gaming Industry News.
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Topic: ROnline Casino : Why Trust is the Real Currency in Online Casino Reviews

1. In an industry often driven by affiliate commissions, how do you personally define “trust”? Why do you believe it holds more long-term value than short-term revenue gains?
The best way to build trust with your audience is through a customer-centric approach. That means prioritizing accurate and honest reviews, rather than focusing purely on commercial interests. When visitors find the information, they’re looking for, you build customer loyalty. In the long run, loyalty creates far more value than quick gains from promoting questionable casino brands with flat fees and hybrid deals.
2. Given the financial incentives at play, how do you ensure your reviews remain truly objective and transparent?
Our casino reviews are always factually correct and honest, regardless of the commissions we are receiving. Our review criteria are available on our website, and our scoring system remains consistent, unaffected by affiliate partnerships. We clearly disclose that we use affiliate links but we always side with our visitors. That kind of transparency might not maximize revenue, but it builds trust and forges strong relationships with our players.
3. Have you ever had to reject or cut ties with a high-paying casino partner over ethical concerns? Can you walk us through one such decision?
Yes, that happens from time to time. We have a contact form on our website that allows players to contact us when they feel they are being treated unfairly. We received several complaints from players and escalated these to our partner. Upon doing some research we realized that other casino portals were reporting similar problems with this operator, which led to us updating our reviews and dropping them in our rankings.-
4. What are the key red flags you look for when evaluating whether or not to recommend a casino operator to your audience?
We always make sure that the casino operators we are listing are properly licensed and have a good reputation in the iGaming industry. Red flags are unfair bonus terms, missing translations, withdrawal issues, unprofessional customer support, and a lack of responsible gambling tools. If a casino operator has lots of unresolved complaints on Trustpilot or Casinomeister, we simply don’t promote them.
5. From your experience, how do players pick up on bias or manipulation in reviews — and what can platforms do to avoid giving that impression?
Players are much smarter today and exchange information on forums and in their circles. They are often seasoned and have played at online casinos for many years. They can spot inaccurate reviews right away and know exactly what they are looking for in a casino. Our reviews therefore always focus on the pros and cons, the bonus conditions and real expert experiences from hands-on testing of the casino.
6. Many affiliate sites claim to be “independent,” but not all deliver on that promise. What practical steps can review platforms take to actually earn user trust?
Be customer-centric and focus on user intent. Players visit your site to find out which casinos are reliable and trustworthy. Make sure your reviews are up to date and unbiased. Avoid promoting shady operators that could damage your reputation with your audience. To earn trust, you need to publish honest recommendations based on facts rather than sales pitches.
7. How do you collect, verify, and incorporate player feedback into your rating system?
We have a contact form on our site for player complaints, and we also make use of external sources such as forums and watchdog sites like Casinomeister, Trustpilot and Casino Guru. If we notice patterns related to specific casino groups or licenses, we incorporate a warning in our reviews as well. Player feedback is one of the most valuable tools we have to ensure our reviews are honest and reflect real user experiences.
8. Do licensing authorities and regulatory frameworks factor into your trust scores — or is your assessment more focused on real user experience?
Both matter, but reputation is most important. If a casino is not properly licensed, we will either choose not to list it or highlight the risks associated with an unlicensed casino in terms of player protection and payouts. However, we do list some casinos that operate under a weaker license when we know from previous experience that they are overall reliable and trustworthy.
9. With the rise of AI-generated content and fake reviews, how can affiliate sites protect their authenticity and credibility at scale?
All our reviews are produced in-house by real casino experts who have been working in the iGaming industry for many years. We test casinos ourselves and focus on detailed reviews based on real-life experiences and industry knowledge. While we use AI for
mundane tasks like spell-checking, we believe AI-generated reviews ultimately represent fake experiences and do not reflect the unbiased expert opinions and recommendations that players deserve.
10. Looking to the future, do you see reputation becoming a key differentiator among affiliates? If so, how will users — and partners — measure that reputation?
As the market matures, users are choosing review sites based on their interests, honesty, and reputation. These signals are picked up by Google and will directly impact your rankings. Users will look at how sites respond to user complaints, how accurate their reviews are, and whether they truly advocate for casino players. The affiliates that focus on credibility will be the preferred choice for players who are searching for real reviews from industry experts.
The post Topic: ROnline Casino : Why Trust is the Real Currency in Online Casino Reviews appeared first on European Gaming Industry News.
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USDT Casino Launches Industry-First ‘Sunday Brunch Free Spins’ with Zero Wagering Requirements

USDT Casino has unveiled a groundbreaking promotion that is set to transform weekend gaming for cryptocurrency enthusiasts. The innovative ‘Sunday Brunch Free Spins’ offer provides players with 20 free spins on Evoplay’s popular Food Feast slot, featuring zero wagering requirements and no maximum win limits.
This player-centric initiative marks a significant departure from traditional casino promotions, offering unprecedented flexibility and instant cashout capabilities for USDT players.
The promotion, available every Sunday, targets active players who have made at least one deposit during the previous week, with a minimum qualifying deposit of $20 USDT required to participate.
Key features of the Sunday Brunch Free Spins include:
- 20 Free Spins on Food Feast by Evoplay
- Zero wagering requirements on all winnings
- No maximum win limits
- Instant cash rewards
- Available exclusively for USDT players
- Simple claim process via 24/7 Live Chat
The promotion demonstrates USDT Casino’s commitment to providing enhanced value to its crypto-focused player base while eliminating common friction points associated with traditional free spin offers.
Industry-Leading Player Benefits
Unlike conventional casino promotions that typically impose 35x-50x wagering requirements, USDT Casino’s Sunday Brunch Free Spins allows players to keep 100% of their winnings immediately. This approach aligns with the broader industry trend toward transparency and player-friendly terms.
The seamless claim process through Live Chat ensures instant reward delivery, eliminating delays commonly associated with promotional offers. Players can simply contact support on Sundays to receive their spins, with no additional verification steps required.
Setting New Standards in Crypto Gaming
USDT Casino’s innovative promotion arrives as the crypto gaming sector continues to evolve, with operators seeking differentiation through unique player offerings. The Sunday Brunch Free Spins program positions USDT Casino as a forward-thinking operator focused on customer satisfaction and retention.
The promotion’s recurring weekly structure encourages consistent player engagement while rewarding loyalty without complex tier systems or restrictive conditions.
Michael Thompson, Head of Promotions at USDT Casino, stated, “Our Sunday Brunch Free Spins represent our commitment to creating genuine value for our players. By eliminating wagering requirements and win limits, we’re delivering an authentic, player-first experience that sets new standards in the crypto casino space.”
The promotion is now live and available every Sunday, with USDT Casino reserving the right to modify terms as needed. Players must agree to the casino’s fair play policy and promotion terms to participate.
About USDT Casino: USDT Casino is a leading cryptocurrency casino platform specialising in Tether (USDT) gaming solutions. The platform offers seamless crypto transactions, instant withdrawals, and a diverse game portfolio tailored for the modern digital gambler.
The post USDT Casino Launches Industry-First ‘Sunday Brunch Free Spins’ with Zero Wagering Requirements appeared first on European Gaming Industry News.
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