Malta, 16 March 2020
Kambi Group plc: Information on Kambi’s Coronavirus Business Continuity Plan
Kambi Group plc’s Executive Management team is holding regular meetings in order to closely monitor the progress of the Coronavirus (COVID-19) outbreak and consider contingency measures aimed at reducing the risk of contagion among staff and ensuring business continuity.
In line with our ISO 27001 and WLA accreditations, as well as associated regulatory requirements, Kambi has over a long period of time developed a robust Business Continuity Plan (BCP). Our BCP provides solutions to a wide range of challenging circumstances created outside of our control, ensuring our partners remain as unaffected as possible.
A key element to Kambi’s BCP is the agility our eight offices across seven countries provide. This global footprint significantly reduces our exposure to events that may impact on local offices and their capacity to continue effective operations. For example, should one office be made temporarily unavailable, we have tried and tested procedures in place to facilitate the transfer of operations conducted in this office to an alternative location wherever possible.
The recent development and global spread of COVID-19 prompted a review of our BCP to ensure we were best placed to mitigate the unique risks posed to each of our offices, our business and staff. Kambi has already initiated a range of proactive measures aimed at reducing the risk of contagion, without bringing disruption to our operations.
While we implement measures to ensure we can continue to offer our customers a market-leading sportsbook and service, outside of our control is the global sporting calendar. We are monitoring closely the potential impact cancellations and postponements of sporting events could begin to have on our revenues, particularly in light of the announcements made over the past few days.
Kambi will continue to evaluate the level of its cost base in the context of the evolving landscape but will not implement measures which may jeopardise the long-term growth prospects of the Company. Kambi has a strong Balance Sheet with a substantial amount of cash in the bank, which places the Company in a healthy position to withstand a long period with limited sporting events while continuing to serve our partners.
The immediate impact for our business is of course substantial, especially in the US where there are fewer substitute events and where we have a large retail footprint. It is important to understand that there are no foreseeable long-term effects for the business and in some cases events, such as the UEFA European Championship, will likely be rescheduled and have a positive impact at that time.
Kristian Nylén, Kambi CEO, commented: “The health of our employees, as well as a continuation of service to our partners, has guided the actions we have taken in recent weeks. These actions, and those we may take in the future, will serve to protect both our staff and Kambi’s market leading position and deliver for our strong and diversified customer portfolio. We believe our long-term stance of building up a solid balance sheet to cope with unforeseen events, coupled with a business contingency plan of not being dependent on a single operational office, puts us in an excellent position and leaves us confident for the future.”
For further information, please contact:
Head of Investor Relations
Mobile: +44 (0)7850 910 933
Kambi is a provider of premium sports betting services to licensed B2C gaming operators. Kambi Group plc is listed on First North Growth Market at Nasdaq Stockholm. Our services encompass a broad offering from front-end user interface through to odds compiling, customer intelligence and risk management, built on an in-house developed software platform. Kambi’s 20-plus customers include 888 Holdings, ATG, DraftKings, Greenwood Gaming & Entertainment, Kindred Group, LeoVegas, Mohegan Gaming & Entertainment, Penn National Gaming, Rank Group and Rush Street Interactive. Kambi employs more than 850 staff across offices in Malta (headquarters), Australia, Romania, the UK, Philippines, Sweden, Australia and the United States.
Kambi utilises a best of breed security approach and is ISO 27001 and eCOGRA certified. Kambi Group plc is listed on First North Growth Market at Nasdaq Stockholm under the symbol "KAMBI". The Company's Certified Advisor is Redeye AB.
The information in this report was sent for publication on 16 March 2020 at 13:30 CET by CEO Kristian Nylén.