Kambi, the Stockholm-listed provider of sports-betting technology, released a report showing expansive growth across its North American client network of tribal gaming operators.
In 2023, the betting handle grew 128% year-on-year. The leading betting sport in 2023 was American football, which generated 19% of the handle, followed by 18% generated by baseball. Just over one-third of bets were placed on football, followed by 27% and 20% on basketball and baseball, respectively. Same-game parlays accounted for 10% of all retail and online bets placed throughout the year, with football and basketball being the most popular sports for this type of wager, generating 10% and 5%, respectively.
The report also shows a year-on-year increase in on-site betting on major sporting events. In 2023, the handle and number of bets on the Super Bowl increased by 112% and 84%, respectively. Handle and number on bets on the 2023 NBA Playoffs increased by 99% and 145%, respectively. Handle and number bets on college basketball’s March Madness increased in 2023 by 159% and 63%, respectively.
Bettor loyalty on the Kambi platform also increased in 2023, with 48% more bettors returning to place bets within 28 days. From bettors who won during the year, 94% of online customers and 77% of retail customers reinvested their winnings in more bets within 24 hours.
Kambi’s tribal client network includes retail partners Seneca Gaming Corporation, ilani, WarHorse Gaming, Mohegan, Forest County Potawatomi, and Prairie Band Potawatomi. In addition, Four Winds Casinos, Desert Diamond Casinos, and Soaring Eagle are network partners that combine retail and online sports betting.
David M. Bretnitz, Kambi’s Vice President of Sales, said, “Tribes have shown time and time again they know what it takes to launch successful casinos, and sports betting should be no different. Whether it is retail, online, or both, Kambi is committed to delivering the right experiences to attract US bettors and more importantly provide our tribal partners with the resources necessary to retain them long-term.”
In 2023, Kambi reported revenues of $187.3 million, up 4.4% from the previous year. However, the company’s CEO reflected on the year and said he was “not satisfied” with the performance, raising concerns over falling EBITDA, higher costs, and the loss of major client Penn Entertainment.
