Kambi reports €37.4m Q3 2025 revenue amid revised outlook

Kambi Group plc, a leading sports betting technology supplier, reported third-quarter 2025 revenue of €37.4 million, reflecting a 13% year-on-year decrease. The decline was attributed to a quieter sports calendar, foreign exchange (FX) headwinds, slower performance in the Brazilian market, and the rescheduling of certain partner launches. Despite these short-term challenges, the company emphasized its continued commercial expansion and strategic investments in new technology and partnerships.

Commercial expansion strengthens Kambi’s global footprint

Kambi CEO Werner Becher emphasized the company’s momentum in securing new clients and expanding its technological offering.

“Since the start of Q3, Kambi has signed seven Turnkey Sportsbook partners, three Odds Feed+ deals and two partner renewals – a clear reflection of the commercial progress we are making,” Becher said.

The newly signed Odds Feed+ agreements include collaborations with Superbet Group, LeoVegas Group, and Coolbet, all of which strengthen Kambi’s reach across both European and Latin American markets. Becher particularly highlighted Superbet’s regional influence and its strong showing in the EGR Power 50 ranking, which underscores the company’s relevance among leading global operators.

Turnkey Sportsbook partnerships drive market diversification

Kambi continues to expand its Turnkey Sportsbook offering — a comprehensive betting platform that provides operators with full control and scalability. Recent partnerships with Glitnor Group and the Oneida Indian Nation in New York represent significant progress in North America.

In Europe, Kambi finalized new agreements with Betnation, Holland Gaming Technology, and Hommerson in the Netherlands. These partnerships are expected to diversify Kambi’s revenue base and strengthen its position in regulated markets.

The company also announced the acquisition of source code for a player account management (PAM) platform from OMEGA Systems. This acquisition is a strategic move designed to give Kambi more control over its technology stack and increase flexibility in regulated jurisdictions such as Nevada, where third-party PAM solutions are limited.

Strategic positioning in regulated markets

Kambi’s recent moves reflect a long-term strategy to reduce dependence on a limited number of large partners and to expand in regulated jurisdictions where growth potential remains significant. By integrating the newly acquired PAM technology, Kambi aims to position itself as a fully integrated supplier capable of offering complete solutions — from odds and risk management to player management systems.

The company noted that the OMEGA Systems acquisition will also open new commercial opportunities in North American states like Nevada, as well as in emerging Latin American markets that are gradually implementing national betting regulations.

Financial performance and profitability pressure

Despite the solid operational and commercial achievements, financial results for Q3 2025 showed a contraction compared to the previous year.

Revenue for the quarter stood at €37.4 million, down from €43.0 million in Q3 2024 — a decline of 13.1%, or 8.1% when excluding transition fees. For the first nine months of 2025, Kambi reported €119.3 million in revenue compared to €132.0 million during the same period last year.

The company’s Adjusted EBITA (acq) dropped to €3.4 million, compared to €4.9 million in Q3 2024. This represents a reduction in the operating margin to 7.9% year-to-date, reflecting ongoing pressures from taxes and slower market activity.

Operating profit also decreased to €1.6 million, down from €3.6 million in the prior year’s quarter. These results prompted Kambi to revise its full-year guidance, now expecting Adjusted EBITA (acq) of around €17.0 million, compared with higher projections earlier in the year.

Factors behind the revised guidance

According to CEO Werner Becher, the decision to lower guidance stems primarily from three external factors:

• The FX impact, which continues to weigh on margins due to the strength of certain currencies against the euro.
• The slower-than-expected rollout in Brazil, where regulatory uncertainty and the pace of market implementation have delayed revenue generation.
• The postponement of the Ontario Lottery & Gaming (OLG) launch from Q4 2025 to Q1 2026, pushing anticipated revenue contributions into next year.

Becher explained:

“The planned Q4 launch of Ontario Lottery & Gaming is now expected to take place in Q1 2026, with revenue generation therefore starting later than originally anticipated. All development work is complete, and we are working closely with OLG on thorough testing. This amended timeline, the ongoing negative impact of FX, and the slower than anticipated development of the Brazilian market have led us to revise our 2025 guidance to an Adjusted EBITA (acq) of around €17.0 million.”

CEO’s outlook on performance and market evolution

Becher described the third-quarter performance as “disciplined” amid a quieter sports calendar that lacked major global tournaments such as Euro 2024, Copa América, and the Olympic Games, all of which had boosted engagement in the previous year.

He said:

“Our Q3 financial performance was disciplined in a period impacted by a quieter sporting calendar, which last year included the Euros, Copa América and the Olympics, and the ongoing increased impact of gaming-related taxes. Revenue in Q3 reached €37.4 million, a decrease of 8% year-over-year when excluding transition fees, generating Adjusted EBITA (acq) of €3.4 million. We continue to see the benefits of our cost efficiency programme, which will continue into Q4 and 2026.”

Becher reaffirmed that Kambi remains financially resilient, emphasizing that the company’s cost efficiency programme is already yielding benefits. The initiative, which focuses on resource optimization and operating leverage, is expected to support profitability in 2026 and beyond.

Continued focus on innovation and technology-led growth

Kambi remains committed to innovation as a core pillar of its business strategy. The company continues to invest in AI-driven trading tools, data analytics, and risk management technologies designed to enhance sportsbook efficiency and improve partner performance.

Its Odds Feed+ product, now used by several leading operators, is a key example of Kambi’s ongoing innovation. The product delivers real-time data feeds and price management tools that help operators improve trading precision and customer engagement.

Kambi’s technology-first approach has allowed it to differentiate itself in an increasingly competitive landscape, offering scalable solutions that comply with evolving global gaming regulations.

Long-term growth outlook

Despite short-term challenges, Kambi’s long-term prospects remain positive. The company’s focus on regulated markets, modular technology, and strategic acquisitions continues to reinforce its competitive position.

Industry analysts view the company’s expanding portfolio of partners, particularly in North America and Latin America, as a sign of sustained growth potential once market conditions stabilize.

By diversifying its client base and investing in proprietary technology, Kambi is aiming for greater independence and a more resilient revenue model in the years ahead.

Legal and compliance framework

Operating within a highly regulated global industry, Kambi continues to prioritize compliance and risk management. The company maintains strict internal controls aligned with local and international standards to ensure adherence to responsible gaming, anti-money laundering, and data protection frameworks.

These compliance measures not only safeguard the company’s operations but also strengthen its relationships with regulators and partners worldwide.

Outlook for 2026

Looking ahead, Kambi expects improved financial performance driven by new partner launches, the onboarding of major clients like OLG, and potential revenue growth from Brazil once market activity accelerates.

The company remains cautiously optimistic about 2026, forecasting steady revenue improvement supported by its cost optimization initiatives and new product rollouts.

While the FX environment and regulatory transitions may continue to present near-term volatility, Kambi’s management has reiterated its commitment to sustainable, technology-led growth backed by disciplined financial management.

Conclusion

Kambi’s third-quarter 2025 performance reflects a company navigating a transitional phase with discipline and strategic focus. While headline figures show a decline in revenue and operating profit, the underlying story is one of resilience, innovation, and preparation for sustainable future growth. Through new partnerships with major international operators, the acquisition of proprietary player management technology, and continued investment in regulated markets, Kambi is laying a foundation for long-term value creation.

CEO Werner Becher’s pragmatic approach — acknowledging near-term headwinds such as FX fluctuations, slower market rollouts, and delayed partner launches — underscores the company’s transparent and measured leadership style. Importantly, Kambi’s cost efficiency initiatives, expansion of its Turnkey Sportsbook and Odds Feed+ offerings, and entry into new jurisdictions demonstrate a proactive strategy designed to strengthen competitiveness.

As the global sports betting landscape evolves, Kambi’s focus on technology, compliance, and operational integrity positions it well to capture growth in 2026 and beyond. While short-term results may reflect a softer period, the company’s forward-looking investments and strong partner relationships signal that Kambi remains firmly on track toward sustainable, innovation-led expansion.

FAQs

What was Kambi’s revenue in Q3 2025?
Kambi reported €37.4 million in revenue for Q3 2025, representing a 13% decrease year-over-year.

Why did Kambi revise its earnings outlook?
The revision was due to FX pressures, delayed launches in Brazil and Ontario, and a quieter sports calendar compared to the prior year.

What is Adjusted EBITA (acq)?
Adjusted EBITA (acq) represents earnings before interest, taxes, and amortization, adjusted for acquisitions to better reflect operating performance.

Which companies signed Odds Feed+ agreements with Kambi?
Superbet Group, LeoVegas Group, and Coolbet were among the operators signing new Odds Feed+ agreements.

What is a Turnkey Sportsbook?
It’s a comprehensive sports betting platform provided by Kambi that includes trading, risk management, and front-end solutions for operators.

What role does OMEGA Systems play in Kambi’s strategy?
Kambi acquired OMEGA’s player account management technology to enhance its Turnkey Sportsbook offering and enter markets without third-party PAM solutions.

Why was Brazil mentioned as a slow-performing market?
The Brazilian market rollout has been slower than anticipated due to regulatory uncertainties and delayed implementation of national betting laws.

How does Kambi ensure compliance with gaming regulations?
Kambi follows strict compliance and responsible gaming standards aligned with international and regional regulations.

What was the impact of the sporting calendar on results?
The absence of major tournaments like Euro 2024, Copa América, and the Olympics led to lower betting activity compared to 2024.

What is Kambi’s outlook for 2026?
Kambi expects stronger performance in 2026 as new partner launches go live and cost efficiency initiatives continue to deliver results.