Kambi revenue down 8.2% to €162 million in 2025
Kambi has reported full-year revenue of €162 million (US$187 million)1 EUR = 1.1546 USD
2026-03-27Powered by CMG CurrenShift for 2025, an 8.2% decrease on the previous year’s €176.4 million (US$204 million)1 EUR = 1.1546 USD
2026-03-27Powered by CMG CurrenShift.
The sportsbook provider highlighted several challenges, including regulatory changes, higher taxation, and broader macroeconomic pressures.
Despite the falling topline, in its report the company pointed to improved momentum towards the end of the year, including a 16% year-on-year increase in adjusted EBITA in the fourth quarter.
Kambi said its performance reflected both external pressures and ongoing strategic changes, including efforts to diversify its partner base.
The company also reported on its commercial activity, including several new turnkey sportsbook partners, such as LCKY Group and the Ontario Lottery and Gaming Corporation, and the expansion of its Odds Feed+ product through deals with operators such as Coolbet and FDJ United.
The report highlighted technological developments, including the fact that AI-driven trading accounts for 48% of all bets processed across its network, which Kambi says has contributed to improved efficiency.
The firm also highlighted the launch of its operations in Brazil on the first day of that country’s regulated market, and its regulatory approval in Nevada.
“In the long term, we remain confident in Kambi’s strategic direction. The foundations we are strengthening — diversification, AI-driven innovation, operational discipline and regulatory excellence — are those required for sustainable long-term growth. Challenges remain, but the opportunities are greater. Kambi is well positioned to navigate complexity, accelerate growth and deliver sustained value as the global sports betting industry continues to evolve,” said Kambi Chief Executive Werner Becher.
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The Backstory
How Kambi got here
Kambi’s softer 2025 revenue line follows a year of regulatory resets, higher taxes and currency headwinds across core markets. Those pressures were already visible as the year unfolded. In October, the company disclosed that revenue fell in the third quarter, highlighting a tougher operating backdrop but also steady commercial activity and cash generation. The company paired those numbers with an acquisition of source code for a player account management platform to sharpen its tech stack and reduce vendor risk. The fourth quarter reflected more of the same: revenue down year over year, disciplined costs and improving profitability into year-end.
Against that arc, investors have been weighing two competing forces. On one side are structural drags such as tax hikes in multiple jurisdictions, customer migrations that lower near-term revenue and foreign exchange pressure. On the other are expansion bets in Latin America, most notably Brazil’s newly regulated market, plus a deeper push into odds and trading as a modular offering for operators. The balance of those forces will shape whether 2025 represented a trough or a staging point for a rebound.
What the quarterly tape already showed
Management signaled the slope of the downturn in the fall. In its Q3 2025 results, Kambi reported a revenue decline and a mid-single-digit adjusted EBITDA margin, but also positive operating profit and €6.1 million in quarterly cash flow. Commercially, the company emphasized momentum: seven turnkey sportsbook signings, three Odds Feed+ deals and partner renewals since the start of the quarter. It also acquired Omega Systems’ player account management source code, a move aimed at greater control over integrations and speed-to-market for partners.
The fourth quarter continued that pattern. In its fourth-quarter and full-year update, Kambi posted a smaller year-on-year revenue decline in Q4 than earlier in the year, tighter expenses and improved adjusted EBITA. Management attributed the year’s pressures to tax increases in several markets and FX. Still, it underscored bookings progress, pointing to multiple turnkey partnerships and renewals with established operators, and it outlined 2026 guidance that envisioned hitting the upper end if Colombia’s betting tax did not rise.
Tax, FX and migration drag
The mechanics behind the topline pressure are straightforward. Several jurisdictions lifted betting taxes, which flowed directly into reported revenue. FX knocked cross-border receipts. And Kambi is cycling through planned customer migrations that reduce revenue during transition. The company has flagged the ongoing migration of large partners, including FDJ United and LeoVegas, as a near-term headwind. That dynamic showed up in the 2026 outlook disclosed in the Q4 filing: management expects growth from new customers to offset the migration impact, with cost discipline doing more of the heavy lifting for margins. It also warned that a potential increase in Colombia’s sports betting tax could clip the upper end of guidance.
These are not idiosyncratic issues. Across sports betting, operators and suppliers are grappling with higher government takes and more complex compliance burdens. Suppliers like Kambi sit in the crossfire: they must keep pricing and product sharp for partners, absorb some friction from regulation and FX, and keep investing in platform improvements while holding down costs. That tension explains the focus on modular products and automation alongside a push into markets that promise scale.
Brazil as the proving ground
Brazil has become the centerpiece of that scale story. The market opened Jan. 1, and Kambi moved quickly to plant flags with operators positioned to capture early share. The company signed a strategic partnership with Stake in Brazil to power the crypto-focused operator’s licensed sportsbook. The deal gives Kambi an anchor in a high-growth, regulated environment and potential reach into other markets where Stake seeks licenses. For a supplier managing revenue drag elsewhere, Brazil offers a long runway if channelization holds and enforcement keeps gray-market competitors at bay.
Kambi has also leaned into a trading-led model that can scale across operators and geographies. Its odds feed agreement with Superbet extends across Latin America and Central Europe, giving Superbet access to Kambi’s traded prices while Superbet controls user experience and market strategy. That structure lowers integration costs and speeds expansion for both sides. In parallel, Kambi signed a long-term turnkey sportsbook deal with RedCap to power Betpro and Starplay, starting online in El Salvador and Panama with retail and more markets to follow. Together, those Latin American moves diversify Kambi’s revenue mix and hedge against European tax creep.
Technology bets behind the strategy
Product autonomy and automation underpin the pivot. By acquiring Omega Systems’ PAM source code disclosed with the Q3 results, Kambi can better orchestrate integrations, data flows and compliance features across partners, which is crucial in fragmented regulatory regimes. The company has also stressed AI-driven product development in its Q4 communication, noting plans to keep pushing automation in trading and risk. The aim is to deliver sharper pricing and broader market depth with lower unit costs, a necessary offset to tax and FX dilution.
There is competitive logic to this. As large operators take more sportsbook functions in house, independent suppliers must either deliver clear performance gains or offer modular components that fit varied tech stacks. Kambi’s recent deals reflect both tracks: full-stack turnkey partnerships where operators want speed and regulatory cover, and componentized odds services where operators want to differentiate front ends but rent trading strength. The success of that dual approach will show up in partner retention, migration timing and the win rate on new bids in regulated tenders.
What to watch next
The next milestones center on execution. Brazil needs to scale beyond opening-day optics, and the Stake partnership is an early barometer for Kambi’s performance in a crowded field. The breadth and monetization of the Superbet odds feed deal and the rollout pace under RedCap will indicate whether Latin America can offset European drag. On the financial side, investors will track whether bookings translate to revenue fast enough to outpace ongoing migrations and whether cost discipline continues to protect margins.
Tax policy remains the swing factor. The company has already caveated its 2026 outlook on potential Colombian changes per its Q4 disclosure. Any further increases in key markets would extend the time needed for growth initiatives to show up in the income statement. Conversely, steady policy and continued partner wins could make 2025 the low-water mark. Either way, the playbook is clear: diversify by region and product, automate for efficiency and anchor growth in regulated markets with scale. The coming quarters will test how quickly that mix can restore top-line momentum.
