Kambi Reports Lower Q3 Revenue Due to Market Shifts and Tournament Absence
Kambi Group Plc reported revenue of €37.4 million for the third quarter (Q3) of 2025. This figure represents a 13.1% decline compared to the €43.0 million earned in Q3 2024. Excluding one-time fees received in the prior year, the drop was 8.1%.
This lower performance was mainly due to the absence of major sporting events like the Euro, Copa América, and the Olympics, which occurred in Q3 2024. Client moves, such as Kindred’s exit from the UK market in September, also reduced results.
The company’s operating profit fell by 55% to €1.6 million, with an operating margin of 4.3%. Adjusted EBITA (acq)was €3.4 million, down from €4.9 million in the prior year period. Total costs decreased by 10.3% to €35.4 million, which was helped by an ongoing efficiency program. Due to these factors, Kambi revised its full-year 2025 Adjusted EBITA guidance to approximately €17.0 million.
Americas Turnover Rises Amid Global Dip
Kambi’s global operator turnover decreased by 6% year-over-year. However, the Americas region showed a bright spot, with operator turnover increasing by 8.9%. The Americas, which includes Latin America, now accounts for 57.9%of Kambi’s total turnover in Q3 2025, up from 50.0% in Q3 2024.
This growth was supported by stronger results in the US and Latin America. The recently regulated Brazilian marketwas a contributor, though CEO Werner Becher noted that growth has been slower than expected. Becher mentioned that the existing black market in Brazil remains a significant challenge, slowing down the regulated sector.
Despite the global slowdown, Kambi saw material organic growth with several US operators. The company also expanded its physical retail footprint in the US, signing a deal with Oneida Indian Nation in New York and extending its retail partnership with PENN Entertainment across 30 properties until July 2027.
Commercial Momentum and Strategic PAM Acquisition
Kambi has signed 12 new commercial agreements since the start of Q3, showing an acceleration in business activity. New deals for the advanced Odds Feed+ product include a partnership with Superbet Group, a major operator in Europe and Latin America. New Turnkey Sportsbook agreements were secured with RedCap in Latin America and DraftKings for retail sports betting in Puerto Rico.
The company also announced the acquisition of the source code for a Player Account Management (PAM) platform from OMEGA Systems. This is a strategic move to unlock commercial opportunities, particularly in markets where third-party PAM solutions are limited. CEO Werner Becher identified Nevada as the top target, calling it the “gold standard for licensing on this planet” with little competition. Kambi plans to have the PAM-integrated product ready for Nevada licensing by the end of the first half of 2026.
In terms of product development, the use of Artificial Intelligence (AI) for in-play football matches has advanced. AI now manages turnover for over half of all live football games, roughly 1,300 weekly. Separately, the scheduled launch with Ontario Lottery & Gaming (OLG) was delayed from Q4 2025 to early Q1 2026 to allow for thorough testing.
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