Kambi Reports Strong Q4 2024 Performance with Expansion in the U.S. and Brazil
Kambi closed Q4 2024 with steady financial performance and strategic growth in key markets, including the U.S., Brazil, and Canada. The company continued to strengthen its presence in regulated sports betting, securing major partnerships and leveraging artificial intelligence to enhance its sportsbook technology.
Financial Performance and Key Metrics
Kambi reported €44.5 million in revenue for the quarter, slightly above the €44.3 million recorded in Q4 2023. However, operating profits saw a slight decline, with EBITA (acq) at €7.1 million, compared to €8.5 million the previous year, and an operating profit of €5.9 million, down from €7.2 million in Q4 2023. Increased operating costs contributed to this decline, as total expenses rose to €38.5 million, compared to €37.1 million in the previous year.
Despite these fluctuations, Kambi’s operator turnover index surged by 13% from the previous quarter, reaching 778, while operator trading margin stood at 10.1%. The company expects 2025 EBITA (acq) to range between €20 million and €25 million, signaling confidence in future revenue growth.
Strategic Partnerships and Expansion
Kambi continued its aggressive expansion strategy, securing key agreements that strengthen its position in regulated markets. The company signed a major Odds Feed+ partnership with Hard Rock Digital, providing access to Kambi’s comprehensive odds library. Additionally, Soft2Bet selected Kambi for its U.S. market entry, starting with an initial launch in New Jersey.
Brazil also became a major focus, with Kambi launching sportsbook operations for Stake, BetMGM, BetWarrior, and KTO. The company introduced Odds Feed+ for Rei do Pitaco, further expanding its reach in Latin America’s fast-growing betting sector.
Meanwhile, Kambi solidified its presence in Canada through a landmark agreement with Ontario Lottery and Gaming Corporation (OLG), taking over sportsbook operations from FDJ Group.
AI-Powered Sportsbook Innovations
Kambi invested heavily in AI-driven trading technology, enhancing its sportsbook capabilities. The new AI trading platform improved pricing accuracy and operational efficiency, allowing for more dynamic odds management.
The company also reported that automated trading solutions now generate 30% of operator gross gaming revenue (GGR).
One of Kambi’s most successful innovations, Bet Builder, saw significant adoption, with pre-match football bets accounting for 30% of total sportsbook revenue. The company expects further gains as AI-powered enhancements continue to improve player engagement.
Corporate Developments and Market Positioning
Leadership changes and corporate actions also played a role in shaping Kambi’s future strategy. Anders Ström was appointed Chairman, while Werner Becher took over as CEO in July 2024.
In an effort to enhance shareholder value, Kambi launched a new share repurchase program and canceled over 1.37 million ordinary shares.
The company also made a notable push into esports betting, as its subsidiary Abios signed a major partnership with Kindred Group to provide esports betting solutions.
Expanding in North America and Beyond
Kambi’s U.S. operations accounted for 47% of total sportsbook revenue in Q4 2024. Key developments included Bally’s Corporation launching Kambi-powered sportsbooks in New Jersey and Tennessee, while BetRivers expanded in Washington.
The company also expects its Ontario Lottery and Gaming Corporation partnership to drive additional growth in North America.
Looking ahead, Kambi remains focused on expanding its AI-powered sportsbook solutions, securing new market entries, and strengthening its foothold in the U.S. and Latin America.
With regulatory approval now secured in Nevada, the company is well-positioned to capitalize on the growing demand for data-driven, automated sports betting technology.
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