Kambi Group
Kambi Group is a B2B sportsbook technology company that provides betting platforms, trading tools, and related services to licensed gambling operators. Its business is built around delivering sportsbook software and managed services across regulated markets in Europe, North America, and other jurisdictions worldwide.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueCore B2B sportsbook software used by operators to run betting products online and in retail.
Odds, trading, and risk management functions that support operator sportsbook performance.
Technology and services for in-venue and retail betting operations.
Custom development, platform enhancements, and operator integrations.
Fees tied to launches, support, and other contractual service arrangements.
Customers
Kambi sells to gambling operators rather than end consumers, with customers including commercial sportsbook operators, lotteries, tribal operators, and government-affiliated organizations. These customers buy Kambi’s technology and services to launch or improve regulated sportsbook offerings without building a full in-house trading stack.
Buy Kambi's sportsbook platform and trading services to run online and retail betting products.
Use Kambi for regulated sportsbook launches where compliance and consumer protection are central.
Adopt Kambi's sportsbook technology for tribal gaming properties and regulated local markets.
Purchase sportsbook solutions for tightly controlled jurisdictions with formal licensing requirements.
Strategy
Kambi's strategy is to deepen its position in regulated sportsbook markets while broadening its customer base and revenue streams. It emphasizes product development, regulatory discipline, and partnerships with operators that value compliance, integrity, and long-term supplier relationships.
Regulated jurisdictions align with Kambi's compliance-led model and reduce legal uncertainty.
A broader operator base reduces dependence on a few large partners.
Competitive sportsbook features and user experience support operator retention and wins.
Compliance and integrity are central to winning and retaining licensed operators.
Geography
Kambi operates internationally, with live business in more than 60 regulated jurisdictions and nearly all revenue generated from locally regulated markets. Europe is a core region, while North America is important for partner launches and regulated market expansion; the company also supports operators in other regulated jurisdictions worldwide.
Risks
Kambi's business is exposed to regulatory change, operator concentration, and competition in a mature sportsbook market. Because revenue depends on sports events and licensed operators, it is also sensitive to tax changes, match-fixing concerns, and disruptions to sporting calendars or operations.
- Regulatory and political environmentImpact: HighLikelihood: High
Kambi operates only where gambling is licensed, so law changes can expand or restrict its market access.
Exposure: Licensed sportsbook markets
- Dependency on key operatorsImpact: HighLikelihood: High
A significant share of revenue comes from a limited number of large partners.
Exposure: Customer concentration
- Competition and price pressureImpact: MediumLikelihood: High
Mature sportsbook markets make it harder to win business without pricing pressure.
Exposure: B2B sportsbook contracts
- Tax risksImpact: MediumLikelihood: High
Gaming-related taxes can change operator economics and reduce the value of contracts.
Exposure - Match fixing and sports integrityImpact: MediumLikelihood: Low
Integrity incidents can trigger regulatory scrutiny and harm sportsbook demand.
Exposure: All sports betting markets
Accounting
Judgemental itemsMonthly fees, commissions, and event-linked charges can create timing differences across periods.
Impact: Reported revenue
Sportsbook enhancement and product development are capitalized rather than expensed immediately.
Impact: Operating profit and intangible assets
The balance sheet includes acquired customer contracts, databases, software, and goodwill.
Impact: Impairment risk and amortization
Office premises create right-of-use assets and lease liabilities under IFRS 16.
Impact: Balance sheet and depreciation/interest
One-off costs and foreign exchange revaluations can distort underlying performance measures.
Impact: Adjusted EBITDA / EBITA comparability
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Last updated: 24/09/2026