Regulatory and political environment
Kambi operates only where gambling is licensed, so law changes can expand or restrict its market access.
- Scope
- Licensed sportsbook markets
- Materiality
- high
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.
| % | |
|---|---|
| Sportsbook platform | 55% Core B2B sportsbook software used by operators to run betting products online and in retail. |
| Managed trading and risk services | 20% Odds, trading, and risk management functions that support operator sportsbook performance. |
| Retail sportsbook solutions | 10% Technology and services for in-venue and retail betting operations. |
| Product development and integrations | 10% Custom development, platform enhancements, and operator integrations. |
| Other service fees | 5% Fees tied to launches, support, and other contractual service arrangements. |
Kambi sells to gambling operators rather than end consumers, with customers including commercial sportsbook operators,...
- Commercial sportsbook operatorsprimary
Buy Kambi's sportsbook platform and trading services to run online and retail betting products.
- Public and state-owned lotteriessecondary
Use Kambi for regulated sportsbook launches where compliance and consumer protection are central.
- North American tribal operatorssecondary
Adopt Kambi's sportsbook technology for tribal gaming properties and regulated local markets.
- Government-affiliated operatorssecondary
Purchase sportsbook solutions for tightly controlled jurisdictions with formal licensing requirements.
Kambi operates internationally, with live business in more than 60 regulated jurisdictions and nearly all revenue...
- •Live in more than 60 regulated jurisdictions worldwide
- •Europe is a core market for sportsbook partnerships
- •North America is important for new operator launches
- •Nearly all revenue comes from regulated jurisdictions
- •Operations are delivered digitally across multiple offices
Kambi's strategy is to deepen its position in regulated sportsbook markets while broadening its customer base and...
01
Grow in regulated marketsshort-term
Regulated jurisdictions align with Kambi's compliance-led model and reduce legal uncertainty.
02
Diversify the customer portfoliomedium-term
A broader operator base reduces dependence on a few large partners.
03
Strengthen product and technologymedium-term
Competitive sportsbook features and user experience support operator retention and wins.
04
Preserve regulatory credibilitylong-term
Compliance and integrity are central to winning and retaining licensed operators.
Kambi's business is exposed to regulatory change, operator concentration, and competition in a mature sportsbook market...
Dependency on key operators
A significant share of revenue comes from a limited number of large partners.
- Scope
- Customer concentration
- Materiality
- high
Competition and price pressure
Mature sportsbook markets make it harder to win business without pricing pressure.
- Scope
- B2B sportsbook contracts
- Materiality
- medium
Tax risks
Gaming-related taxes can change operator economics and reduce the value of contracts.
- Scope
- UK, Netherlands, and other taxed markets
- Materiality
- medium
Match fixing and sports integrity
Integrity incidents can trigger regulatory scrutiny and harm sportsbook demand.
- Scope
- All sports betting markets
- Materiality
- medium
Revenue recognition for operator fees
Reported revenue
Capitalized development costs
Operating profit and intangible assets
Goodwill and acquired intangibles
Impairment risk and amortization
Lease accounting
Balance sheet and depreciation/interest
Items affecting comparability
Adjusted EBITDA / EBITA comparability
: 11/08/2026