Kambi Group Endures Soft Quarter While Expanding Through Key Agreements

Kambi Group plc navigated a challenging third quarter in 2025, reporting lower revenue and profit margins but highlighting a string of new commercial deals and technology acquisitions that the company believes will drive a return to growth.

Good to Know

• Q3 revenue fell 13.1% year over year to €37.4 million.
• Adjusted EBITDA dropped 32% to €3.4 million, with a 9% margin.
• New deals with Superbet, Glitnor Group, and Oneida Indian Nation aim to strengthen future performance.

The sportsbook supplier, which powers betting operations for over 50 partners across more than 60 jurisdictions, said that its Q3 2025 revenue declined 13.1% year over year to €37.4 million. When excluding transition fees, revenue was down 8.1%.

Profit after tax also fell to €1 million, compared to €2.5 million in the same period last year, while adjusted EBITDA dropped to €3.4 million — a 32% decline that reduced the margin to 9%.

Chief Executive Werner Becher said the company remained disciplined despite a slower sports calendar and rising tax pressures in key markets.

He said:

“Our Q3 financial performance was disciplined in a period impacted by a quieter sporting calendar, which last year included the Euros, Copa América, and the Olympics, and the ongoing increased impact of gaming-related taxes.”

External Headwinds Hit Performance

Beyond the lighter sports schedule, Kambi pointed to several external challenges that dampened quarterly performance. These included a delay in the Ontario market launch, now pushed to early 2026, and new tax increases in the Netherlands and multiple U.S. states.

Deposit limits imposed by some operators also curbed player turnover, which dropped around 6% for the quarter. Exchange rate fluctuations and slower-than-expected progress in Brazil further added to revenue pressure.

The company’s Chief Financial Officer, David Richard Kenyon, noted that sports results also played a role:

“This was a really strong margin in July and August and then dipped quite significantly in September when there were a very player-friendly results, I would say, in both the Champions League and the NFL.”

Given these conditions, Kambi adjusted its full-year guidance, now expecting adjusted EBITA of approximately €17 million for 2025.

Building for Long-Term Growth

Despite a softer quarter, the company continued expanding its reach and investing in new technology. Kambi signed three Odds Feed+ agreements, including one with European operator Superbet, while also securing seven new Turnkey Sportsbook partnerships. Notable new clients include Glitnor Group and the Oneida Indian Nation, which operates in New York.

Kambi also announced the acquisition of source code for a player account management (PAM) platform, designed to boost the company’s opportunities in Nevada, one of the most competitive betting markets in North America.

Becher said the combination of commercial wins and technology upgrades reinforces Kambi’s long-term vision:

“The recent commercial wins, ongoing improvements to our market-leading product, the opportunities that the PAM will create, as well as the continued progress of our efficiency programme are, together, evidence of the positive momentum we are building. When coupled with the exciting opportunities we continue to pursue, I have growing confidence we will deliver sustainable growth and long-term returns for our shareholders.”

FAQ

How did Kambi perform financially in Q3 2025?

Revenue dropped 13.1% to €37.4 million, and adjusted EBITDA fell 32% to €3.4 million.

What caused the revenue decline?

Lower betting activity due to fewer major sports events, increased gaming taxes, and a delay in the Ontario market launch.

Which companies partnered with Kambi in Q3?

New partnerships include Superbet, Glitnor Group, and the Oneida Indian Nation.

What new technology did Kambi acquire?

The company acquired the source code for a player account management platform to expand its presence in Nevada.

What is Kambi’s full-year guidance for 2025?

Kambi expects adjusted EBITA of about €17 million for the year.

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