SBC News Voice of the Sports Betting Industry
Corporate leadership at B2B sportsbook platform Kambi has cited past and ongoing challenges as the firm confirms a stable financial performance for 2024.
Kambi disclosed revenue of €176.4m at the end of 2024, a marginal increase of 1.75% on the year prior – though still its highest ever revenue recorded to date. The firm has also seen an increase in profit, which like revenue rose slightly from €14.9m to €15.4m while EBITDA was up to €25.2m from €23.3m.
The results essentially confirm a short-term outlook statement released by the firm earlier this year, in which it said that the departure of key clients like Swedish betting giants Kindred and LeoVegas were hurdles to overcome.
In Kindred’s case, the Nasdaq firm – which used to own Kambi before a divestment in 2014 and the platform becoming fully independent in 2023 – is taking its sportsbook in-house as part of its acquisition by French firm FDJ United (formerly Francaise des Jeux).
Kambi’s CEO, Werner Becher, commented on the transitions: “When we reflect on 2024, it is important to acknowledge the challenges we continue to face as a business, not least new gaming taxes and the financial impact of certain Turnkey Sportsbook partners transitioning away, including Kindred and LeoVegas.
“While such changes inevitably create headwinds, they also underscore the critical importance of our strategy to diversify our product offering and customer base.”
Despite the ties between the two businesses loosening over the years, Kambi has been able to secure a continuation of its relationship with Kindred this year. The company’s esports division, Abios, signed a multi-year deal with Kindred earlier this year, delivering odds, data, widgets and content to the operator.
Outside of Kindred, the firm has also succeeded a partnership with Stake, one of the world’s biggest crypto sportsbooks and casinos. However, alongside forthcoming client transitions, Becher also noted that ‘new gaming taxes’ have also proven a hurdle for the firm to clear.
In the face of these hurdles, Kambi’s financial performance stands out as impressive – the firm’s revenue remains stable and it continues to turn a profit, but leadership is more than aware that the challenges of 2024 are ever present in 2025.
“While such changes inevitably create headwinds, they also underscore the critical importance of our strategy to diversify our product offering and customer base,” Becher remarked.
“These efforts are central to increasing our addressable market and ensuring we remain the partner of choice for operators seeking sports betting solutions that give them a decisive competitive edge and can be tailored to their specific needs and local market.”
Light at the end of the tunnel
The launch of Brazil’s regulated market on 1 January 2024 has got a lot of people excited – even prior to market launch, operators and suppliers alike were keen to get involved in what looks set to be one of the world’s biggest betting markets.
Kambi is no different, and the firm has been moving to establish itself as one of the leading betting solutions suppliers to the developing space. Noting the departure of some of its biggest European clients, Brazil presents an opportunity for Kambi to find new partners in a growing market.
The aforementioned deal with Stake was Kambi’s most recent Brazil-facing deal, but the firm had already set up a strong foothold in the market prior to January regulation via a sportsbook partnership with KTO Group and BetMGM and provision of a its Odds Feed+ product to fantasy sports brand Rei De Pitaco.
Outside of Brazil, Kambi is active in other Latin American markets like Mexico, Colombia and Peru, partnering with BetWarrior in the latter. The firm is confident of its prospects, citing projections from Vixio which put Latin American sports betting at a valuation of just under €6bn by 2028.
“While the absolute majority of our revenue is generated in locally regulated markets, we strategically position ourselves in jurisdictions on the path to regulatory reform, as demonstrated recently in Brazil,” said Anders Ström, Kambi Chair.
“By entering pre-regulated markets where it is compliant to do so, we are able to gain a
greater understanding of local player behaviour and influence regulation in a way that benefits players, operators, and, of course, our shareholders.”
Looking further North, there is also US potential for Kambi. The firm maintains a partnership with Rush Street Interactive (RSI), and also inked a sportsbook deal with the Choctaw Nation of Oklahoma and an Odds Feed+ deal with Hard Rock Digital last year.
Even in Europe, where as noted above the firm has lost key clients Kindred and LeoVegas, Kambi has retained partners like Svenska Spel, Sweden’s state owned betting operator, and LiveScore Group, the latter covering several key markets.
“As we look ahead, we see great potential to further strengthen our position in the industry,” Wecher concluded. “Our commitment to modularisation and portfolio diversification, coupled with our focus on operational efficiency, will be instrumental in achieving our goals.
“By continuing to expand our total addressable market, develop high-performance products, and maintain our focus on partner success, we are poised to solidify Kambi’s position as the undisputed leader in B2B sports betting.”
