Kambi has gained renewed confidence that the shock ban on online gambling in Brazil announced in September will not overly impact its 2026 performance, having reported improved revenue and profit during Q3.
Like many international betting companies, Kambi saw huge growth prospects in Latin America, and particularly in Brazil. However, the firm has been adamant that President Lula da Silva’s ban on Brazilian online betting would have a limited financial impact.
The firm’s Q3 earnings report has vindicated this. Group revenue was up 23% year-over-year from €37.4m in Q3 2025 to €46m (£38.3m) this year, while YTD revenue rose 13% from €119.3m to €135.4m (£113m).
Last year’s Q3 trading saw Kambi suffer from slower-than-expected growth in Brazil. One year down the line, the company has benefited from improved diversification of partners.
Deals with the Ontario Lottery and Gaming Corporation (OLG) and France’s Pari Mutuel Urbain (PMU) were cited as key revenue drivers, alongside “favourable foreign exchange movements”, particularly the Colombian peso.
Post-World Cup blues?
Of course, Q3 also included the latter stages of the FIFA World Cup in July, which almost always produces a better summer turnover than non-World Cup years.
Kambi did also note, however, that World Cup trading came with €4.2m in higher-priced World Cup data costs, which it stresses did not affect profitability.
Revenue was hit by lower operator trading margins post-World Cup in August and September, however, though the return of domestic football seasons in these months may compensate for this in Q3.
“The latter stages of the FIFA World Cup, including a record-breaking final, drove high levels of engagement across our network and contributed to a strong start to the quarter,” said Werner Becher, Kambi’s Chief Executive Officer.
“While we experienced less favourable sports results in August and September, operator trading margin for the full quarter was still our second strongest quarterly margin ever at 11.9%, underlining the edge we have through our powerful network scale and AI-powered trading capabilities.
“These financial results provide further evidence that we are on the right path to sustainable, long-term growth.”
Kambi’s assertions that lower operator trading margins did not impact profitability have been vindicated by the stats. Adjusted EBITDA rose 40% in Q3 to €15.9m (Q3 2025: €11.3m) while YTD EBITDA rose 27% to €45.6m (€36m).
Gross profit rose 16% from €32.1m to €37.2m in Q3 and by 10% from €103.6m to €113.8m YTD. Operating profit, meanwhile, was up 214% to €5.1m (€1.6m) and by 276% to €15.2m (€4m) YTD.
Post Q3, Kambi expects adjusted EBITDA of €26m for 2026, having previously estimated it to be in the range of €23m-€27m.
“The momentum generated over recent quarters, combined with our expanding partner network, continued product innovation and operational discipline, gives us confidence in the future,” Becher remarked.
“Supported by our powerful network, proven technology and a clear strategic focus, I believe the business is well positioned to deliver sustainable long-term value for both partners and shareholders alike.”
