Kambi Extends BetWarrior Sportsbook Deal in Latin America

Kambi has re-signed one of its most important Latin American customers. The Stockholm-listed betting supplier said BetWarrior, a leading operator in Argentina, has agreed a multi-year extension that keeps Kambi‘s technology running behind the operator’s sportsbook in Argentina, Brazil and Peru. For a company still rebuilding momentum after a soft 2025, holding onto an established regional partner carries more weight than the low-key announcement suggests.

The extension renews a partnership that began in 2019, when BetWarrior — a brand founded by two former PokerStars executives — picked Kambi to power its launch. The operator went live in Argentina in late 2021, becoming one of the first betting brands live in both the city and province of Buenos Aires after the market regulated, and grew into one of the country’s better-known sportsbooks before expanding into Brazil and Peru. Under the renewed deal, BetWarrior keeps using Kambi’s Turnkey Sportsbook — the end-to-end product that handles odds, pricing, risk and trading — rather than taking on any new service.

A renewal, not a land grab

It is worth being precise about what this is, because the labels matter in this business. This is a B2B supply contract between a technology provider and an operator — not a market-access deal, a licence award, or a new-country launch. Kambi already runs BetWarrior’s book; the extension simply locks that in for several more years, and the operator’s own footprint does not change because of it.

That distinction is the whole story for a supplier. Kambi sells sportsbook technology to licensed operators and takes a share of the betting revenue it helps generate, so every renewal defends income the company has already built, and every defection hands a rival an opening. Kambi learned how painful that can be when DraftKings, once its largest customer, moved to its own platform and walked away. Keeping a partner like BetWarrior locked in across three regulated markets is the unglamorous work that underpins a recovery.

Werner Becher, Kambi’s chief executive, cast the extension as evidence the company can retain ambitious operators as competition across the region intensifies. BetWarrior chief executive Zeno Ossko said renewing was a natural decision as the operator looks to strengthen its position in Argentina and other regulated Latin American markets.

Why Latin America is the prize

The renewal points straight at the region the whole industry is chasing. Brazil opened its regulated online betting market at the start of 2025, and Kambi went live with several partners on the first day of regulation. With more than 200 million people and a national obsession with football, Brazil is shaping up as one of the highest-value betting markets anywhere — and BetWarrior is among the operators trying to turn that promise into market share.

Argentina, BetWarrior’s home base, regulates province by province rather than nationally, which makes a flexible supplier valuable as an operator assembles access market by market. Peru, which set up a national licensing regime for online betting and gaming, completes the three markets the extension covers. Kambi already supplies several other operators across the region, including Colombia’s BetPlay and Rush Street Interactive, giving it one of the broader supplier footprints in Latin America.

The competitive backdrop is getting busier, not calmer. International operators keep pouring in — Stake, for one, entered Mexico ahead of the 2026 World Cup — and the technology firms behind the sportsbooks are consolidating to keep pace, as Genius Sports’ $1.2 billion acquisition of Legend showed. In that environment, the supplier that already holds the contract has a real advantage at renewal time.

Kambi’s recovery bet

The BetWarrior deal lands while Kambi works to convince investors that 2025’s stumble is behind it. In its first-quarter report, the company posted revenue of €43.5 million, up about 5% year on year, and lifted adjusted operating earnings by nearly two-thirds to €5.7 million. It reaffirmed full-year guidance for adjusted operating earnings of €20 million to €25 million, a range that already absorbs a roughly €4 million revenue hit from a new sports betting tax in Colombia.

Two themes run through Kambi’s pitch to the market: bigger institutional clients and more automation. The supplier recently won national-scale lottery and operator deals in Canada and France, and it now prices and trades more than 60% of the bets on its network with artificial intelligence — a cost lever it expects to lean on harder through the World Cup. Its wider client list runs to more than 70 operators, from LiveScore to Bally’s, the latter currently buying both 888 and William Hill in one of the industry’s largest consolidation plays.

For bettors in Argentina, Brazil and Peru, almost nothing changes on the surface; the BetWarrior app keeps running on the same engine. The signal is aimed at the industry. In a Latin American market that is still being divided up, the supplier that already powers a leading operator just made itself harder to replace.