Kambi Updates Full-Year Profit Outlook After Q3 Earnings Jump

Kambi Group plc reported on November 4, 2026 that third-quarter revenue rose 23% to €46.0 million from €37.4 million, while adjusted EBITA (acq) increased 161% to €7.9 million from €3.0 million. The sports betting technology supplier also updated its full-year estimate for that measure to around €26 million, replacing a €23 million–€27 million range.

Kambi defines adjusted EBITA (acq) as earnings before interest, taxation, amortisation of acquired intangible assets, foreign-exchange revaluations and items affecting comparability. The measure’s quarterly margin was 17.3%, up from 8.2% a year earlier. Operating profit increased to €5.1 million from €1.6 million, while profit after tax rose to €3.4 million from €1.0 million.

World Cup Revenue Carried Higher Data Costs

The latter stages of the FIFA World Cup, launches including Ontario Lottery and Gaming Corporation and Pari Mutuel Urbain, and favourable foreign-exchange movements supported the revenue increase, according to the full quarterly report. A stronger Colombian peso contributed €1.7 million to year-over-year revenue growth on a like-for-like basis.

Revenue also included €4.2 million of higher-priced World Cup data costs. Those costs were passed on to operators and did not affect profitability, but they helped reduce gross margin to 80.9% from 85.8%, even as gross profit rose 16% to €37.2 million. Operating expenses, by contrast, increased just 0.7% to €29.2 million from €29.0 million, helping explain why adjusted earnings grew much faster than revenue.

Quarterly operator turnover increased 3.0%, driven by the World Cup, but was lower during the rest of the quarter because of operator-friendly tournament results and the event’s effect on the regular sporting calendar. Operator trading margin, defined as operator gross gaming revenue as a percentage of turnover, was 11.9%, up from 10.3% a year earlier. Chief executive Werner Becher described it as Kambi’s second-strongest quarterly margin, despite less favourable sports results in August and September.

Brazil Exposure Remains Limited but Carries Longer-Term Risk

Becher said Brazil accounted for a low-single-digit percentage of Kambi’s 2026 revenue, although the prohibition could remove the market’s long-term growth potential. That distinguishes the immediate financial exposure from the possible loss of a future growth market.

President Lula temporarily prohibited fixed-odds sports betting and online casino nationwide on September 25, 2026, and licensed sites went offline on October 6, 2026. Congress must approve the Provisional Measure by November 23, 2026 or it lapses.

Kambi’s fourth-quarter adjusted EBITA estimate incorporates the negative effects of operator migrations and Brazil’s regulatory changes. The full-year estimate retains an assumed operator trading margin of around 11% for the remainder of 2026.

Nevada Partnership Leads Commercial Expansion

A 10-year agreement with Station Casinos covers Kambi’s online and retail sportsbook and its player-account-management platform in Nevada. Becher said the operator was on track to launch both through the state’s regulatory field test ahead of a full statewide rollout.

Pure Casino Entertainment and QuinnBet also signed Turnkey Sportsbook agreements, while RETABET entered an Odds Feed+ partnership. These agreements extend Kambi’s network beyond the operators and launches that contributed to the quarter’s revenue growth.

Kambi said its AI system was trading 85% of network bets, with 59% of AI-traded live bets accepted with zero-second delay. Deployment has expanded beyond soccer, tennis, ice hockey and baseball, with rollouts under way across basketball, American football and table tennis.

The results leave Kambi with limited current revenue exposure to Brazil but a possible loss of that market’s future growth. They also tie the next phase of its performance to whether new partnerships and broader AI trading can support the business after the World Cup boost, while operator migrations and Brazil’s regulatory changes weigh on the fourth-quarter estimate.