Kambi reported a decline in igaming revenue and earnings for 2025, reflecting regulatory pressures, partner changes and a softer operating environment, while the supplier continued to invest in product development and expansion across regulated markets.
The igaming sportsbook supplier generated revenue of €162.0m, down from €176.4m in 2024, representing an 8.2% year-on-year decline. Adjusted EBITA also decreased to €17.6m from €25.4m, while cash flow fell to €21.2m from €25.9m. Despite the decline in headline figures, operator trading margin improved to 10.8%, up from 10.0% in the previous year, supported by product and pricing developments.
The reduction in igaming revenue was attributed in part to the absence of one-off termination fees recorded in 2024, alongside a quieter sporting calendar and increased gaming-related taxes in key markets, including Colombia and the Netherlands. Excluding these factors, underlying revenue performance showed a more limited decline, while continued expansion of the partner network partially offset headwinds.
Geographically, the Americas remained the largest contributor, accounting for 58.0% of turnover, supported by growth in regulated markets including Brazil. Europe contributed 38.6%, although performance in the region was impacted by regulatory changes and tax increases, while the rest of the world represented 3.4% of turnover. The supplier now operates in more than 60 regulated markets, with 98% of revenue derived from locally regulated jurisdictions.
Operationally, Kambi continued to diversify its partner base, reducing reliance on its largest customers. Revenue contribution from the top three partners declined to 35% in 2025, compared to over 60% five years earlier. The company also expanded its commercial footprint, signing ten new Turnkey Sportsbook agreements and increasing its total number of partners, alongside continued adoption of its Odds Feed+ product among operators.
Technology development remained a central focus within the igaming business, with artificial intelligence playing an increasing role in trading and pricing. By the end of 2025, AI-powered trading accounted for nearly half of all bets processed across the network, contributing to improved pricing accuracy and enhanced operator margins. The company also advanced its platform strategy through the acquisition of player account management source code, aimed at unlocking new opportunities in markets such as Nevada.
Kambi also highlighted progress in North America, including securing a licence in Nevada and launching with Ontario Lottery and Gaming Corporation in early 2026. Latin America was identified as a key growth region, with the supplier launching on the first day of regulation in Brazil, although market performance has been slower than initially expected.
“In 2025, Kambi generated revenue of €162m, with adjusted EBITA (acq) of €17.6m excluding the impact of FX revaluations,” commented Werner Becher, CEO.
“2025 was a year of both challenge and meaningful progress for Kambi.
“We entered the year with a focus on expanding and diversifying our partner base, improving operational excellence and elevating our product capabilities to position the business for long-term, sustainable growth, and I am pleased with the progress made in this regard.
“Product leadership remains central to Kambi’s strategy, and 2025 represented a pivotal year in our technological evolution.
“Looking ahead, 2026 is set to be an important year for the global sports betting industry, with the FIFA World Cup expected to generate unprecedented levels of global betting activity,” he added.
