Kambi Group has published its full-year financial results for 2024, reporting a modest increase in revenue despite market headwinds and a key client exit. Total revenue for the year reached €176.4 million, up 2% from €173.3 million in 2023. The rise reflects the group’s continued strength in its core operator partnerships, following the departure of Penn Entertainment’s online business in mid-2023.
Administrative expenses totalled €156.2 million for the year, compared to €151.1 million in 2023. Excluding depreciation and amortisation, ongoing administrative costs amounted to €116.6 million, with salaries and associated expenses making up €63.4 million. The increase in salary costs was largely attributed to inflationary pressures.
As part of a wider efficiency programme implemented during 2024, Kambi incurred non-recurring restructuring costs of €1.3 million aimed at enhancing operational synergies across the business.
EBITDA for the year rose to €59.7 million from €56.6 million, while EBITA (acq) remained steady at €25.3 million. Operating profit came in at €20.1 million, consistent with the prior year.
Profit after tax stood at €15.4 million, slightly up from €14.9 million in 2023. Capitalised development costs reached €28.2 million, with investments focused on enhancing the sportsbook platform, expanding U.S. market offerings, developing esports products, and evolving front-end solutions.
Kambi ended 2024 with a strengthened balance sheet and a positive net cash inflow of €10.7 million, compared to an outflow of €10.2 million in the previous year. This brought the company’s cash position to €61.3 million as of 31 December 2024.
Total comprehensive income for the year was €17.5 million, reflecting increased foreign currency translation gains and a relatively stable earnings base. Basic and diluted earnings per share both came in at €0.515, slightly above 2023 figures.
The 2024 results highlight Kambi’s focus on sustainable growth, product development, and operational efficiency as it continues to navigate a competitive and evolving igaming landscape.
Chair Anders Ström stated: “In January, Kambi received approval for its Nevada gaming licence applications with the Nevada Gaming Commission approving our submissions following a unanimous recommendation by the Nevada Gaming Control Board. These licences will enable Kambi to provide our industryleading sportsbook technology and services to nonrestricted gaming establishments in Las Vegas and across the state of Nevada for the first time.
“Nevada is widely considered the “gold standard” for sports betting regulation. The Nevada licences provide further evidence of Kambi’s excellence in the areas of regulation, compliance and corporate probity. It also bears testimony to Kambi’s position as a global leader in premium sportsbook solutions in regulated markets.
“The gambling and betting industry is undergoing a wave of regulatory shifts across jurisdictions, and the demand for a specialist sportsbook provider that can execute effectively within these frameworks has never been greater. In 2024, we secured licences in 11 jurisdictions, meaning we now have access to approximately 70 licensed markets. The approval of our Nevada gaming licences only underscores our ability to meet some of the most stringent regulatory standards in the world.
“Our business model is built on compliance, precision and foresight. 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. 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. With this approach, we are optimistic about future opportunities in large markets, including certain countries in Asia and yet to be regulated US states.
“Ultimately, our success is determined by the standard of our commercial agreements and our ability to leverage the industry tailwinds that favour operators with regulatory expertise. The stronger our position during favourable conditions, the more resilient we are when faced with headwinds — whether they come in the form of unexpected regulatory restrictions, new tax burdens or shifting compliance frameworks that impact our business model. By maintaining control over what we can influence, we ensure dexterity in adapting to the variables beyond our control. This ability to pivot and stay ahead of change is why Kambi is well positioned to thrive — not just in the established markets of Europe, the US, and Canada, but also across emerging markets in Latin America, Asia and Africa. Moreover, we remain the natural platform of choice for former state-owned and public operators looking to enter or expand in sports betting.”
CEO Werner Becher added: “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. 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.”
