After delivering some disappointing figures for the third quarter, Kambi Group is remaining defiant in the face of falling revenues, pointing towards its summer of establishing new partnerships as a reason to be optimistic for the year ahead.
Among the financial highlights in Kambi Group’s Q3 2025 report was that revenue in the third quarter of this year was €37.4 million, a drop of 13.1% on the £43 million declared for the same period in 2024.
It was a similar story in the last quarter, when Kambi Group’s Q2 revenue and profit had fallen sharply, after which CEO Werner Becher had declared himself “not satisfied with where we are today”.
While declaring that Kambi’s performance in Q3 had been “disciplined”, Becher turned attention towards some significant steps away from the balance sheets.
“Since the start of Q3, Kambi has signed seven Turnkey Sportsbook partners, three Odds Feed+ deals and two partner renewals,” he said.
“A clear reflection of the commercial progress we are making.”
Why Did Kambi Group’s Revenue Drop Again?
Becher was understandably keen to supply some context around falling revenue in Q3 2025, outlining that the sporting calendar through this period was nowhere near as active as in 2024.
“Our Q3 financial performance was disciplined in a period impacted by a quieter sporting calendar, which last year included the Euros, Copa América and the Olympics, and the ongoing increased impact of gaming-related taxes,” he said.
“Revenue in Q3 reached €37.4m, a decrease of 8% year-over-year when excluding transition fees, generating Adjusted EBITA of €3.4m.”
Revenues for the first nine months of 2025 were €119.3m, a decrease of 9.6% on the €132m recorded from January to September last year.
Again, if you exclude the €11.2m of transition fees received in the same period in 2024, it shows a more palatable drop in revenue of 1.2%.
A delay in the launch with Ontario Lottery & Gaming until next year has affected the company’s outlook for 2025, together with revaluations of foreign exchanges and slower than expected trading in Brazil.
As a result, Kambi has revised its 2025 guidance to an adjusted EBITDA of around €17m, down from its previous forecast range of between €20m and €25m.
During the Q3 2025 report presentation, Becher said: “We’ve continued to show disciplined cost control with our ongoing efficiency program, delivering material cost reductions, which will continue into 2026.
“We are leveraging our unique assets to strengthen our market-leading position.
“These assets include our partner network of more than 50 operators and a global betting liquidity of €17 billion being managed on our platform, fuelling our AI-powered trading risk and management capabilities.
“We are building the foundations for long-term success and long-term growth, and I’m very confident we will deliver.”
Kambi’s Roster Of New Partners In Q3
Summarising the firm’s position in the earnings call, Becher said: “We’ve delivered 12 new agreements since the start of July, with new turnkey and Odds Feed Plus partners, along with partner extensions, demonstrating our strong commercial momentum.”
In July, Kambi announced a long-term Central America sportsbook partnership deal with Redcap, to power its online Betpro and Starplay brands in Panama and El Salvador.
Just last month, Kambi Group teamed up with Betnation to deliver its turnkey sportsbook solution and new collaborations with Holland Gaming Technology and Hommerson has given it a strong foothold in the Netherlands.
Glitnor Group is also upgrading from its existing sportsbook to Kambi, which will be rolled out to multiple markets across Europe and Ontario.
In the US the group strengthened its tribal ties by partnering with Oneida Indian to provide its retail sportsbook solution to Turning Stone Enterprises’ three sportsbooks in upstate New York.
Becher is particularly excited by the Odds Feed Plus partnership with Superbet.
“Their intention is to launch in the coming weeks and gradually expand into multiple sports,” he said.
“Superbet is globally number 11 on EGR’s Annual Power 50 rankings and market leader in a number of CEE countries, with a prominent position also in Brazil.
“Superbet also operates the Napoleon brand in Belgium, which we’re looking forward to work with once again.”
