€46.0m Revenue, Up 23%: Kambi Posts Q3 2026 Growth and Raised Guidance Under CEO Werner Becher

Kambi Group plc has reported a sharp step-up in third-quarter earnings, with revenue rising 23% year-on-year to €46.0m and adjusted profit more than doubling. The results were published on 4 November 2026, alongside a decision to raise full-year profit guidance and the announcement of the company’s first partnership in Nevada.

The quarter combined financial momentum with commercial expansion. Under the leadership of CEO Werner Becher, Kambi confirmed a landmark long-term deal with Station Casinos, continued the rollout of its AI trading system, added new partners across regulated markets, and set out how it is factoring in regulatory change in Brazil while still lifting its outlook.

Kambi Q3 2026 revenue climbs 23% to €46m as adjusted EBITA jumps 161%

Revenue in the quarter reached €46.0m, a 23% increase on the €37.4m recorded a year earlier, and €135.4m for the first nine months, up 13.5%.

Adjusted EBITA (acq) rose 161% to €7.9m in the quarter, at a margin of 17.3%, while operating profit climbed 214% to €5.1m. Year-to-date, operating profit reached €15.2m, up 276%. Profit after tax came in at €3.4m for the quarter, with earnings per share of €0.128.

Gross profit rose 16% to €37.2m, though the gross margin eased to 80.9% from 85.8%. Kambi attributed the shift to €4.2m of higher-priced Fifa World Cup data costs, which are passed on to operators and so did not affect profitability.

The company reported that revenue benefited from the latter stages of the Fifa World Cup, new partner launches including Ontario Lottery and Gaming Corporation and Pari Mutuel Urbain, and favourable foreign exchange movements. Operator trading margin for the quarter was 11.9%, which Kambi described as its second strongest quarterly margin ever.

Kambi raises full-year adjusted EBITA guidance to around €26m

Kambi updated its estimated 2026 adjusted EBITA (acq) to around €26m, compared with the previous range of €23-27m. The company said the update was supported by continued strong performance and foreign exchange tailwinds since its Q2 report.

The Q4 estimate already factors in the effect of operator migrations and the regulatory changes in Brazil. Setting the new figure at the upper end of the earlier range reflects management confidence in the trajectory.

Kambi also said its previous efficiency programmes are expected to keep 2026 expenses broadly flat against an inflationary backdrop, based on an estimated operator trading margin of around 11% for the remainder of the year.

Station Casinos 10-year Nevada partnership marks Kambi’s first deal in the state

The standout commercial development was a landmark long-term partnership with Station Casinos, the market-leading operator off the main Las Vegas Strip.

The agreement will see Station Casinos deploy Kambi’s online and retail sportsbook alongside its proprietary player account management platform, marking the first deployment of Kambi’s combined Turnkey Sportsbook and PAM offering. It is also Kambi’s first partnership in Nevada, one of the most closely regulated sports betting markets in the world.

CEO Werner Becher pointed to the strategic weight of the deal in his comments on the quarter.

“A key highlight was the announcement of our landmark, long-term partnership with Station Casinos in Nevada, the market-leading operator off the main Las Vegas Strip.”

Werner Becher, CEO, Kambi Group plc

Station Casinos is on track to launch via the Nevada regulatory field test in the coming weeks, ahead of a full rollout across the state.

Kambi AI trading now handles 85% of network bets

Kambi reported continued progress on its proprietary AI trading system, which now handles 85% of network bets. The company said 59% of all live bets traded by AI are accepted with a zero-second delay, a change it expects to add millions more live bets annually.

During the quarter, Kambi also completed the integration of Abios, Shape Games and Tzeract under a single brand and the positioning “Powerful Network. Proven Edge.” The company said the AI investment continues to broaden its product offering, increase automation and improve operator trading margins.

Since the end of the quarter, the NBA has moved onto the AI trading system, with table tennis in progress and work on American football continuing. Kambi noted that the in-house development, carried out with third-party consultants, carries a final performance-based payment estimated in the high single-digit millions of euros, disclosed as a contingent liability with recognition expected during 2027.

Kambi expands partner network with Pure Casino, RETABET and QuinnBet

Beyond Station Casinos, Kambi added a Turnkey Sportsbook agreement with Pure Casino Entertainment in Alberta, an Odds Feed+ partnership with RETABET across Spain and Peru, and a multi-year renewal with existing partner Olimpo.bet in Peru.

The company also supported launches with Rush Street Interactive’s RushBet brand and Bally’s Corporation’s Bally Bet and Monopoly Casino & Sportsbook brands in Alberta’s newly regulated market.

After the quarter, Kambi signed a multi-year online Turnkey Sportsbook partnership with UK and Irish operator QuinnBet, which will also integrate with QuinnBet’s selected player account management platform. QuinnBet is scheduled to launch on the Kambi sportsbook in Q4 2026.

By geography, the Americas accounted for 59.9% of Q3 turnover, Europe 36.4% and the rest of the world 3.7%.

Kambi repurchases €13.1m of shares and holds €40.9m in net cash

Kambi’s net cash position on 30 September 2026 was €40.9m, after repurchasing shares for a total cost of €13.1m during the first nine months of the year.

During the third quarter alone, the company bought back 324,785 shares, and year-to-date it has repurchased 1,021,783 shares for a total of SEK 143.3m.

The current buyback programme, worth SEK 100m and initiated on 18 June 2026, is set to run until 23 November 2026. Shares repurchased under it will be cancelled at a later date, apart from a portion held to satisfy future employee share option obligations.

How the Brazil regulatory change factors into Kambi’s 2026 outlook

Kambi addressed the impact of Brazil’s move to prohibit online gambling. The report notes that President Lula temporarily prohibited fixed-odds sports betting and online casino on 25 September 2026, licensed sites went offline on 6 October 2026, and the Provisional Measure must be approved by Congress by 23 November 2026 or it lapses.

The company said Brazil accounted for a low single-digit percentage of its 2026 revenue, and noted that the development could remove the long-term growth potential of the market. Becher framed the episode in the context of the network’s breadth.

“The disruption caused by Brazil’s decision to ban online gambling highlighted the strength of our partner network.”

Werner Becher, CEO, Kambi Group plc

The company reiterated that, as a business operating almost exclusively with locally regulated operators, regulation and taxation are factored into its model.

What Kambi’s Q3 results signal for sportsbook operators

For operators and partners, the quarter reads as a business converting network scale and AI trading into margin, while widening its regulated footprint into one of the industry’s benchmark markets.

The Nevada entry gives Kambi a proof point in a jurisdiction that others watch closely, and the raised guidance suggests the company expects that momentum to hold through the rest of the year.

The next milestones to watch are the Station Casinos rollout and the Q4 QuinnBet launch, both of which will test how quickly new partnerships convert into reported revenue.

Source: Kambi Group plc