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Kambi’s latest update doesn’t scream breakout growth. It’s quieter than that. But if you look a bit closer, there’s a shift happening in how the company is trying to move forward.
Revenue in the first quarter hit €43.5 million. That’s a small increase compared to last year, nothing dramatic. The more interesting part is what happened underneath. After a loss in early 2024, Kambi is back in positive territory with €5.7 million in adjusted EBITDA. Operating profit also climbed.
It wasn’t a surge in betting activity that made the difference. It was restraint. Costs came down slightly, and that was enough to change the picture. It feels less like a growth story and more like a company getting its house in order.
The outside world is getting tougher
There’s a reason for that shift.
The betting industry is dealing with more pressure from regulators and tax authorities, and Kambi is not immune. In Colombia, new rules are expected to cut around €4 million from revenue. On its own, that’s manageable. But it’s part of a wider trend.
Across several markets, the rules are changing. Taxes are going up. Conditions are tightening. It’s becoming harder to plan long term with any certainty.
Kambi’s outlook reflects that. The company is targeting €20 million to €25 million in adjusted EBITDA for 2026. That’s growth, but it’s careful growth. There’s no sense of overpromising.
Canada is doing a lot of the heavy lifting
If there’s a clear bright spot, it’s Canada.
Kambi has signed deals with the British Columbia Lottery Corporation and the Atlantic Lottery Corporation. Add that to its earlier agreement with the Ontario Lottery and Gaming Corporation, and suddenly the company is embedded in a large part of the country’s betting system.
This isn’t the usual approach of working with private sportsbooks. These are lottery operators, backed by the state, trying to build a more unified setup across provinces. Kambi is supplying the engine behind it.
That kind of partnership can be valuable. It tends to be more stable, less volatile. But it also comes with trade-offs. Decisions can take longer. There’s less room to move quickly.
Still, it gives Kambi something it needs right now. A solid base.
France is more of a long game
The company is also entering France through a deal with Pari Mutuel Urbain.
France is not an easy win. It’s a mature market, tightly regulated, and already crowded with strong players. Kambi isn’t going to transform things overnight there.
This looks more like a positioning move. Get in, build gradually, and see where it leads.
Technology is changing how bets are handled
One of the more interesting details in the update is how much of Kambi’s operation is now handled by AI.
More than 60% of bets in Q1 were priced and managed using automated systems. That number is expected to grow.
It makes sense. Automation can improve speed and reduce costs. But it’s not something only Kambi is doing. The whole industry is heading in that direction, which means the advantage might not last forever.
At the same time, the company is getting ready for the next FIFA World Cup with updates to its platform. The idea seems to be to use the tournament as a boost, but also to leave lasting improvements behind.
No big leaps, just steady steps
There’s no single headline that defines Kambi right now. It’s more of a collection of smaller moves.
Cutting costs. Locking in partnerships. Expanding carefully. Letting technology take on a bigger role.
Canada stands out as the most important piece of the puzzle at the moment. France adds potential, even if it’s further down the line. Meanwhile, regulatory pressure is shaping how ambitious the company can afford to be.
For now, Kambi looks stable. But stability isn’t the same as momentum. The next year or two will show whether this more cautious approach is enough to keep it moving forward.
Source: sbcnews.co.uk
