Kambi Review
7.8/10Listed B2B sportsbook supplier spun out of Unibet in 2014, running a 100% in-house trading desk that AI-priced more than 60% of bets in Q1 2026 for 60+ partners across 15 US states, 8 of 10 Canadian provinces, Brazil, and Europe, and selling the same odds standalone through Odds Feed+ since October 2024.
Our read
- Stockholm-listed since 2014, with FY2025 revenue of €162.0M, operating profit of €8.1M, and an operator trading margin of 10.8%.
- A 100% in-house trading desk with AI pricing scaling year over year: 28% of bets in 2024, nearly 50% in 2025, and more than 60% in Q1 2026.
- The Canada sweep made Kambi the lottery sportsbook supplier in 8 of 10 provinces: OLG's PROLINE went live Jan 27, 2026 online and across roughly 10,000 retail locations, and the BCLC plus Atlantic Lottery national win followed on Apr 29, 2026.
- Nevada approval on Jan 30, 2025 (the 15th US state) came with an exclusive Bally's deal for Nevada physical books and a turnkey product carrying Kambi's own OMEGA-based PAM, expected product-ready mid-2026.
- Odds Feed+ converts churn into revenue: seven clients inside 16 months of the October 2024 Hard Rock Digital launch, three of them current or former turnkey partners (Rei do Pitaco, LeoVegas, FDJ UNITED) retained as feed customers.
- Licensed across UKGC, MGA, Alderney, Spain, Romania, and 15 US states, with Brazil served from the regulated market's first day via KTO.
- Revenue fell two straight years: FY2025 closed at €162.0M, down 8.2%, with operating margin at 5.0% against 10.6% in 2024, and the guided 2026 recovery (€20-25M adjusted EBITA) already carries a roughly €4M Colombia tax hit.
- Tier-1 operators keep leaving for in-house tech: DraftKings (2020), Penn's online books (Q3 2023), Kindred (migrating through 2026), and LeoVegas (turnkey ends 2027).
- Two whole buyer classes are excluded by design: no white-label or license umbrella exists for operators without their own licenses, and no self-trade tier exists for operators who want desk control, since trading is managed-only.
- No public docs, sandbox, SLA, or support terms, and no published latency, coverage, or pricing figures for Odds Feed+.
Licensed operators, state and provincial lotteries, and US tribal or commercial casinos that want outsourced tier-1 trading with retail included, plus in-house-platform operators buying Odds Feed+ as a pricing layer.
Unlicensed startups (no umbrella exists), operators that require their own trading desk control, and micro-budget launches shopping for a white label.
Markets & licensing
Kambi's map is lottery-shaped. State and provincial monopolies carry the book in Canada, Sweden, and Finland, while the commercial markets come through licensed operators that hold their own paper.
The Nevada Gaming Commission approved Manufacturer & Distributor and Information Services licenses on Jan 30, 2025, making Nevada the 15th US state license and opening supply to Las Vegas and statewide casinos for the first time. Bally's holds an exclusive B2B deal for its Nevada physical books, and turnkey with Kambi's own PAM is expected product-ready mid-2026 pending approval.
Kambi Sports Solutions (Alderney) Ltd has held UKGC account 39076 across a 15-year supply record. UK-licensed operators integrate Kambi today, and the Alderney AGCC category 2 license (92C2) sits alongside the UK account.
- UK (UKGC)United Kingdom
- B2B supply through Kambi Sports Solutions (Alderney) Ltd · Account 39076
- Malta (MGA)Malta
- B2B license held since the company's first year · MGA/B2B/185/2010
- Alderney (AGCC)Alderney
- Category 2 B2B license · License 92C2
- Spain (DGOJ)Spain
- Gaming supply registration · Ref 204-11/GAIN0461269C/SGR
- Romania (ONJN)Romania
- Class 2 supplier · Decision 851/28.04.2016
- US state licensesUnited States (15 states)
- Supplier licensing topped by Nevada's Manufacturer & Distributor plus Information Services approvals · Nevada approved Jan 30, 2025
- Canada lottery agreementsCanada (8 of 10 provinces via lottery deals)
- OLG PROLINE live in Ontario, BCLC and Atlantic Lottery rollout announced for seven more provinces · OLG live Jan 27, 2026 · BCLC/ALC win Apr 29, 2026
Licensing tier: Kambi's own register entries sit in Europe and the US, five European licenses plus 15 US states topped by Nevada. In Brazil the licensing sits with KTO under its definitive SPA license.
OLG's PROLINE went live Jan 27, 2026 online and across roughly 10,000 retail locations, the BCLC and Atlantic Lottery agreement (Apr 29, 2026) extends the same brands to seven more provinces, and Alberta's Pure Casino deal (Jul 7, 2026) would add a ninth province through the commercial market once live.
Kambi supplies regulated markets only, with no white label and no grey-market product. Quebec is the one Canadian lottery province with no Kambi deal.
Sportsbook & verticals
A vendor's lineup often mixes its own builds with other companies' products plugged in. When the sportsbook is third party, a second company stands behind your contract.
Integrations & engineering
One contract and one API instead of a separate deal per studio, feed, or PSP. Here's what connects, how fast, and on what stack.
Two ways in, one trading organization behind both. Full turnkey wires the platform, in-house trading, optional OMEGA-based PAM, and retail modules into the operator's licensed business, with the front end running a sliding scale from out-of-the-box Shape Games technology to full operator ownership. Odds Feed+ skips the platform entirely: a single API delivers bespoke packages of sports, leagues, and events, revisable on demand, priced by the same desk and the Tzeract AI engine. Migrations run in both directions, from the OLG novation off FDJ tech to leavers like Rei do Pitaco stepping down from turnkey to the feed.
Products & tools
One trading organization sold two ways: the full Turnkey Sportsbook with an optional OMEGA-based PAM, and the standalone Odds Feed+ pricing layer, with retail hardware, the Abios esports division, and a Shape Games front end underneath.
Turnkey Sportsbook
The fully outsourced book: platform, 100% in-house trading and risk, a cross-sport Bet Builder, esports through owned division Abios, per-market compliance automation, and an optional PAM layer, delivered as 40+ full launches in 2024 alone.
- 100+ sports, 450k+ live events traded a year, 78M bet offers created, and 1.3bn+ bets processed
- Own Bet Builder that combines selections across different events and different sports, plus cash-out on multiple sports
- Offering Compliance Automation filters the bet offer to each market's regulations automatically
- Esports odds from Abios, the Stockholm esports data house Kambi bought in 2021
- RSI across 15 US states plus Peru (Aug 2024), OLG PROLINE live Jan 27, 2026, KTO in Brazil from day one
Odds Feed+
A standalone premium odds feed over a single API: bespoke packages of sports, leagues, and events, priced by the same trading organization and Tzeract AI engine that run the turnkey network, sold since October 2024.
- Seven clients in 16 months, from Hard Rock Digital in October 2024 to ComeOn Group in February 2026, with Rei do Pitaco, LeoVegas Group, Coolbet, FDJ UNITED, and Superbet in between
- Packages composed per operator and revisable on demand instead of fixed tiers
- Odds carry Kambi network-level insights, sharpened by €17bn of global liquidity
- Abios esoccer and ebasketball packages sold through the same feed (Coolbet, Q4 2025)
Retail
SSBTs, over-the-counter positions, and Bring Your Own Device technology running the land-based half of the book, live from Las Vegas casino floors to roughly 10,000 Ontario lottery counters.
- OLG's PROLINE retail network spans roughly 10,000 locations, live since Jan 27, 2026
- Penn's 30 on-property sportsbooks across 13 states, extended to Jul 31, 2027
- Bally's holds an exclusive B2B deal for Kambi tech in its Nevada physical sportsbooks
- Churchill Downs extended in Q4 2025, 4 Bears Casino & Lodge in North Dakota added Q1 2026, Mohegan
- Self-service terminals, over-the-counter positions, and BYOD
PAM
An optional account layer covering registration, banking, KYC, bonus and loyalty engines, and an integrated casino platform, now built on OMEGA Systems source code bought in November 2025, in front of a Shape Games front end that scales from out-of-the-box to fully operator-owned.
- OMEGA Systems PAM source code purchased Nov 5, 2025
- Turnkey with its own PAM product-ready in Nevada expected mid-2026, pending approval
- Registration, banking, KYC, bonus and loyalty engines, plus an integrated casino platform hook
- Front end on a sliding scale of control, from Shape Games out-of-the-box to full operator ownership
- Shape Games acquired Sep 2022 for €38.5M upfront plus up to €39.6M in earnout
Platform & capabilities
Everything the product does out of the box. If a feature isn't listed, the vendor either doesn't offer it or doesn't say.
Risk maturity
Operators check this capability first, and depth varies enough between vendors to grade it.
The history
Longevity in this industry usually comes with a change of owner somewhere in it.
Kambi began in 2010 as the sportsbook arm of Unibet (later Kindred Group) and listed by spin-off on Nasdaq First North Stockholm on June 2, 2014 at SEK 34, an initial valuation near SEK 1.01 billion. It has stayed a pure B2B supplier since: no B2C, no license umbrella, and trading kept 100% in-house. Acquisitions built the current shape, from a 25% Virtus Sports stake (2018) and esports data house Abios (2021, up to £22M) to Copenhagen front-end specialist Shape Games (2022, €38.5M upfront plus earnout) and the OMEGA Systems PAM source code (November 2025) that arms the Nevada turnkey. Werner Becher, ex-Sportradar, took over as CEO in 2024 from co-founder Kristian Nylén, and FY2025 closed at €162.0M revenue with Q1 2026 swinging adjusted EBITA up 64% on the Canada lottery wins.
Brands & clients on the platform
Corporate
- Virtus Sports (25% stake, 2018)
- Abios (2021)
- Shape Games (2022)
- OMEGA Systems PAM source code (2025)
Leadership
Milestones
- 2010
Founded as the sportsbook division of Unibet, with tech lineage running back to the operator's in-house book.
- 2014
Listed by spin-off on Nasdaq First North Stockholm (Jun 2) at SEK 34, an initial valuation near SEK 1.01B, with about 80 staff.
- 2018-2021
Buys 25% of virtual sports provider Virtus Sports in February 2018, then esports data house Abios in August 2021 for up to £22M.
- 2022
Kindred extends with a €55M minimum guarantee for 2024-2026 while announcing in-house plans (Feb 9), Shape Games is acquired for €38.5M upfront (Sep 8), and Penn's separation is agreed at $12.5M plus $15M in fees (Oct 6).
- 2023
Penn moves its US online books to theScore tech in Q3.
- 2024
Werner Becher (ex-Sportradar) becomes CEO, KTO signs the Brazil turnkey (Sep 12), and Odds Feed+ launches with Hard Rock Digital as first major client (Oct 14).
- 2025
Nevada approves Manufacturer & Distributor and Information Services licenses (Jan 30, the 15th state), LeoVegas signs Odds Feed+ alongside a turnkey run-off to end-2027 (Jul 8), the OMEGA PAM source code is purchased (Nov 5), and Penn retail extends to Jul 31, 2027 (Dec 1).
- 2026 (H1)
OLG's PROLINE goes live in Ontario online and across roughly 10,000 retail locations (Jan 27), BCLC and Atlantic Lottery sign the national solution for seven more provinces (Apr 29), and Q1 prints adjusted EBITA up 64% with more than 60% of bets AI-priced.
- 2026 (Jul)
Pure Casino signs for Alberta's new open iGaming market (Jul 7), the path to a ninth Kambi province via the commercial market.
Where they're pushing next
- Nevada turnkey with Kambi's own OMEGA-based PAM, product-ready mid-2026 pending approval
- Alberta's new open commercial market via Pure Casino, signed Jul 7, 2026
- Finland's 2027 license opening, with SuomiVeto signed in Q1 2026
- Odds Feed+ as the retention lane for operators moving platforms in-house
Awards & recognition
Longevity and ownership
Switching vendors is expensive, which makes the company's staying power part of the purchase. What the contract says about your data decides how expensive an exit gets.
Kambi vs alternatives
Most buyers in this market shortlist three or four vendors long before they take a single sales call.
Pricing & terms
Kambi quotes pricing per project. Here's how the model and the terms are structured.
Revenue share on operator GGR, with minimum guarantees in larger contracts
Turnkey
Kindred's extension carried a €55M minimum guarantee across 2024 to 2026 (announced Feb 9, 2022). Penn's separation, agreed Oct 6, 2022, priced the exit at a $12.5M early-termination fee plus a $15M transition-services fee in installments, with revenue share continuing through the migration, and Penn's retail contract was later extended to Jul 31, 2027 across 30 properties in 13 states (Dec 2025). Odds Feed+ packages are bespoke by sport, league, and event selection and priced per deal.
Path to launch
- 1Talk to Kambi's partnership team with your license map in hand
- 2Clear the compliance leg: Kambi's licenses are matched against your target markets and Offering Compliance Automation rules are configured per jurisdiction
- 3Scope the tier: full Turnkey Sportsbook with the optional OMEGA-based PAM, or Odds Feed+ alone over a single API if you keep your own platform
- 4Pick the front-end depth on the sliding scale, from out-of-the-box Shape Games templates to a fully operator-owned front end
- 5Run the integration or migration, then clear state or lab certification where the market requires it
- 6Go live with Kambi's desk trading the book, adding retail modules (SSBT, over-the-counter, BYOD) where the market has counters
Support & account management
You can't demo service before you sign, so what a vendor puts in writing is the only floor you can hold it to.