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
100+ sports and 450k+ live events traded a year (Jul 2026) with a production record running from roughly 10,000 PROLINE retail locations to shipped SGP and player props, docked for no racing product.
The segment's widest tier-1 register footprint (UKGC, MGA, AGCC, Spain, Romania, 15 US states with Nevada approved Jan 30, 2025, and 8 of 10 Canadian provinces) with zero enforcement since the 2010 founding, docked for the unpublished per-state US list.
The reference desk of the segment: 100% in-house trading, an AI-priced bet share documented quarterly from 28% in 2024 to above 60% in Q1 2026, a published operator trading margin, and net odds sales through Odds Feed+.
A clean file and listed-company transparency priced against the DraftKings, Penn, Kindred, and LeoVegas exits and two down revenue years, with Penn's $27.5M in fees, Kindred's €55M minimum, and the +64% Q1 2026 EBITA swing as offsets.
40+ full turnkey launches in 2024 and an OLG novation that delivered online plus roughly 10,000 retail points in January 2026 a year late, with no public docs, sandbox, or SLA.
No rate card, yet the only commercial mechanics in the segment that are public at all: a GGR revenue-share core, Kindred's €55M 2024-2026 minimum, Penn's published separation terms, and audited quarterly financials.
Methodology. Our own score, a weighted average of six dimensions, tilted toward product and licensing. Weighted on the sportsbook platform scale, where product coverage (0.22), licensing (0.20), and trading (0.18) carry most of the grade, a fit for a vendor whose desk and register footprint are the substance while the 5.6 commercials value prices the absent rate card against contract terms disclosed in the filings. Read the full methodology
- The only vendor in this segment with audited public financials: FY2025 revenue of €162.0M, operating profit of €8.1M, and a quarterly printed operator trading margin (10.8% FY2025), disclosure no private competitor offers.
- A 100% in-house trading desk with the industry's best-documented AI ramp: 28% of bets AI-priced in 2024, nearly 50% in 2025, more than 60% in Q1 2026, and the 2026 World Cup committed as the first fully AI-traded major tournament.
- 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 named 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.
- A clean 15-year regulatory file (zero fines, actions, or litigation as of Jul 11, 2026) 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.
- The flagship exodus is structural: DraftKings (2020), Penn's online books (Q3 2023), Kindred (migrating through 2026), and LeoVegas (turnkey ends 2027) all left or are leaving for in-house tech, so the growth case leans on lotteries and Odds Feed+ replacing tier-1 operator revenue.
- 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 (Jul 2026).
- Enterprise opacity starts at the front door: no public docs, sandbox, SLA, or support terms anywhere, and an Odds Feed+ page with no latency, coverage, or pricing numbers (Jul 2026).
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 licensing story is breadth with a disclosure catch. Five registers sit in the footer (UKGC 39076, MGA/B2B/185/2010, Alderney AGCC 92C2, Spain DGOJ, Romania ONJN), the US count stands at 15 states after Nevada's approval on Jan 30, 2025, and Canadian lottery agreements cover 8 of 10 provinces. What Kambi never publishes is the per-state US list, so RSI's 15 live Kambi-powered states are the closest thing to a map.
The Nevada Gaming Commission approved Manufacturer & Distributor and Information Services licenses on Jan 30, 2025, opening supply to Las Vegas and statewide casinos for the first time, with Bally's holding an exclusive B2B deal for its Nevada physical books and turnkey with Kambi's own PAM expected product-ready mid-2026 pending approval. The caveat is disclosure: Kambi states 15 licensed states without publishing the list, so RSI's live states (NJ, PA, IN, CO, IL, IA, MI, VA, WV, AZ, NY, LA, MD, OH, DE, Aug 2024) is the best available map.
Kambi Sports Solutions (Alderney) Ltd holds UKGC account 39076, printed in the footer and carried by a 15-year record with zero enforcement entries anywhere (Jul 2026). 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 · printed in the footer
- 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 · printed in the footer
- 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 · per-state list unpublished · RSI's 15-state live map is the closest thing to one
- Canada supplier registrationsCanada (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 · AGCO number not published
Licensing tier: The widest tier-1 register footprint among sportsbook platform vendors, though partial: the European set is printed in the footer, the 15-state US figure has no published list behind it, and Brazil rides KTO's definitive SPA license rather than a Kambi certification of its own (Jul 2026).
Canada is the compounding story: 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.
No restricted-market list exists because there is no grey-market product to restrict: Kambi is regulated-market-first with no white label at all, and Quebec remains the one Canadian lottery province with no Kambi deal at all (Jul 2026).
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.
No public timeline exists (Jul 2026). The closest thing is 40+ full turnkey launches in 2024, and the one dated big-machine case ran late: OLG's rollout was slated for 2025 and went live Jan 27, 2026.
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 (Jul 2026)
- 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
- Tier-1 production record: 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 named clients in 16 months: Hard Rock Digital (Oct 2024), Rei do Pitaco, LeoVegas Group, Coolbet, FDJ UNITED, Superbet, and ComeOn Group (Feb 2026)
- Packages composed per operator and revisable on demand instead of fixed tiers
- Odds carry Kambi network-level insights, sharpened by €17bn of global liquidity (Feb 2026)
- Abios esoccer and ebasketball packages sold through the same feed (Coolbet, Q4 2025)
- No latency, coverage, or pricing numbers published anywhere (Jul 2026)
Retail & Omnichannel
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 also on the wall
- Self-service terminals, over-the-counter positions, and BYOD
PAM & Front End
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, price undisclosed
- 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
Sales decks get rewritten for every deal. A dated record doesn't.
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, reported 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 audited 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 (Feb 2018), then esports data house Abios (Aug 2021, reported 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, the era's biggest single client loss.
- 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 the 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
No two vendors describe themselves the same way, which makes their own claims hard to line up. Every name here answers the same fields, so you can see where this one sits against the closest alternatives.
| Attribute | Kambi | OpenBet | Altenar |
|---|---|---|---|
| Founded | 2010 | 1996 | 2011 |
| Team | 1,000+ | 1,143+ | 600+ |
| Sportsbook | Yes | Yes | Yes |
| Licenses | UK, Malta, Alderney +2 | UK | Malta, UK, Ontario +1 |
| US market | Available | — | Restricted |
| Pricing | On request | Not published | On request |
| Trading model | Managed | Dual | Managed |
| Bet builder | Own engine | Own product | Own |
| Sports | 100+ | — | — |
| PAM included | Yes | Yes | Yes |
The take: OpenBet is the enterprise alternative, with tournament-scale throughput behind it and a published self-trade option that Kambi deliberately lacks, but post-buyout opacity where Kambi prints audited quarters. Altenar plays the mid-market with the wider model spread (module, turnkey, white label, retail) and the cleanest register hygiene, at a fraction of Kambi's scale and with feed-derived odds instead of an in-house desk. Pick Kambi when outsourced tier-1 trading, North American licensing depth, and financial transparency outweigh desk control and entry price.
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
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.
Frequently asked
The things operators actually ask before signing.
Can we launch on Kambi without our own gambling license?+
No. Kambi is a pure B2B supplier with no white-label or license umbrella of any kind (Jul 2026): every operator holds its own operating license in every market, and Kambi's register footprint (UKGC 39076, MGA/B2B/185/2010, Alderney, Spain, Romania, 15 US states) covers only the supply side. If you need a license fronted for you, this is the wrong vendor by design, and there is no grey-market route either.
Who controls the trading, and is there a self-trade option?+
Kambi runs the book. The trading function is 100% in-house (Jul 2026), no self-trade tier exists, and operator margins are outcomes of Kambi's desk rather than levers operators pull. The desk's record is unusually public: AI-priced bets grew from 28% in 2024 to more than 60% in Q1 2026, operator trading margin printed 10.8% for FY2025 in audited reports, and the 2026 World Cup is committed as the first fully AI-traded major tournament. Operators build product on top, the division of labor RSI described in its 2024 extension, and Odds Feed+ sells the prices alone if that is all you want.
Which US states is Kambi licensed in?+
Fifteen, with Nevada the fifteenth: the Nevada Gaming Commission approved Manufacturer & Distributor and Information Services licenses on Jan 30, 2025, opening supply to Las Vegas and statewide casinos for the first time. Kambi publishes no per-state list, so the closest thing to a map is the 15 states RSI runs live on Kambi (NJ, PA, IN, CO, IL, IA, MI, VA, WV, AZ, NY, LA, MD, OH, DE, from the Aug 2024 extension). In Nevada, Bally's holds an exclusive B2B deal for its physical sportsbooks, and turnkey with Kambi's own OMEGA-based PAM is expected product-ready mid-2026, pending approval.
What actually happened with Kindred and Penn, and what did the exits cost?+
Both left turnkey for in-house tech, and both paid on the way out. Kindred announced in-house plans in February 2022 while signing an extension that carried a €55M minimum guarantee across 2024 to 2026, was acquired by FDJ in 2024, and is still migrating through 2026, with its brands now covered by an expanded FDJ UNITED Odds Feed+ deal (Q4 2025). Penn agreed separation terms on Oct 6, 2022 (a $12.5M early-termination fee plus a $15M transition-services fee in installments), moved its online books to theScore tech in Q3 2023, then extended Kambi's retail contract to Jul 31, 2027 across 30 properties in 13 states (Dec 2025). LeoVegas is running the same play: turnkey to end-2027 while it migrates, with Odds Feed+ signed in July 2025.
What is Odds Feed+ and who runs on it?+
A standalone premium odds feed from the same trading organization that runs the turnkey network: one API, bespoke packages of sports, leagues, and events revisable on demand, with Tzeract, Kambi's AI trading division, behind the pricing. Hard Rock Digital signed as the first major client in October 2024, followed by Rei do Pitaco, LeoVegas Group, Coolbet, FDJ UNITED, Superbet, and ComeOn Group by February 2026. Three of those names are current or former turnkey partners, which is the strategic point: the feed converts platform churn into retained revenue. The product page publishes no latency, coverage, or pricing numbers (Jul 2026), so the basics require a sales call.