Sports betting technology provider Kambi has demonstrated strong resilience in its Q3 2026 financial report, easing concerns that the abrupt online gambling ban introduced in Brazil in September would severely impact its annual performance.
Despite previous ambitions in the Latin American market, Kambi maintained that President Lula da Silva’s regulatory crackdown would carry limited financial friction, a claim thoroughly vindicated by its latest financial disclosures.
Group revenue for the third quarter climbed 23 percent year-over-year to reach €46 million (£38.3 million), compared to €37.4 million in Q3 2025. Meanwhile, year-to-date (YTD) revenue rose 13 percent from €119.3 million to €135.4 million (£113 million).
While the previous year’s trading suffered from slower-than-expected initial growth in Brazil, Kambi has successfully diversified its partner network to mitigate regional volatility. Strategic agreements with the Ontario Lottery and Gaming Corporation (OLG) and France’s Pari Mutuel Urbain (PMU) served as primary revenue catalysts, supported by favorable foreign exchange movements, particularly involving the Colombian peso.
World Cup engagement and trading margins
The third quarter benefited from the latter stages of the FIFA World Cup in July, driving exceptional user engagement and summer turnover. Although World Cup trading incurred €4.2 million in higher-priced data costs, Kambi emphasized that profitability remained entirely protected. While operator trading margins dipped following the tournament in August and September, the subsequent return of domestic football leagues helped stabilize quarterly metrics.
Commenting on the results, Werner Becher, Kambi’s Chief Executive Officer, stated:
“The latter stages of the FIFA World Cup, including a record-breaking final, drove high levels of engagement across our network and contributed to a strong start to the quarter. While we experienced less favourable sports results in August and September, operator trading margin for the full quarter was still our second strongest quarterly margin ever at 11.9%, underlining the edge we have through our powerful network scale and AI-powered trading capabilities. These financial results provide further evidence that we are on the right path to sustainable, long-term growth.”
Robust profit expansion and outlook
Kambi’s assertions regarding margin resilience were powerfully reinforced by bottom-line growth. Adjusted EBITDA jumped 40 percent in Q3 to €15.9 million, up from €11.3 million in Q3 2025, bringing YTD adjusted EBITDA up 27 percent to €45.6 million. Gross profit grew 16 percent to €37.2 million for the quarter, while operating profit surged 214 percent to €5.1 million. Following these results, Kambi projects full-year 2026 adjusted EBITDA to reach €26 million, landing comfortably within its prior €23 million–€27 million guidance range.
Concluding his remarks, Becher added:
“The momentum generated over recent quarters, combined with our expanding partner network, continued product innovation and operational discipline, gives us confidence in the future. Supported by our powerful network, proven technology and a clear strategic focus, I believe the business is well positioned to deliver sustainable long-term value for both partners and shareholders alike.”
