Kambi enters Q2 with major Canadian multi-province deal following €43.5m Q1

(AsiaGameHub) –   Kambi is relying on new alliances in France and Canada, together with a range of product upgrades centered on the FIFA World Cup, to maintain its first-quarter momentum throughout the year.

The Swedish betting technology firm generated €43.5m (£40m) in Q1 2025, a year-on-year increase of 4.9% from €41.5m. Its adjusted EBITDA saw a significant 63.5% rise, moving from a loss of €3.5m to a positive €5.7m.

This positive EBITDA trend was mirrored in operating profit, which grew 80% year-on-year from €800,000 to €4.2m. This improvement was likely supported by a 2.1% reduction in operating expenses to €31.9m (Q1 2025: €32.6m) and a 0.4% dip in total expenses to €39.2m (€39.3m).

Kambi responds to ‘external challenges’

Based on its Q1 results, Kambi anticipates concluding 2026 with a full-year adjusted EBITDA in the range of €20m to €25m. The group is also preparing for adjustments in response to multiple tax increases affecting the iGaming sector globally, from Europe to Latin America.

Werner Becher, Chief Executive Officer, explained that the company has incorporated the new sports betting tax in Colombia into its 2026 projections. While this is expected to reduce revenue by approximately €4m, Becher stated that “we remain confident in our ability to deliver adjusted EBITA within our stated guidance range”.

“While external challenges remain, we have started the year on the front foot,” he commented.

“Kambi continues to offer market‑leading turnkey and odds feed products, we are progressing on efficiency and productivity initiatives, and we are entering the busiest period of the global sports calendar with confidence.

“Against this backdrop, I believe the broader outlook for the business remains bright and I am encouraged by the opportunities ahead.”

Lottery partnerships provide significant boost

Key to Kambi’s 2026 revenue and EBITDA forecasts are two newly signed partnerships in the Canadian lottery sector. Alongside its Q1 earnings, the company today announced agreements with the British Columbia Lottery Corporation (BCLC) and Atlantic Lottery Corporation (ALC).

The group has obtained a sportsbook technology and services contract with both lottery corporations, effectively operating a multi-provincial sportsbook solution that covers half the nation. These two Crown Corporations serve seven of Canada’s ten provinces; BCLC manages sports betting in Saskatchewan and Manitoba in addition to its home province of British Columbia.

Kambi won the contract after a Request for Proposal (RFP) process led by ALC, which aimed to find a single supplier for a national sports betting platform for multiple lottery operators. Under the agreement, Kambi will supply its complete turnkey sportsbook product.

Becher said: “Being chosen to operate this multi-province sportsbook solution is a powerful validation of Kambi’s reliable technology, regulatory knowledge, and demonstrated capacity to perform at scale.

“ALC and BCLC have established a clear plan for a unified, consistent sportsbook, and we are honoured to support its next stage with our high‑performance, compliant, and proven turnkey sportsbook.

“Kambi has extensive experience collaborating with lottery and state‑owned operators globally, and we anticipate providing a premier sports betting experience for players in numerous Canadian provinces.”

These alliances further broaden Kambi’s client portfolio, now significantly featuring Canadian lotteries. The moves by BCLC and ALC come after a Q1 agreement with the Ontario Lottery and Gaming Corporation (OLG).

Beyond Canada, Kambi also anticipates its partnership with Pari Mutuel Urbain (PMU), France’s horse racing pool betting operator, to yield benefits in 2026. Becher commended its new partner as “one of France’s most established and recognisable betting brands”.

“This launch marks Kambi’s introduction into the regulated French sports betting market, and I am hopeful about aiding PMU’s goal to increase its market share in one of Europe’s largest betting markets,” he added.

“The PMU deal, combined with our Canadian expansion, demonstrates Kambi’s rising importance to major national and institutional operators.”

Lastly, Kambi’s leadership provided an update on its preparations ahead of the World Cup. Becher noted the firm is ‘working closely with partners’ and has scheduled a series of product improvements for its frontend, rewards, and trading systems.

“These enhancements are intended not just for the tournament, but to provide enduring value long after it concludes,” he stated. “Simultaneously, we are further developing our AI‑driven trading capabilities.

“After initial deployments in tennis and basketball, over 60% of Q1 bets were priced and traded by AI, a figure expected to grow further following the recent extension into ATP tennis.”