Kambi Q3 revenue rises 23% to €46m as EBITDA climbs 40% despite Brazil online betting ban

Sportsbook technology provider Kambi reported stronger third-quarter results, saying the ban on online gambling in Brazil announced in September is not expected to weigh heavily on its 2026 performance.

Group revenue for the quarter reached €46m, up 23% from €37.4m a year earlier. For the year to date, revenue grew 13% to €135.4m from €119.3m. The company pointed to a more diversified partner base compared with last year, when slower-than-expected growth in Brazil held back results. Agreements with Ontario Lottery and Gaming Corporation and France's Pari Mutuel Urbain were named as key revenue drivers, along with favourable currency movements, notably in the Colombian peso.

The quarter included the closing stages of the FIFA World Cup in July, which lifted engagement. Kambi said the tournament also brought €4.2m in higher data costs, though it stressed these did not hurt profitability. Operator trading margins fell after the tournament, in August and September, when sports results were less favourable for operators. Even so, the margin for the full quarter was 11.9%, the second highest quarterly figure the company has recorded.

Profit measures improved sharply. Adjusted EBITDA rose 40% to €15.9m from €11.3m, and the year-to-date figure increased 27% to €45.6m from €36m. Gross profit grew 16% to €37.2m in the quarter and 10% to €113.8m for the nine months. Operating profit climbed 214% to €5.1m from €1.6m in the quarter, and 276% to €15.2m year to date.

Looking ahead, Kambi expects adjusted EBITDA of €26m for 2026. It had previously guided to a range of €23m to €27m.

Chief Executive Werner Becher said the final of the World Cup, which he described as record-breaking, drove high engagement across the company's network. He attributed the margin performance to the scale of the network and its AI-powered trading capabilities, and said the results show the business is on a path to sustainable long-term growth.