Kambi is putting its faith in new partnerships in France and Canada, alongside a series of product developments around the FIFA World Cup to help carry Q1 momentum over into the rest of the year.

The Swedish betting technology group made €43.5m (£40m) in Q1 2025, year-over-year growth of 4.9% from €41.5m the year prior. Q1 adjusted EBITDA increased a substantial 63.5% from a loss of €3.5m to positive €5.7m.

Good momentum for EBITDA was replicated with operating profit, which rose 80% YoY from €800,000 to €4.2m. This may have been aided by a 2.1% decrease in operating expenses to €31.9m (Q1 2025: €32.6m) and a 0.4% decrease in total expenses to €39.2m (€39.3m).

Kambi responds to ‘external challenges’

Based on Q1 performance, Kambi expects to close 2026 with full year adjusted EBITDA between €20m-€25m. It is also clear that the group is planning adjustments to the numerous tax hikes seen across the iGaming industry from Europe to Latin America.

Werner Becher, Chief Executive Officer, detailed that the group has factored the new sports betting tax in Colombia into its 2026 projects. The firm expects revenue reduction of around €4m, but Becher asserted 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 remarked.

“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 much needed boost

Central to Kambi’s revenue and EBITDA expectations for 2026 is the signing of two new partnerships, both in the Canadian lottery space. As well as its Q1 results, the company announced deals with the British Columbia Lottery Corporation (BCLC) and Atlantic Lottery Corporation (ALC) this morning.

The group has secured a sportsbook technology and service supply contract with both lotteries, essentially running a mulit-provincial, half-nationwide sportsbook solution. The two Crown Corporations cover seven out of Canada’s 10 provinces, as BCLC operates sports betting in Saskatchewan and Manitoba as well as in its native British Columbia.

Kambi secured the contract following a Request for Proposal (RFP) led by the ALC, seeking a single supplier for a national sports betting solution for multiple lottery operators. Kambi will provide its full turnkey sportsbook product under the contract.

Becher said: “Being selected to power this multi-province sportsbook solution is a strong endorsement of Kambi’s trusted technology, regulatory expertise and proven ability to deliver at scale. 

“ALC and BCLC have set out a clear vision for a single, consistent sportsbook and we are proud to support its next phase with our high‑performance, compliant and proven turnkey sportsbook. 

“Kambi has a long history of working with lottery and state‑owned operators worldwide, and we look forward to delivering a world‑class sports betting experience for players across multiple Canadian provinces.”

The partnerships further expand Kambi’s client network, with Canadian lotteries now a major part of it. The action of BCLC and ALC follows a deal with the Ontario Lottery and Gaming Corporation (OLG) during Q1.

Canada aside, Kambi also expects its deal with Pari Mutuel Urbain (PMU), France’s horse racing pool betting operator, to pay off in 2026. Becher praised its new partner as “one of France’s most established and recognisable betting brands”.

“This launch represents Kambi’s entry into the regulated French sports betting market, and I am optimistic about supporting PMU’s ambition to grow market share in one of Europe’s largest betting markets,” he added.

“The PMU agreement, along with our expansion in Canada, illustrates Kambi’s growing relevance among leading national and institutional operators.”

Finally, Kambi leadership gave an update on the firm’s pre-World Cup preparation. Becher explained that the firm is ‘working closely with partners’, and has a series of product enhancements planned across its frontend, rewards, and trading capabilities.

“These improvements are designed not only for the tournament itself, but to deliver lasting value well beyond it,” he said. “At the same time, we continue to expand our AI‑driven trading capabilities.

“Following early-stage rollouts across tennis and basketball, more than 60% of Q1 bets were priced and traded by AI, a proportion that is set to increase further following the recent expansion into ATP tennis.”