Allwyn agrees €50m Kambi sportsbook deal and plans to buy remaining IWG stake
Deals & M&A2 min read
Allwyn announced agreements with Kambi to develop a proprietary sportsbook platform and plans to acquire the remaining 30% of Instant Win Gaming. The Kambi agreements provide Allwyn with a perpetual global source-code licence and services, for consideration of €50 million over three years to 2029; about half is expected in 2027.
Allwyn announced agreements with Kambi Group to develop its own sportsbook platform and plans to buy the remaining 30% of digital instant-game supplier Instant Win Gaming (IWG). The platform is intended for online and retail betting.
The Kambi agreements provide for €50m in consideration over three years to 2029. Allwyn expects to capitalise the costs, with about half of the amount falling in 2027. Allwyn will receive a perpetual global licence to the source code for Kambi's sportsbook technology.
The platform is intended to bring Allwyn's sportsbook operations together and allow it to tailor products to individual markets. It will support existing operations and may later be extended to new markets. Allwyn's sportsbook gross gaming revenue exceeds €800m across its international operations.
Kambi will continue to provide development and implementation services during a transition, after which a group of dedicated Kambi professionals will move to Allwyn to support the platform's development and management. Allwyn will develop central functions for trading, odds setting and risk management. The investments will increase central costs by tens of millions of euros a year from 2027. Allwyn said economies of scale, divisional savings and opportunities to integrate with other businesses, particularly iGaming, would gradually offset the higher costs.
For IWG, Allwyn expects to pay about $120m, equivalent to €107m, under a predetermined valuation mechanism. The final amount is subject to customary completion and working-capital adjustments. The purchase follows the exercise of a put option by IWG's minority shareholders.
IWG develops and supplies digital instant-win games mainly for the lottery market and has commercial relationships with lotteries in the United States, Europe and other international markets. Its adjusted EBITDA rose 30% in 2025 from the previous year. IWG's founders will retain their executive roles alongside the existing management team after the acquisition. Completion is expected in Q1 2027.