Kambi lifts Q3 revenue 23% to €46m as Brazil ban impact remains limited

Kambi said the ban on online betting in Brazil, announced in September, will not significantly affect its performance in 2026. The company reported higher third-quarter revenue, which rose 23% year on year from €37.4m in the third quarter of 2025 to €46m.

Year-to-date revenue increased 13%, from €119.3m to €135.4m. In the third quarter of the previous year, Kambi was affected by lower-than-expected growth in Brazil. A year later, the company has benefited from a better spread of partners. Agreements with Ontario Lottery and Gaming Corporation (OLG) and France's Pari Mutuel Urbain (PMU) were identified as key revenue drivers. Favourable currency movements, particularly in the Colombian peso, were also cited.

The third quarter included the final stages of the FIFA World Cup in July. Kambi said World Cup trading involved an additional €4.2m in higher-priced data costs, which it said did not affect profitability. Revenue was affected by lower operator trading margins after the World Cup, in August and September.

Chief executive Werner Becher said the final stages of the World Cup drove high levels of engagement across the Kambi network. Becher said the operator margin for the whole quarter, at 11.9%, remained the company's second-highest quarterly margin on record despite less favourable sporting results in August and September.