Kambi Q2 revenue falls 11.5% to $47.5m

Sports betting supplier Kambi has unveiled its Q2 and H1 2025 financial report, highlighting a revenue decline of 11.5% year-over-year to $47.5 for the second quarter, with H1 revenue also slipping 7.9% to $96.3m. 

As part of this latest report, the company has clarified that unspecified transition fees have been a key contributor to the year-over-year declines in revenue. Indeed, with the $10.5m in accrued transition fees from the year’s first half removed, revenue has, in fact, risen by 2.3% compared to results from the prior year. 

Q2 2025  

Regarding the supplier’s results from the most recent quarter, revenue fell by 2% after the removal of transition fees – with the overall 7.9% in revenue decline pairing with a steep drop-off in adjusted EBITDA, which settled at $4.3m during the quarter – down 67.8%. Operating profits also experienced a sharp drop year-over-year from $7.3m last Q2 to $1.8m this year.  

Total expenses, however, were also subject to a reduction – reaching $44.7m during the second quarter of 2025, a decrease of 3.8% in comparison to the same period of the prior year. Elsewhere, earnings per share were $0.011 during Q2 2025, down from $0.18 in Q2 2024.  

H1 2025 

Across the first half of the year, Kambi’s reported revenue figure of $96.3m represents a 7.9% drop year-over-year and comes paired with an adjusted EBITDA of $7.04m, down from $15.6m from the first half of 2024. Overall, total expenses remained flat over the course of this year’s first half, however operating profit margin dropped from 11.9% in 2024 to just 2.9% for H1 2025.  

Elsewhere, cashflow (excluding capital and M&A) reached $10.6m during H1, down 40% from the $15.9m recorded across the first half of 2024.  

Highlights from the quarter 

During Q2, Kambi entered into a partnership extension agreement with MGM Resorts’ subsidiary LeoVegas for the continued provision of its Odds Feed+ product in the European market until 2027.  

Further, in the LatAm region, the supplier entered into a sportsbook collaboration with RedCap – as well as brokering a new partnership with Inspired for the launch of Virtual sports in Brazil.  

Good to know: These latest results highlight a $0.5m rise in revenue quarter-over-quarter  

CEOs comments  

Speaking on the release of these latest financials, Kambi CEO Werner Becher, said, “Q2 2025 proved to be a quarter that reflected both the resilience of our business and the evolving dynamics of our industry. While results were in line with our expectations, they came against a backdrop of challenging market conditions and tough comparisons with Q2 2024. 

“Last year’s quarter benefited from the uplift of the Euros and Copa América and included the last full quarter of transition fees from Penn Entertainment. Meanwhile, challenging dynamics include foreign exchange movements and regulatory and tax headwinds, such as deposit limits in the Netherlands and Colombia’s VAT, which continue to affect performance. 

“Operator trading margin was 11.5% for the quarter, above our long-term expected range of 9.5–11.0%, as we continued to see strong engagement with our market-leading Bet Builder, which is a higher margin, lower staking product. Despite these impacts, Q2 was a period of solid operational progress across various areas of the business. Additionally, the continuation of our 2025 efficiency programme can now start to be seen in our cost base and will continue to drive increased leverage throughout the year.” 

Will Underwood

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