Kambi’s first-ever source code licencing agreement sends shares up more than 19%
Kambi Group and Allwyn have agreed a partnership that will see Kambi licence its sportsbook source code to Allwyn on a perpetual basis.
The agreement is expected to contribute approximately €45-€50 million to Kambi’s operating profit from 2027 to 2031, with approximately 40 per cent of this amount expected to be recognised in 2027.
News of the deal sent Kambi’s shares up by almost 20 per cent on Tuesday.
Kambi will grant Allwyn a perpetual, global license to its sportsbook source code and provide associated services to Allwyn.
The two companies have also entered into a long-term trading services agreement under which Kambi will provide its proprietary AI-powered trading and risk management capabilities, which also acts to further strengthen Kambi’s global network and liquidity pool.
As part of the partnership, Kambi will build and train a team that will transfer to Allwyn following implementation of Kambi’s source code, giving the operator full operational control and development capabilities.
The buildout of this team is expected to add to Kambi’s operating expenses during the 2027–2029 implementation period.
Allwyn has a significant sports betting presence across multiple geographies, with gross gaming revenue from sports betting of over €800 million in 2025.
Allwyn said the agreement will provide greater scope to differentiate its sportsbook offering through products and features tailored to local markets and evolving player preferences.
“We are delighted to announce further progress in our strategy to own and manage key technology and content capabilities that enhance product innovation, differentiation and time to market, and support our ability to deliver a best-in-class customer proposition,” said Allwyn Digital chief executive Kresimir Spajic.
“Our agreement with Kambi, leveraging its proven, scalable technology and deployment expertise to bring our sportsbook platform in-house, represents an important step in that strategy, giving us greater freedom to evolve our offering, tailor products to individual brands and markets, and build a scalable foundation to accelerate future growth.”
Kambi chief executive Werner Becher commented: “This agreement shows the quality and strategic value of the sportsbook technology Kambi has built over more than 15 years.
“A global market leader like Allwyn choosing our technology to unify its sportsbook operations reflects the strength of our product, our expertise and our track record of delivering at scale in regulated markets. It also brings Kambi significant long-term commercial value and shows how we can create additional value from the capabilities we have built, through strong, long-term partnerships.”
Kambi intends to return the majority of net proceeds from the Allwyn partnership to shareholders, while retaining sufficient financial flexibility to support the continued development of its products and technology.
Shares in Kambi Group plc. (STO:KAMBI) gained 19.75 per cent on the news to SEK172.20 per share in Stockholm Tuesday.
Alongside the deal with Kambi, Allwyn also announced a deal today to take full ownership of Instant Win Gaming (IWG) by acquiring the remaining 30 per cent interest it does not already own.
The planned transaction follows the exercise of a put option held by IWG’s minority shareholders and is for a total consideration of approximately US$120 million (€107 million), based on a pre-determined valuation calculation, with the final amount subject to customary closing and working capital adjustments.
Completion of the IWG transaction is expected in the first quarter of 2027.
Shares in Allwyn AG (ATH:ALWN) were trading 3.02 per cent lower at €9.94 per share in Athens Tuesday.