Kambi Licenses Its Sportsbook Source Code to Allwyn as Shares Jump 20%

Kambi Group will license its sportsbook source code to Allwyn on a perpetual, global basis, the two companies announced on 10 November 2026, sending Kambi shares up almost 20% in Stockholm.

It is the first time Kambi has licensed its source code. The agreement also includes associated services and a separate long-term trading services deal, according to Gaming Intelligence.

What the deal covers

Allwyn gets the right to use Kambi's sportsbook source code worldwide with no fixed end date. Kambi will provide associated services alongside it. The companies also signed a long-term trading services agreement, under which Kambi supplies its AI-powered trading and risk-management capabilities. Kambi says that arrangement strengthens its global network and liquidity pool.

The structure differs from Kambi's usual model of running a sportsbook for operators. Kambi will build and train a team that transfers to Allwyn once the source code is implemented. After that, Allwyn holds the technology in-house, while Kambi's ongoing role centers on trading. Focus Gaming News framed the deal as part of Allwyn's sportsbook technology consolidation.

Gaming Intelligence quotes Allwyn Digital CEO Kresimir Spajic and Kambi CEO Werner Becher in the announcement.

Financial terms and timeline

Kambi expects the agreement to add about €45–50m to its operating profit between 2027 and 2031. Operating profit is earnings before interest and tax. About 40% is expected to be recognized in 2027, which implies roughly €18–20m in the first year.

The team build-out carries a cost. Kambi expects higher operating expenses during the 2027–2029 implementation period as it recruits and trains staff who then move to Allwyn. GGR, or gross gaming revenue, is stakes minus winnings paid to customers.

Next.io reports a figure of €50m over three years to 2029. That measures something different from the operating-profit estimate above, and the licence fee has not been broken out in the figures reported so far.

Kambi also intends to return most of the net proceeds to shareholders. The company has used buybacks before; see Kambi's share cancellation to improve its capital structure in late 2024.

Market reaction

Kambi shares rose 19.75% to SEK172.20 in Stockholm on 10 November. Allwyn shares were down 3.02% at €9.94 in Athens the same day.

The jump follows Kambi's third-quarter report. As Kambi's Q3 2026 results showed, revenue rose 23% to €46.0m and adjusted EBITA rose 161% despite the Brazil ban.

What it means for Kambi and Allwyn

For Kambi, the license opens a revenue line that does not depend on hosting a partner's sportsbook day to day. Its recent partner announcements, such as the BetCity extension after the Entain buyout and the Hard Rock Digital odds feed partnership, followed the standard managed-service approach. This one transfers technology and people.

For Allwyn, with sports betting GGR above €800m in 2025, the deal brings the sportsbook stack under its own control while keeping Kambi's trading and risk tools. Allwyn announced a separate acquisition of the remaining 30% of Instant Win Gaming on the same day, for about US$120m (€107m), with completion expected in Q1 2027.

The contract length, the start date and the split of the profit estimate between the license and trading services were not detailed in the coverage available so far.

Status reviewed on 10 November 2026. Figures come from Gaming Intelligence's report of the Kambi and Allwyn announcement. More sports betting news and EMEA coverage.