| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 61.80 | -67 |
| Intrinsic value (DCF) | 41.97 | -78 |
| Graham-Dodd Method | 6.40 | -97 |
| Graham Formula | 4.50 | -98 |
Kambi Group plc (0EAW.L) is a leading B2B provider of managed sports betting services to gaming operators worldwide, specializing in Europe and the Americas. Headquartered in Ta' Xbiex, Malta, Kambi offers a comprehensive suite of services, including odds-compiling, risk management, compliance, and customer intelligence, all powered by its proprietary software platform. Founded in 2010, Kambi has established itself as a trusted partner for online gambling operators seeking scalable, regulatory-compliant solutions. The company operates in the high-growth gambling and casino sector, benefiting from the increasing legalization of sports betting globally. With a strong technological foundation and a focus on innovation, Kambi is well-positioned to capitalize on the expanding digital sports betting market. Its diversified client base and recurring revenue model provide stability, while its expertise in regulatory compliance ensures long-term sustainability in a highly scrutinized industry.
Kambi Group presents an attractive investment opportunity due to its strong position in the growing B2B sports betting technology market. The company's proprietary platform, recurring revenue model, and regulatory expertise provide a competitive edge. However, risks include dependence on a few large clients, regulatory changes in key markets, and competition from in-house solutions developed by operators. Financially, Kambi maintains a solid balance sheet with SEK 61.3 million in cash and modest debt (SEK 9.5 million). While the company does not pay dividends, its focus on reinvestment supports long-term growth. Investors should monitor client concentration and regulatory developments in core markets.
Kambi Group competes in the B2B sports betting technology sector by offering a full-service, end-to-end platform that allows operators to outsource their sportsbook operations. Its competitive advantages include a proprietary technology stack, deep regulatory expertise, and a scalable platform that supports multiple markets and currencies. Kambi differentiates itself through its focus on managed services rather than pure software licensing, providing operators with turnkey solutions. The company's risk management capabilities and odds-compiling expertise are particularly valuable in an industry where margins are thin. However, Kambi faces competition from both specialized providers and operators developing in-house solutions. Its ability to maintain technological leadership while adapting to regional regulatory requirements will be crucial. The company's Malta base provides access to European markets, but expansion in North America remains a key growth opportunity. Kambi's partnerships with established operators demonstrate its reliability, though client concentration remains a vulnerability.