Kambi CEO Werner Becher speaks to NEXT.io about Brazil’s shaky start, the opportunities in its new Nevada licence and the company’s modularisation strategy.
NEXT: Your expansion into Brazil involved multiple partners. What market-specific challenges did you encounter during this launch, and how has your multi-partner approach helped address them?
Werner Becher: Brazil is certainly a market with great long-term potential, and we’re thrilled to be live there with five partners already. However, like any new market, it presented its own set of challenges. For instance, the initial launch coincided with the off-season for Brazil’s major football leagues, with the new Série A only commencing at the end of March. Additionally, initial restrictions on permitted esports content limited opportunities in a growth segment where Kambi, through our esports division Abios, holds considerable strength. However, recent regulatory updates have since widened the esports offering.
And of course, transitioning from a competitive grey market to a fully regulated one always brings some initial complexities such as KYC considerations for the operator, while restrictions on welcome bonuses have also highlighted the importance of having a truly localised offering.
In this context, a premium sports betting product along with the marketing expertise of a local operator is a powerful combination and key to creating sustainable success alongside a standout customer acquisition and retention strategy. Our global network provides us with a wealth of data and insights that we can share with our partners, helping them to optimise their strategies for player retention and engagement in specific markets.
NEXT: Nevada is known for its rigorous regulatory standards. How does your recent licensing approval there validate your compliance framework, and what doors might this open for Kambi in other strictly regulated markets?
WB: Nevada truly is the gold standard when it comes to sports betting regulation, so receiving our licensing approval there was a real testament to the rigorous standards we adhere to in terms of regulatory compliance and corporate probity. This approval underscores our ability to meet some of the most stringent requirements in the world.
In terms of the opportunities this opens up, firstly, it allows us to bring our industry-leading sportsbook technology and services to nonrestricted gaming establishments in Las Vegas and across Nevada for the first time. Given the limited B2B competition in the state due to those high regulatory hurdles, this presents unique business opportunities for us in line with our Americas expansion strategy.
More broadly, our success in Nevada serves as a powerful validation of our compliance framework, giving us great confidence as other key markets around the world consider or implement regulation, whether that’s in Asia or additional US states. Our experience in navigating such a demanding environment really highlights our adaptability and commitment to providing a compliant yet competitive offering, no matter how the regulatory landscape evolves.
NEXT: Could you explain how Odds Feed+ enhances the betting experience for Hard Rock and Rei do Pitaco customers compared to your standard offerings?
WB: The launch of Odds Feed+ was a significant milestone for us as part of our modularisation strategy, and we were delighted to go live with our first partners in Q1. I firmly believe that Odds Feed+ will become the go-to premium odds feed because it provides an unmatched level of both precision and flexibility.
Unlike many other odds feeds out there, the odds we provide aren’t simply mid-points or market averages. They are actually crafted and traded based on the huge volume of bets and turnover that we process through our full Turnkey Sportsbook. This means our partners get higher quality odds across the entire sportsbook offering, including our growing range of AI-powered odds, which have proven to deliver greater pricing accuracy and better margins.
On top of that, Odds Feed+ offers a level of optionality that’s hard to match. Operators can essentially build their own bespoke odds package from over 100 sports through a single feed, and they have the freedom to scale that package up or down as needed based on their strategic goals and to complement any in-house expertise they might have. And crucially, they get all of this from a partner they can trust — Kambi isn’t a newcomer or niche acquisition target; we’re the world’s leading sportsbook provider, offering stability and confidence for a long-term partnership.
NEXT: Kambi was recently selected as Ontario Lottery and Gaming Corporation’s (OLG) sportsbook partner. What unique capabilities or differentiators helped secure this partnership?
WB: We were delighted to have been selected by FDJ United to take over the role as OLG’s new sportsbook partner and we look forward to going live with the operator’s PROLINE brand in the second half of the year. I think what really set us apart was a combination of factors. Firstly, we offer what is the world’s leading end-to-end sportsbook, and we have an unrivalled track record to back that up, particularly when you look at our delivery across both online and retail channels in North America.
Secondly, for state-owned operators, trust and compliance are paramount, and Kambi has a deep-seated commitment to upholding the highest regulatory standards. We’re live in over 60 regulated markets globally, with 98% of sportsbook turnover in Q1 2025 coming from locally regulated jurisdictions, which gives us a real edge when speaking with state-owned companies.
Finally, our experience with other state and partially state-owned partners — including ATG, Svenska Spel, the Belgian National Lottery, and Racing & Wagering Western Australia — also helped demonstrate our ability to support operators with public mandates and regulatory obligations.
NEXT: Can you walk me through Kambi’s modularisation strategy?
WB: Kambi has built its reputation on its Turnkey Sportsbook, which remains the industry’s leading end-to-end solution, trusted by dozens of operators worldwide to deliver strong revenue growth, powerful technology and regulatory certainty. However, we recognise that the market has diverse needs, and while Turnkey will always be our flagship product, we’re no longer a one-product company.
Our long-term modularisation strategy is about evolving Kambi into the home of premium sports betting solutions, offering an expansive product portfolio. This now includes things like our popular Bet Builder, our comprehensive Esports offering powered by Abios, flexible Front End solutions from Shape Games, and, of course, Odds Feed+.
What this means in practical terms is that we now have a suite of products that can enhance an operator’s offering regardless of their size, their specific strategy, or whether they typically prefer a more limited approach to outsourcing. We can now cater to a much wider range of needs, providing specific, best-in-class components that operators can integrate seamlessly into their existing platforms.
