Kambi is responding to speculation of a takeover deal by data giant Genius Sports.
The sports betting services provider addressed rumors on Wednesday of a potential acquisition by Genius Sports. Kambi has issued a statement amid media reports that claimed a takeover deal was in the works.
“While Kambi tends not to comment on rumor and speculation, I can confirm that Kambi is not engaged in any such discussions,” said Kambi Chairman Anders Ström in a statement.
Media speculation of a takeover by Genius Sports grew after Kambi negated previously released revenue projections for 2027. In July, Kambi’s Board of Directors voted to nullify the financial targets amid the company’s underperformance in key markets due to regulatory hurdles. Kambi did not cite specific markets that led to the nullification of its targets but the company lost potential revenue behind delayed regulation in Brazil.
Kambi expected full-year revenue in 2027 to range between $324 million and $540 million. By comparison, revenue for the Malta-based company in FY2023 closed at $187.2 million.
The inability to reach expectations led to the resignation of former Kambi CEO Kristian Nylén. The company later appointed Werner Becher as CEO, who was an executive at Sportradar. Nylén stepped down as CEO but continues to have an advisory role at Kambi.
Genius Sports responds as well
Genius Sports has also responded to the rumors of a potential takeover of Kambi.
“As policy, we do not comment on unfounded and ill-informed rumors,” Genius Sports CEO Mark Locke said in a statement. “To prevent any further speculation, we can confirm that we are not involved in any discussions of this nature with Kambi.”
The speculation of a deal for Kambi comes after the company extended its North American partnership with Rush Street Interactive (RSI). The extension sees Kambi continue to provide its sportsbook platform and core trading services for RSI’s proprietary platform.
RSI provides players in 15 U.S. markets with access to its Kambi-powered sportsbook. RSI also offers its online platform in Ontario and several Latin American markets.
The markets include Colombia, Mexico and Peru.
