Kambi CEO Werner Becher has highlighted the importance of targeting Latam markets outside of Brazil as part of the supplier’s future growth plans.
During Q2 2025, Kambi recorded revenue of €40.5m, representing an 11.5% decrease when compared to the same period last year, as per the earnings report released yesterday, 23 July.
The majority of turnover (56.3%) was derived from the Americas, which was supported by Kambi’s presence in the Brazilian market as detailed in the company’s financial report.
Brazil’s regulated sports betting and igaming market went live in January. Kambi has sportsbook partnerships in place with Stake, Rei do Pitaco and KTO Group in the country.
Speaking to EGR after the financial results were released, Becher said the company had “bigger ambitions and expectations for the Brazilian market”.
He said: “It [the performance in Brazil] started slower than expected in Q1 but now with the domestic football leagues in Argentina, Colombia and Brazil up and running after their summer break, we saw an increase in revenues.
“From our perspective, we had bigger ambitions and expectations for the Brazilian market. We see continuous momentum, but we hope that there is more growth coming.”
Becher went on to stress the importance of the company casting a wider net in Latam.
He continued: “To be only focused on Brazil, as many still do, is completely the wrong approach for us. Latin America in general is a great business.
“For example, the FIFA Club World Cup was not a big event for European operators, but on the Kambi platform, 80% of our bets on the tournament came from Latin America – it was a huge event in the region. Being strong in Europe, North America and Latin America is super important for us.
“We’re targeting all the Latin American markets as soon as they regulate. Be it El Salvador, Panama, Peru, Mexico, Colombia – South America is more than Brazil. The whole continent is a very interesting opportunity.”
Brazil’s Ministry of Finance has floated the possibility of raising the country’s tax rate to 18% of GGR, up from the 12% the market has had since its January launch. The change is expected to come into effect from October.
Should the new tax rate be approved, Becher expects operators to be able to weather the storm.
“It’s another negative point for the Brazilian market unfortunately, although it’s nothing really surprising,” he added.
“We’ve seen similar developments in many regulated jurisdictions whereby governments are very focused on squeezing out more taxes from operators and therefore from their sport fans, instead of focusing on customer and consumer protection.
“I don’t think this new tax increase will hit the operators heavily, as 18% is still okay as an international benchmark, if it stays there.”
In his CEO comments in Kambi’s Q2 report, Becher claimed he was “not satisfied with where we are at today, with my ambition for the business being far greater”.
When asked by EGR to expand on those thoughts, he said: “The revenue base has been flat for a few years now. With some of our bigger customers like Kindred and LeoVegas Group moving away, we more or less only managed to compensate with new business to keep the revenue base stable. But we are fully focused on our operational long-term strategy.
“We are intent on being the clear market leader in the regulated markets. Not only is there more regulation to come in the US with the likes of California and Texas, but we now also see a lot of movements in Latin America, and Asia is quickly becoming the next big thing.
“We are very confident that being market leader in the regulated market is the right place for us to be.”
The post Kambi CEO: Tunnel vision on Brazil is “completely the wrong approach” first appeared on EGR Intel.
Werner Becher says wide-reaching Latam approach is needed to diversify revenue streams, as he reflects on the first six months of Brazil’s regulated arena
The post Kambi CEO: Tunnel vision on Brazil is “completely the wrong approach” first appeared on EGR Intel.