Betting technology company Kambi Group and sports group Churchill Downs Incorporated have agreed to an extension to their long-running sports betting partnership, reinforcing Kambi’s position as one of the leading sportsbook technology providers in the U.S.
Key Takeaways
- Multi-year extension covers Churchill Downs’ retail locations and online sportsbook.
- Churchill Downs has its ninth state launch in Maine planned for the end of this month.
- The extension comes as Kambi has reevaluated its 2025 outlook.
Under the renewed agreement, Churchill Downs will continue to use Kambi’s sportsbook technology at its on-site betting venues and racetracks. The current partnership encompasses 15 retail sportsbooks in eight states, with plans to expand to nine states upon its launch in Maine.
According to Kambi, its sportsbook technology supports sports betting through trading tools, betting kiosks, and other features. It has been designed to integrate sports betting with horse racing, reflecting the association with Churchill Downs and the sport of horse racing in general.
Churchill Downs has sportsbooks at many of its racing and gaming properties, and the advantage to them of the new agreement appears to be continuity of its retail sports betting operations as it continues to expand in new areas.
“Churchill Downs Incorporated is delighted to continue our successful relationship with Kambi as we aim to expand our retail sports betting operations. Kambi’s proven technology and commitment to excellence align with our mission to deliver exceptional wagering experiences in both sports and horse racing, which remains at the heart of our business,” said, Bill Mudd, Churchill Downs Incorporated President & COO.
The renewal also underscores the continued relevance of retail sportsbooks at a time when much of the industry focus has shifted toward online betting.
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Kambi lowers 2025 guidance after Q3 setbacks
The extension of the Churchill Downs partnership represents some welcome good news for Kambi, which is facing a more challenging financial situation than expected.
The company reported weaker Q3 results and has been forced to revise its full-year outlook as a result.
Revenue for the quarter was €37.4 million, representing a 13.1% year-on-year decline. Operating profit was also down to €1.6 million, while adjusted EBITDA fell 32% to €3.4 million. Operator turnover also dropped, by 6% year-on-year, reflecting a quieter sports calendar than 2024, which had featured multiple major tournaments.
The company has cited several factors behind the downgrade, including foreign exchange headwinds, slower-than-expected progress in the regulated Brazilian market, and delays to a planned launch in Ontario. That rollout, which was initially expected in Q4 2025, will now be in Q1 2026. It also pointed to regulatory changes in the Netherlands, several market exits by partners, and even player-friendly sports results hitting margins in Q3.
Kambi now expects its 2025 EBITDA to be around €17 million, down from a previous forecast range of €20 million to €25 million. But it pointed to new partnerships, such as the expanded deal with Churchill Downs and the recent acquisition of a player account management platform, as reasons for optimism going into 2026.
