Kambi is a listed, Malta-based sportsbook supplier that runs a single network for 70+ operators and trades most of their bets with its own AI pricing. OpenBet is a privately held platform and trading supplier, bought out by its management in 2025 with backing from Ariel Emanuel, whose customers include some of the largest UK, US and lottery sportsbooks. Both offer full sportsbook and managed trading. The practical difference is model: Kambi sells a shared network, while OpenBet pitches a platform tier-one operators build their own product on.
Sources are the companies’ own reports, news releases and websites, checked on 4 November 2026.
Briefing
Kambi, Q3 2026 (report published 4 November 2026): revenue €46.0m, up 23% year on year; adjusted EBITA (acq) €7.9m; operating profit €5.1m. Full-year adjusted EBITA guidance moved to around €26m. Source: Kambi Q3 2026 report.
OpenBet, 2026: CEO change announced 22 September (Nikos Konstakis takes over at year end, Jordan Levin becomes chairman); agreement to acquire OmniLogic announced 15 September, expected to complete later in 2026. Sources: OpenBet CEO release, OmniLogic release.
Head to head
| OpenBet | Kambi | |
|---|---|---|
| Ownership | Private; 2025 management buyout backed by Ariel Emanuel | Kambi Group plc, listed on Nasdaq First North Growth Market (KAMBI) |
| Registered base | We couldn’t confirm from OpenBet’s site | Malta |
| Scale claim | “200+ customers globally”, “85 licenses” | “More than 70 partners”, “over 1.5 billion bets per year” |
| Core products | Sportsbook platform, Trading System, BetBuilder and player props, Managed Trading Services, OpenBet Locator, Neccton (RG) | Turnkey Sportsbook, Odds Feed+, Bet Builder, front end, esports |
| Trading | Managed Trading Services for platform customers | AI trading; 85% of network bets traded by AI |
| Pricing model | Not published | Fixed fees, live events fee and revenue share on operator NGR |
| Certifications | We couldn’t confirm a list | ISO 27001 and eCOGRA |
| Named customers (own sources) | FanDuel, Sky Bet, Ladbrokes, William Hill, Danske Spil, Veikkaus, Loterie Romande, Fanatics (Protect Suite) | Bally’s, BetPlay, Hard Rock Digital, LiveScore Group, OLG, Rush Street Interactive, Station Casinos |
Ownership and status
OpenBet’s own September 2026 release says that “in 2025, the company completed a management buyout backed by Ariel Emanuel, with participation from executives of OpenBet”. The IMG ARENA betting-rights business that sat alongside it was sold to Sportradar, which announced completion on 3 November 2025, with the sellers named as Endeavor Group Holdings and OB Global Holdings. As a private company, OpenBet publishes no financial statements we could find.
Kambi reports quarterly. Its Q3 2026 report shows nine-month revenue of €135.4m (up 13.5%) and operating profit of €15.2m. The same report describes Kambi as “listed on Nasdaq First North Growth Market under the symbol KAMBI”.
Product and model
Kambi’s model is a network. Every Turnkey Sportsbook partner draws on the same pricing and trading, and Kambi argues that scale is its edge. The Q3 report says 85% of network bets are now traded through its AI system and that 59% of AI-traded live bets are accepted with zero-second delay. Operators who want their own front end and player account system but Kambi’s odds can take Odds Feed+, which RETABET signed in Q3. Kambi also agreed a 10-year sportsbook and PAM deal with Station Casinos in Nevada, per the same report.
OpenBet sells a platform plus content and services. Its homepage lists sportsbook technology, a Trading System, BetBuilder and player props, and managed trading. Two compliance products stand out. OpenBet Locator handles geolocation for US states, processing over 200 million location checks during the 2026 World Cup, per OpenBet’s 22 July 2026 release in its newsroom. Neccton provides AI-based responsible gambling monitoring, which Veikkaus and Fanatics have adopted. The pending OmniLogic deal adds a Hungary-based sportsbook team serving lottery operators.
Scale claims, as each company states them: OpenBet says its customers placed over 175 million bets and around $3 billion in stakes on its platform during the 2026 World Cup. Kambi says its network handles over 1.5 billion bets a year and reported an operator trading margin of 11.9% for Q3 2026.
Pricing
Kambi explains its model in its interim report: operators pay “fixed fees, the number of live events offered, and commission based on a revenue share” of operator GGR less certain deductions, which is NGR. Some contracts have lower commission tiers at higher revenue. Kambi publishes no rate card. If you are new to the terms, see our explainers on GGR and NGR.
OpenBet doesn’t publish its commercial model. Expect a platform licence and service fees; ask how trading services and content (such as official data and player props) are charged.
Which fits
- Mid-size or regional operator that wants a competitive sportsbook without a trading team: Kambi’s turnkey network is built for this. Check the minimum fees against your projected NGR.
- Tier-one operator or lottery that wants to own its product roadmap: OpenBet’s platform-plus-services model and lottery focus are the better published match.
- US multi-state launch: both have US footprints (Kambi through partners such as Rush Street Interactive and Hard Rock Digital; OpenBet through FanDuel and its Locator product). Confirm current supplier licences in each target state with the state regulator.
Also consider. Several suppliers sell a sportsbook to operators who want neither model, from API-only odds to white label. Our list of sportsbook software providers covers Altenar, Digitain, BetConstruct, Amelco and others.
This is trade coverage for an 18+ industry readership. If gambling is a problem for you or someone you know, the National Gambling Helpline is on 0808 8020 133, and our responsible gambling page has more help.