Kambi Allwyn sportsbook source code deal: Allwyn pays EUR 50 million for a perpetual license and moves its betting tech in-house
Kambi is best known as a business-to-business supplier that runs a managed sportsbook for operator partners. Under this agreement Allwyn instead gets the code itself, worldwide and with no end date, and can build, change and keep developing its own platform on top of it, NEXT.io reports. Kambi will provide development and deployment services during a transition period, after which a dedicated Kambi team will move to Allwyn, according to Kiprinform and Cyprus Mail.
What the market is pricing
Deal figures as reported, plus quotes for two large listed sportsbook operators read from Twelve Data at 17:39 UTC on November 10. We could not obtain a verifiable live Kambi quote from our data feed, so the table does not show one.
| Item | Figure | Source |
|---|---|---|
| License and services fee paid by Allwyn | EUR 50m over three years to 2029 | NEXT.io, Kiprinform |
| Share of fee expected in 2027 | About half | Kiprinform, Cyprus Mail |
| Expected Kambi operating profit contribution, 2027 to 2031 | EUR 45m to 50m | NEXT.io, Affarsvarlden |
| Allwyn price for remaining 30% of IWG | About $120m (EUR 107m) | Kiprinform, Cyprus Mail |
| DraftKings (DKNG), 17:39 UTC | $19.37, +3.6% on the day | Twelve Data |
| Flutter (FLUT), 17:39 UTC | $82.89, +1.1% on the day | Twelve Data |
DraftKings is 47.6% below its 52-week high of $36.98 and Flutter 64.8% below its high of $235.77, on the same Twelve Data readings. Those moves reflect each company's own news flow and are shown only as context for listed sportsbook valuations; neither company is party to the Kambi deal.
What Allwyn gets
Allwyn Digital CEO Kresimir Spajic said the agreement gives the group "greater freedom to evolve our offering, tailor products to individual brands and markets," as quoted by NEXT.io and Kiprinform. Allwyn also said a common platform would bring economies of scale. The company plans to build central trading, pricing and risk management capabilities, and expects this to add low tens of millions of euros a year to central costs from 2027, partly offset by segment savings in later years, according to Cyprus Mail. Allwyn expects to capitalise the EUR 50 million.
The IWG purchase follows the exercise of a put option held by the instant-win game studio's minority shareholders. Allwyn already owns 70%, completion is expected in the first quarter of 2027, and IWG's founders will stay in their executive roles. NEXT.io also recalls that Allwyn had agreed to pay EUR 217 million for 51% of Novibet, a deal it later dropped over competition concerns.
What it means for Kambi
Kambi CEO Werner Becher said the deal "also brings Kambi significant long-term commercial value," per NEXT.io. Affarsvarlden reports that about 40% of the expected profit contribution falls in 2027 and 20% in 2028, and that Kambi intends to return most of the net revenue from the agreements to shareholders. The trade-off is structural: a customer that owns the code no longer depends on Kambi for its core platform, while Kambi books a defined fee and keeps a trading services relationship. Whether other large operators seek similar terms is an open question that no source has answered yet.
What to watch next
Kambi's next financial report, for any update to its 2027 guidance that includes the Allwyn contribution, and details of the trading services agreement, which neither company has priced publicly. On the Allwyn side, watch the IWG closing in the first quarter of 2027 and how quickly the in-house sportsbook reaches its brands. For how US-regulated prediction markets compare with sportsbooks on the same events, see BetG8's Kalshi vs Polymarket odds page.
Method and limits
Deal terms come from the companies' announcements as reported by NEXT.io, Kiprinform, Cyprus Mail and Affarsvarlden on November 10, 2026. Some figures, such as the yearly split of Kambi's profit contribution, appear in only one of those reports and are attributed accordingly. We could not obtain a verifiable Kambi share quote, so no Kambi price is given. DraftKings and Flutter quotes come from Twelve Data at 17:39 UTC. Nothing here is investment advice, and stock prices are not forecasts.
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Frequently asked questions
What is the Kambi Allwyn deal?
Allwyn will pay Kambi EUR 50 million over three years, through 2029, for a global perpetual license to Kambi's sportsbook source code and related services, plus a long-term trading services agreement, as announced on November 10, 2026.
How much will the deal add to Kambi's profit?
Kambi expects the agreements to contribute EUR 45 million to EUR 50 million to operating profit over 2027 to 2031, based on current assumptions.
What is Allwyn paying for IWG?
Allwyn will buy the remaining 30% of Instant Win Gaming for an estimated $120 million (EUR 107 million), with completion expected in the first quarter of 2027.
Sources
- NEXT.io, Kambi licenses sportsbook source code to Allwyn
- Kiprinform, Allwyn agrees EUR 50 million Kambi deal for in-house sportsbook and moves to take full control of IWG
- Cyprus Mail, Allwyn to bring sportsbook technology in-house in EUR 50m deal with Kambi
- Affarsvarlden, Kambi rusar tvasiffrigt pa avtal (in Swedish)
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