Game provider roundup, November 11, 2026: Kambi licenses its sportsbook source code to Allwyn, Allwyn moves to take full control of IWG, Brightstar cuts its 2026 outlook

Kambi licenses its sportsbook source code to Allwyn

Kambi Group plc (Nasdaq First North: KAMBI) said on November 10, 2026 that it has entered into agreements with Allwyn AG under which it will grant Allwyn a perpetual, global licence to its sportsbook source code and provide associated services. Allwyn described it as "the first transaction of this type for Kambi", which supplies its sportsbook to more than 70 operator partners. The two companies also signed a long-term trading services agreement covering Kambi's pricing, trading and risk management.

Based on current assumptions, Kambi expects the agreements to contribute approximately €45 million to €50 million to its operating profit during 2027–2031, with around 40% recognised in 2027 and 20% in 2028, including an upfront payment in early 2027 and milestone payments linked to later deliveries. Kambi will build and train a team that transfers to Allwyn once the source code is implemented, which it said will add to its operating expenses during the 2027–2029 implementation period. Kambi said it intends to return the majority of net proceeds to shareholders. The disclosure was made under the EU Market Abuse Regulation at 12:15 CET on November 10.

Allwyn said the agreements carry consideration of €50 million over the three years to 2029, expected to be capitalised, with about half incurred in 2027. It reported sports betting gross gaming revenue of more than €800 million in the 12 months to December 31, 2025, and said it will build its own central trading, pricing and risk management functions, adding a "low-tens-of-€millions" amount to central costs each year from 2027. Kambi's third-quarter results were covered in our November 5 roundup.

Allwyn plans to buy the rest of Instant Win Gaming

In the same November 10 announcement, Allwyn said it plans to acquire the remaining 30% minority interest in Instant Win Gaming (IWG), a developer and supplier of e-instant games to WLA and NASPL member lotteries in the United States, Europe and other markets. The deal follows the exercise of a put option held by IWG's minority shareholders and is priced at approximately $120 million (€107 million) under a pre-determined valuation calculation, subject to customary closing and working capital adjustments.

Allwyn said IWG's adjusted EBITDA grew 30% in 2025 on a US dollar basis, that IWG's founders will stay in their executive roles, and that completion is expected in the first quarter of 2027. IWG delivers its games through its InstantRGS remote game server from data centres in the UK, Gibraltar, Canada and North America.

Brightstar reports Q3 and lowers its 2026 revenue outlook

Brightstar Lottery PLC (NYSE: BRSL) reported on November 10, 2026 third-quarter revenue of $607 million, down 4% from $629 million, income from continuing operations of $45 million (from $95 million) and adjusted EBITDA of $289 million (from $294 million). By region, revenue was $301 million in the US and Canada (down 1%), $208 million in Italy (down 19%) and $98 million in the rest of the world (up 42%). US multi-state jackpot wager-based revenue fell 30% to $25 million, while upfront licence fee amortisation, mainly from the new Italy Lotto licence, rose to $99 million from $53 million.

Brightstar now expects 2026 revenue of $2.435 billion to $2.455 billion, compared with a previous $2.50 billion to $2.55 billion, citing second-half same-store sales, the timing of Italy B2C expansion and currency. It lowered its adjusted EBITDA outlook to $1.14 billion to $1.16 billion from $1.16 billion to $1.19 billion, "primarily on updated FX". Net debt was $3.842 billion at September 30, up from $2.723 billion at the end of 2025 after the final Italy Lotto licence payment of €1.43 billion, with net debt leverage of 3.30x. The board declared a quarterly dividend of $0.23 per share, payable on December 8 to holders of record on November 24.

Also this week

Our November 10 roundup covered Playtech's raised 2026 outlook, Octoplay's South Africa launch with Hollywoodbets and TaDa's go-live with OdiBets in Kenya.

Coming up

• Codere Online reports third-quarter 2026 results on November 12.
• Aristocrat Leisure is scheduled to report full-year 2026 results on November 12.
• Bragg Gaming Group reports third-quarter 2026 results on November 13.