Werner Becher is set to take the reins as CEO of Kambi on July 25th, right after the group’s Q2 results are made public. Becher will be stepping into the position left vacant by the departure of Kristian Nylén, who helmed the supplier since its inception as an independent entity from Kindred Group back in 2010. Nylén’s departure was confirmed earlier this year in January.
Boasting a wealth of industry experience, Becher’s most recent role was CEO for EMEA and LatAm at Sportradar, a position he held for over three years until he stepped down in December 2022. Over the course of his tenure with Sportradar, Becher also took on the responsibilities of managing director for its U.S.-facing betting division.
Before his stint at Sportradar, Becher served as CEO of Interwetten for seven years, from November 2011 to December 2018. His career is also marked by entrepreneurial ventures, having founded two tech consultancies—Adesso Austria and Cob@Web—and previously working for DXC Technology.
The timing of Becher’s arrival coincides with an extensive transformation within Kambi. The company is currently restructuring its product offering, shifting from a one-size-fits-all approach to a modular system segmented into various divisions. This revamped suite includes not only its core sports betting technology but also front-end solutions through Shape Games, an entity Kambi acquired for €38.5 million in 2022. Additionally, they offer esports data and technology via Abios, which they procured in 2021. Complementing these offerings is Tzeract, their new AI-driven trading division that launched earlier this year.
These sweeping changes come in response to shifts in the sportsbook supplier landscape, where many operators are now acquiring or developing their own sportsbook solutions to maintain control over their technology stacks. This trend began with clients such as DraftKings in 2022. To adapt, Kambi aims to broaden its potential client base by adopting a more flexible product approach, while continuing to serve the largest brands in the industry.
Kambi Chairman Anders Ström expressed great confidence in Becher, calling him “an exceptionally suitable successor to Kristian Nylén.” Ström highlighted Becher’s extensive industry experience, entrepreneurial spirit, business acumen, and exceptional drive as key attributes that make him the right choice to lead Kambi into a new era.
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In his own words, Becher stated he was honored to take up the mantle of Kambi’s CEO, expressing his “utmost respect and admiration” for the business. “I join Kambi at an exciting time in its evolution. It continues to open up its service and widen its addressable market. I am excited to work closely with the board, our executive team, and our talented employees across the world to deliver on the fantastic opportunities ahead of us,” Becher added.
Becher’s challenges are apparent, especially in light of Kambi’s recent financial performance. The group is awaiting the release of its Q2 results, hoping for an improvement over Q1. For the first quarter, Kambi reported revenues of €43.2 million (£36.7 million/$46.5 million), a slight decline of 1.8% from the €44.0 million reported in Q1 of the previous year. This decline, however, was in line with Kambi’s expectations due to specific market dynamics, such as the migration of Penn’s online business in July 2023.
Looking ahead, Kambi has framed 2024 as a “transitional” year, expecting the ongoing Penn online migration and delays in the Brazilian market regulation to impact its performance. Despite these challenges, Kambi remains optimistic, citing renewed contracts with Kindred and several other partners as positive indicators. Based on these factors, Kambi projects its 2024 revenue to be between €170.0 million and €180.0 million. The group expects revenue from recent partnerships to materialize towards the year’s end, bolstered by organic growth from existing clients.
As Becher prepares to lead Kambi post-Q2 results, the company and its stakeholders will watch closely to see how his leadership influences their trajectory in this dynamic and competitive marketplace.
