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The KSA said that applicants were previously required to detail corrective actions taken to address previous breaches and outline measures to prevent future violations.
All submissions must also now include an exit plan – a new obligation that applies across the board. This requirement, intended to ensure orderly market withdrawal, marked a move toward embedding long-term risk management into the licensing process.
It requires operators to describe in detail how they will responsibly wind down their operations should their licence not be renewed or be revoked. Or if they decide to leave the market midway through the five years between renewals.
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While simulations and validation exercises had helped Kambi prepare for the traffic and operational demands of the 2026 World Cup, testing could not establish how performance would compare with the wider market once the football began.
Independent analysis by Bettormetrics found Kambi partners either led or shared the lead on measures including time to market, live uptime and bet delay. It also outperformed its B2C and B2B competitors on live uptime in World Cup markets including over/unders on total goals.
“All the testing in the world cannot tell you precisely where you stand against the rest of the market on key aspects of the product,” Lamb says. “It was very positive to see Kambi as a leader in these key metrics.”
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The company reported approximately £3.6 billion of net debt at the end of June, with reported leverage of 3.1x underlying EBITDA. Online underlying EBITDA fell 5% in the first half despite 7% growth in online net gaming revenue. The tax impact has been substantial.
The UK government increased Remote Gaming Duty (RGD) from 21% to 40% from 1 April. Then from April 2027, a new 25% General Betting Duty rate for remote betting will apply, although remote bets on UK horse racing are excluded from the new rate.
Entain said the higher RGD had a £56 million negative impact on first-half EBITDA. In Britain, operators are dealing with government policy and higher taxes. In America, the main threat is competition. The problems are different, but they hit the same group of stocks.