Kambi CEO Reveals Why Brazil's Sports Betting Market Is Tougher Than Expected — And What It Means for Irish Punters
When Brazil finally opened its doors to regulated sports betting at the start of 2025, the global iGaming industry held its breath in anticipation. With a population of over 200 million passionate football fans and a culture deeply intertwined with sport, Brazil was widely tipped to become one of the world's most lucrative regulated betting markets almost overnight. Yet, as Kambi Group CEO Werner Becher has candidly admitted, the reality has proven considerably more complex — and the lessons from South America carry important implications for how the global betting landscape, including Ireland's own regulated market, continues to evolve.
The Brazil Puzzle: Sophisticated Bettors and Squeezed Margins
Speaking in early 2026, Becher acknowledged that Brazil's growth trajectory has been "partly stunted" by an unexpectedly high proportion of sophisticated bettors. Unlike many newly regulated markets where casual recreational punters dominate, Brazil has produced a disproportionate number of sharp, analytically-minded bettors who place pressure on operator margins from day one.
"The number of casual punters in Brazil is lower compared to the rest of South America, while the number of aggressive bettors is higher," Becher explained, noting that this makes player profiling and risk management far more critical than in European markets. For operators relying on Kambi's sportsbook technology, this has translated into tighter margins and a slower-than-anticipated return on investment.
Compounding the challenge, initial estimates for the size of Brazil's betting market were overstated, and channelisation — the process by which bettors migrate from unregulated grey-market operators to licensed platforms — has been slower than expected. Many Brazilian punters continue to use offshore, unlicensed sites, diluting the addressable market for compliant operators.
What Is Kambi, and Why Does It Matter?
For those unfamiliar with the B2B side of the betting industry, Kambi Group is one of the world's leading sports betting technology providers. Rather than operating consumer-facing brands, Kambi supplies the underlying sportsbook infrastructure — odds, risk management, trading, and platform technology — to major operators globally. Its clients have included household names across Europe, the Americas, and beyond.
When Kambi's CEO speaks about market dynamics, the industry listens. The company's network spans dozens of regulated jurisdictions, giving it a uniquely data-rich perspective on bettor behaviour across different cultures and regulatory environments. In Q3 2025, Kambi reported revenue of €37.4 million, a 13.1% year-on-year decline, partly attributable to long-standing clients building their own in-house sportsbook capabilities — a trend that has reshaped the B2B technology landscape.
AI Trading: The 2026 World Cup as a Proving Ground
Despite the headwinds, Becher remains bullish about Kambi's future, and a significant part of that optimism rests on artificial intelligence. The company has been investing heavily in AI-powered pricing and trading capabilities, and Becher has stated that the 2026 FIFA World Cup — to be hosted across the United States, Canada, and Mexico — will be the first major football tournament fully traded by AI on Kambi's platform.
This is a landmark moment for the industry. AI-driven trading promises faster market creation, more accurate pricing, and the ability to offer a broader range of betting markets with consistent quality. For Irish punters who enjoy in-play betting on international football, this technological leap could translate into better odds, more exotic markets, and a smoother overall experience on platforms powered by Kambi's technology.
Kambi's AI priorities for 2026 include rolling out its AI trading and risk platform across additional sports, with tennis next in line after football. The company is also preparing to launch its own player account management (PAM) solution in Nevada, having acquired the source code for a PAM platform from OMEGA Systems — a move designed to unlock commercial opportunities in markets where third-party PAM integration had previously proved problematic.
Asia and Latin America: The Next Frontiers
Looking beyond Brazil, Becher has identified Asia as the sector's next major growth opportunity in the mid-to-long term. Countries including Thailand, Vietnam, and Japan are on Kambi's radar, with the company positioning itself to be ready when regulatory frameworks emerge in these markets. Southeast Asia's combination of large populations, growing smartphone penetration, and enthusiasm for sport makes it a compelling long-term prospect.
Latin America more broadly — where Brazil currently accounts for approximately 20% of Kambi's business — remains a key commercial focus. Despite the Brazilian market's teething troubles, Becher is confident that the region will deliver meaningful growth as channelisation improves and operators refine their approach to the local bettor profile.
North America, meanwhile, contributes nearly 40% of Kambi's revenue and continues to expand as more US states legalise sports betting. The potential legalisation of sports wagering in California and Texas — two of the most populous states — could represent transformative growth for the entire industry.
Lessons for the Irish Market
Ireland's own regulated gambling landscape is undergoing significant change. The Gambling Regulation Act 2024 established the Gambling Regulatory Authority of Ireland (GRAI), which is progressively implementing a comprehensive licensing and oversight framework for online and retail gambling operators. For Irish punters, this means greater consumer protections, clearer responsible gambling obligations, and a more transparent marketplace.
The Brazilian experience offers a cautionary tale about the gap between market potential and market reality. Regulators and operators alike must account for the sophistication of the local bettor base, the pace of channelisation from unregulated alternatives, and the importance of robust technology infrastructure. Ireland's relatively mature gambling culture — with a long tradition of horse racing, GAA betting, and football wagering — means that Irish operators already face a discerning, experienced customer base.
For Irish punters seeking the best value, the ongoing investment in AI-driven sportsbook technology by companies like Kambi is broadly positive news. Better pricing algorithms, more accurate in-play odds, and a wider range of markets all benefit the end consumer. As competition intensifies among licensed operators in Ireland, those powered by cutting-edge technology will be better placed to offer compelling products.
The Role of Technology in Modern Sports Betting
One of the most significant shifts in sports betting over the past decade has been the move from manual trading to algorithmic and, increasingly, AI-driven pricing. In the early days of online betting, odds were set by human traders who relied on experience, intuition, and relatively limited data. Today, the most sophisticated sportsbooks use machine learning models that process thousands of data points in real time — from team form and player fitness to weather conditions and betting market movements — to generate and adjust odds dynamically.
Kambi's investment in AI trading is part of this broader industry transformation. The company's platform already covers football extensively with AI-driven pricing, and tennis is next in line. The goal is not to replace human expertise entirely, but to augment it — allowing traders to focus on edge cases and unusual situations while AI handles the high-volume, routine pricing work with greater speed and consistency than any human team could achieve.
For Irish sports bettors, this means more competitive odds, faster market updates during live events, and a wider range of betting options. In-play betting — wagering on events as they unfold in real time — is one of the fastest-growing segments of the Irish betting market, and AI-powered trading is essential to delivering the rapid, accurate pricing that in-play markets demand.
Ireland's Sports Betting Landscape
Ireland has a rich and deeply embedded sports betting culture. Horse racing, in particular, has been intertwined with Irish life for centuries, and the country produces some of the world's finest trainers, jockeys, and racehorses. The Cheltenham Festival, the Irish Grand National, and the Galway Races are among the most bet-upon events in the Irish calendar, drawing enormous wagering volumes from punters across the country.
Football — both the domestic League of Ireland and the major European competitions — is another major driver of betting activity, as is GAA sport, rugby, and golf. The breadth of Irish sporting interest means that local bettors are among the most diverse and knowledgeable in Europe, placing a premium on the quality and range of markets available on their chosen platforms.
As technology companies like Kambi continue to invest in AI-driven sportsbook capabilities, Irish punters stand to benefit from an increasingly sophisticated and competitive marketplace. The key is ensuring that this technological progress is matched by equally robust regulatory oversight — which is precisely what the GRAI is working to deliver.
Choosing a Licensed Irish Casino and Sportsbook
Whether you're interested in sports betting or casino gaming, it's always important to play with a fully licensed operator. In Ireland, look for sites licensed by the GRAI or, in the interim period, those holding licences from reputable European regulators such as the Malta Gaming Authority (MGA) or the UK Gambling Commission (UKGC).
- Check our top-rated Irish casino reviews for fully vetted, licensed operators
- Explore the latest casino bonuses and welcome offers available to Irish players
- Read our comprehensive gambling guides to understand wagering requirements, responsible gambling tools, and how to get the most from your gaming experience
Responsible Gambling: Always Play Within Your Means
The global expansion of regulated sports betting and casino gaming brings with it an increased responsibility for both operators and players. Ireland's new regulatory framework places significant emphasis on responsible gambling, including mandatory deposit limits, self-exclusion tools, and affordability checks for high-spending customers.
If you ever feel that gambling is becoming a problem, free, confidential support is available through Gamblers Anonymous Ireland (www.gamblersanonymous.ie) and the Problem Gambling Ireland helpline. Remember: gambling should always be a form of entertainment, never a way to generate income or escape financial difficulties.
The Bottom Line
Kambi's candid assessment of Brazil's sports betting market is a reminder that even the most promising regulated markets come with unexpected complexities. The presence of sophisticated bettors, slower-than-expected channelisation, and the need for advanced AI-driven technology are challenges that resonate across the global industry — including in Ireland as it builds out its own regulatory infrastructure.
For Irish punters, the key takeaway is straightforward: the technology underpinning your favourite betting platforms is becoming smarter, faster, and more capable. The 2026 World Cup will be a showcase for AI-powered sports betting on a global stage. And as Ireland's own regulatory framework matures, the combination of better technology and stronger consumer protections should make for a safer, more enjoyable gambling experience for everyone.
Always gamble responsibly. For help and support, visit GamblingCare.ie.
