Allwyn takes Kambi source-code licence and buys out IWG

Allwyn has entered into agreements with Kambi Group to bring digital and retail sportsbook technology in-house through a global perpetual licence to Kambi's source code, and has set out plans to buy the remaining 30% of Instant Win Gaming. Both were announced in Lucerne on 10 November 2026. Allwyn describes the source-code deal as "the first transaction of this type for Kambi".

The Allwyn release says the licence will let it develop its own sportsbook platform and tailor products to local markets. Kambi will provide development and deployment services during a transitional period, and a dedicated team from Kambi will then transfer to Allwyn. Allwyn puts the consideration at €50 million over the three years to 2029, expected to be capitalised, with about half anticipated in 2027. That is Allwyn's figure for the source-code agreements. It is not Kambi's figure for expected operating profit, which is given in Kambi's own release and covers a different period.

In parallel, Allwyn says it will build central trading, pricing and risk-management capabilities, which are expected to add "a low-tens-of-€millions amount annually, starting in 2027" to central costs. It reported Sports Betting gross gaming revenue of over €800 million in the 12 months to 31 December 2025, and gives the rationale as a common platform, economies of scale and cross-selling with iGaming.

Kresimir Spajic, chief executive of Allwyn Digital, said the agreement gives Allwyn "greater freedom to evolve our offering, tailor products to individual brands and markets, and build a scalable foundation to accelerate future growth."

What Kambi says the agreements are worth to it

Kambi, in its own 10 November release, says it will grant Allwyn a perpetual, global licence to its sportsbook source code and provide associated services, including a long-term trading services agreement for its AI-powered trading and risk management. Based on current assumptions, Kambi says the agreements are expected to contribute approximately €45–50 million to Kambi's operating profit during 2027–2031, with around 40% recognised in 2027 and around 20% in 2028. That expected contribution, from Kambi's release, is not the same as Allwyn's €50 million consideration. Those estimates include an upfront payment in early 2027 and milestone payments linked to later deliveries.

Kambi says it will build and train a team that will transfer to Allwyn after the source code is implemented, and that this will add to Kambi's operating expenses during the 2027–2029 implementation period.

Werner Becher, Kambi's chief executive, said a "global market leader like Allwyn choosing our technology to unify its sportsbook operations reflects the strength of our product" and "brings Kambi significant long-term commercial value."

Neither company says which Allwyn brands or markets will move to the new platform, or what they run on today.

The Instant Win Gaming buyout

Separately, Allwyn plans to buy the remaining 30% of Instant Win Gaming after IWG's minority shareholders exercised a put option. The 30% stake costs approximately USD 120 million (Allwyn's conversion is €107 million), based on a pre-determined valuation and subject to customary closing and working-capital adjustments. Completion is expected in the first quarter of 2027. IWG's founders will remain in their executive roles. Allwyn says IWG's Adjusted EBITDA grew 30% in 2025, on a US-dollar basis. IWG supplies e-Instant games to WLA and NASPL-member lotteries and, according to Allwyn's boilerplate, develops more than 250 new InstantGames a year.

According to iGB, Allwyn took a 70% stake in IWG in 2024. The same report says Allwyn's talks to acquire Novibet fell through earlier this year after feedback from the Hellenic Competition Commission.

Updates

• 10 Nov 2026: first published.

Sources

• Allwyn: Allwyn advances strategy to own and manage key technology and content capabilities (primary; Lucerne, 10 November 2026)
• Kambi: Kambi to power Allwyn’s sportsbook technology consolidation in source code licensing agreement (primary; 10 November 2026; operating-profit figures from this page)
• iGB: Allwyn to bring sportsbook tech in-house in €50m Kambi deal (Kathryn Evans, 10 November 2026; 70% IWG stake in 2024; Novibet talks)