Talk of a potential merger between Kambi and Genius Sports lasted all of a few hours.

On Wednesday, rumours surfaced that suggested that Genius Sports was weighing up an acquisition offer for the B2B sports betting services provider. Kambi’s share price jumped upon the news.

But, within hours, both companies had taken the quick and decisive step of refuting the speculation.

“While Kambi tends not to comment on rumour and speculation, I can confirm that Kambi is not engaged in any such discussions,” said Kambi Chairman Anders Ström in a statement.

“As policy, we do not comment on unfounded and ill-informed rumours,” said Genius Sports CEO Mark Locke said in the data firm’s own statement. “To prevent any further speculation, we can confirm that we are not involved in any discussions of this nature with Kambi.”

That’s that, then.

Kambi scraps previous financial projections after tough H1 2024

In July, just days after Malta-based Kambi hired Werner Becher to replace Kristian Nylén as CEO, the company confirmed it was negating a previous revenue projection for 2027 that had been released last year.

Kambi’s Board of Directors voted to nullify the financial targets amid the company’s underperformance in key markets due to regulatory hurdles. The company generated $46.7 million in revenue in Q1 2024, down from $47.5 million year-over-year.

As of July, Kambi is licensed to provide products in more than 50 regulated markets including a significant footprint in the regulated Ontario gaming market.

Last week, the company extended its long-term sportsbook partnership with Rush Street Interactive (RSI) across their shared markets in the Americas, including Ontario. The supplier has provided its platform and services for RSI’s proprietary online gaming platform since 2018.