Kambi Revenue Up 13.5% In Q1, Raises 2026 Outlook After World Cup Betting Spur

Kambi Group raised its 2026 earnings outlook after AI trading, World Cup betting and new sportsbook deals helped revenue and profit rise during the second quarter.

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Good to Know

• Kambi processed more than 100 million bets and over €1 billion in turnover across 104 World Cup matches.
• Live Bet Builders represented 22% of all live bets, compared with 3% during the 2022 World Cup.
• Kambi now expects full-year Adjusted EBITDA of €23 million to €27 million.

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Kambi Profit Doubles as Revenue Returns to Growth

Kambi reported Q2 revenue of €45.9 million, up 13.5% from one year earlier. Adjusted EBITDA doubled to €7.6 million, while operating profit climbed 262% to €5.8 million.

Operating expenses fell 0.6%, helping Kambi produce an Adjusted EBITDA margin of 16.5%. Management now forecasts full-year Adjusted EBITDA between €23 million and €27 million, equal to roughly $26.2 million to $30.8 million.

More than 70 World Cup matches took place during the quarter. Kambi recorded a 14% Q2 trading margin and an 18% margin across the full tournament.

CEO Werner Becher said Kambi had “returned to growth” after what he called “a fantastic business period.”

“While there is still work to do, Q2 built on the solid momentum established in Q1,” Becher said. “Our focus is now on sustaining this positive momentum through the second half of the year and beyond.”

Kambi expects margins to return closer to normal levels during much of Q3. However, the NFL season and a busier Q4 betting calendar could support activity later in the year.

AI Trading Changes the Scale of Live Sports Betting

The 2026 FIFA World Cup gave Kambi its largest test of automated sportsbook trading. Its proprietary AI system priced and traded all 104 matches in real time without requiring additional human traders.

“The 2026 FIFA World Cup was without doubt the biggest event in the sports betting industry,” Becher said. “As such, we had a great product to match. Our AI trading system enables us and our partners to offer a near-limitless offering with an expansion in player props and combinability giving sport fans incredible choice.

“To illustrate this point, in the World Cup final, in only this one game, we saw more than 1 million unique combinations that were placed,” Becher said. “A number almost inconceivable a few years ago and certainly impossible to deliver through manual trading. Our AI trading system priced and traded all 104 games pretty much live, delivering a product of high quality without the need to increase the number of human traders as we noted other companies had.”

Live Bet Builders became a major part of that activity. The product lets bettors combine multiple markets from one match into a customized wager. It generated 22% of live bets handled through Kambi technology, up from only 3% at the 2022 World Cup.

Latin America delivered 46% of World Cup turnover, despite strong betting engagement in Europe and Canada. The regional result also supports recent Kambi agreements across Argentina, Peru, Central America, South America and the Caribbean.

Kambi plans to test the AI trading model on American football when the NFL season starts in September. Table tennis, volleyball and esports also sit on the development roadmap.

“Looking ahead, we are about to go in for testing also now with American football with the start of the NFL season in September, while we also start to work to transition more sports, table tennis, volleyball, esports, to give you some examples being on our roadmap here,” Becher said. “This will mean we will soon have more than 90% of our turnover channels through our proprietary AI system, in turn delivering a leading quality product for all the key sports to our partners.”

Canadian and International Deals Add Distribution

Kambi added Atlantic Lottery and British Columbia Lottery during Q2, taking its Canadian coverage to nine provinces.

A separate Turnkey sportsbook agreement with Pure Casino targets Alberta, where the regulated online gambling market opened on July 13. Pure Casino plans to launch its Kambi-powered sportsbook in the coming weeks.

Kambi also signed Desert Diamond in Arizona and BetWarrior in Argentina. RETABET selected Odds Feed+ for operations in Spain and Peru.

An agreement with Canadian Bank Note will support lottery operations across South America, Central America and the Caribbean. Together, the contracts give Kambi more routes to earn platform, trading and sportsbook technology revenue beyond major football tournaments.

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